1806 Bank Letters of Credit

Document purpose

Bank letters of credit may be required, or preferred, in support of University activities.

effective

December, 1986

revised

May, 2006

Reviewed

May, 2021

Responsible Office

Treasurer

Approval

Trustees

Policy

  1. The Treasurer’s Office is responsible for determining the appropriateness of bank letters of credit to support University activities.  

  2. The Treasurer’s Office is responsible for negotiating the placement of all letters of credit.  

  3. The V.P. for Finance and Treasurer is authorized to execute letters of credit as approved by the Trustees as required for insurance related activities as long as total amount outstanding does not exceed $100 million. The V.P. for Finance and Treasurer will annually submit to the Trustees a report of all outstanding letters of credit.  

  4. The V.P. for Finance and Treasurer is authorized to execute letters of credit as approved by the Trustees.