1507 - Imprest Balance Accounts

Separately Administered Bank Accounts

Document purpose

The Office of the VP for Finance and Treasurer may authorize the use of separate bank accounts for Schools/Centers when operational constraints warrant this action.

effective

January 1989

revised

May 2021

Reviewed

May 2021

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. The Office of the VP for Finance and Treasurer is responsible for establishing, administering and closing all University bank accounts.

  2. All checking accounts must have two authorized signatories, unless otherwise arranged with the Office of the VP for Finance and Treasurer.

  3. All authorized signatories must be approved according to Financial Policy #1503, Signatory Authority.

  4. The Senior Business Officer of the School or Center is responsible for approving all requests for separate bank accounts and assigning custodians for such accounts.

  5. Separately administered bank accounts are to be used only for their intended purpose and are not to be used as a depository for cash receipts or as a check cashing fund except as otherwise approved by the Office of the VP for Finance and Treasurer.

  6. All separately administered bank accounts should generally be replenished monthly, but must be replenished at least every 90 days, and receipts should accompany all reimbursement requests. If a receipt is unavailable, a Missing Receipt Affidavit should be submitted with the reimbursement request.

  7. The custodian of the fund is responsible for (a) the fund’s safeguarding and security, and (b) the monthly reconciliation between the accounting system and the bank statement.

  8. The monthly bank reconciliation must be submitted to the Office of the VP for Finance and Treasurer for review and approval.

  9. Each check written in the amount of $50,000.00 or more must have two signatures, one of which must be the Vice President for Finance and Treasurer, Associate Treasurer, or Executive Director of Risk Management.

  10. The operation and administration of separate bank accounts must adhere to Policy #2701 , Internal Control Policy.

  11. Any discrepancies or non-reconciled items will be reported by the Office of the VP for Finance and Treasurer to the custodian, in writing.

  12. All reconciliations are due to the Office of the VP for Finance and Treasurer by the 15th working day of the month. Cash Management will notify the Custodian in writing if the reconciliation is not received in a timely matter. If no response and/or reconciliation is received within 5 business days, the Executive Director, Finance & Treasury will notify the custodian in writing of the outstanding request. All requests for reconciliation that are not received within 15 business days of their due date will be reported as delinquent to the Vice President for Finance and Treasurer and actions to close the account may be taken.

  13. Any accounts that remain unreconciled for more than one reporting period may be closed by the Officer of the VP for Finance and Treasurer.

  14. Differences must be identified, aged, investigated and explained, with any significant correcting entries recorded in the proper accounting period. Correcting entries that are determined to be immaterial or less than significant, should be recorded in the subsequent accounting period. Differences remaining outstanding for over 90 days that cannot be resolved should be written off.