ࡱ> /1.'` Ibjbj{P{P 8$::IN  2,f* * * * * * * * $hy* * yy* * y* * y*  @]] y:0,~~:~* 0Z "|  * * * * * * ,yyyy222 222 $2J ߺ Controllers Office Policy Bank Account Authority Effective May 1, 2010 Policy Statement The Vice President for Business and Finance (VPBF) and through the VPBF, the Controllers Office, are responsible for banking relationships and the establishment of bank accounts for the University. This policy documents the authority and requirements to establish, maintain, update and close bank accounts. For purposes of this policy, bank accounts include accounts (1) bearing the name of ߺ (SMU) or its controlled corporations, (2) for SMUs or its controlled corporations' business uses, or (3) using the Universitys tax identification number. Policy The President, Treasurer, VPBF or Associate Vice President and Controller can authorize the establishment or closing of a University bank account. Bank accounts will only be opened for legitimate business reasons. Except as otherwise allowed in these policy statements, bank accounts (1) bearing the name of ߺ (SMU) or its controlled corporations, (2) for SMUs or its controlled corporations business uses, or (3) using the Universitys tax identification number, must be established through the Controllers Office. Requests for new bank accounts must be submitted to the Controllers Office for approval. Further, unless otherwise specified in these policy statements, copies of bank account agreements shall be maintained in the Controllers Office. Bank accounts associated with endowment operations and investments represent one of the exceptions to coordination through the Controllers Office, establishment and maintenance of which are the responsibility of the Treasurers Office (TO). The TO is responsible for adhering to requirements related to segregation of duties and background checks. Bank accounts used by the Student Association represent another exception to coordination through the Controllers Office. Establishment and maintenance of these accounts are the responsibility of the Executive Director of Finance in Student Affairs. Student Affairs is responsible for adhering to the requirements of segregation of duties and background checks. Bank account agreements must be reviewed and approved by the Office of Legal Affairs before execution of the document(s). Bank accounts should be reviewed by the Controllers Office to ensure they include transaction rights that are appropriate to the business needs for the account. Transactions not appropriate to the use of the account should generally be blocked, reducing the possibility for misuse or theft (e.g., debit ACH transactions should be blocked on an account used to record credit card transactions). Except as provided in these policy statements, the Controllers Office is responsible for updating Bank Account information, including changing the authorized signers, address and type of account. All bank accounts must be either reconciled by or reconciliations provided to the Controllers Office on a monthly basis. Reconciling items must be identified within the month following the month of the activity. Reconciling entries must be resolved within a reasonable period of time, which is generally meant to be 30 days following the month of the transaction or activity. Individuals reconciling bank activity must not also have responsibility for banking transactions or recording for banking transactions. SMU will do background checks on all individuals not already having bank signature authority before granting them signature authority on a bank account using SMUs tax identification number or the number of one of SMUs controlled corporations. The Controllers Office must be notified immediately of any individuals terminating or planning to terminate from the University so those individuals can be removed as authorized signers on the account. The Controllers Office is responsible for closing University bank accounts. The Controllers Office should be notified when the bank accounts are inactive and no longer needed. These accounts should be closed to avoid account maintenance fees. P\_iz + . O S w x I󱤚 hVh/h/CJOJQJh'?h/CJOJQJ%h'?h/B*CJOJQJaJphh/B*CJOJQJaJph%h"h/B*CJOJQJaJphh2Xh/5hYEh/hh/CJ9PQRhiz{ ` a $hh]h^ha$gd2X$hh-DM ]h^ha$gd'?$hh]h^ha$gd"gd $a$gdI P Q CD-.~JKCDEFgd$hh]h^ha$gdVFHIgd61hP:p&`/ =!"#$% H@H &`NormalCJPJ_HaJmH sH tH DAD Default Paragraph FontRiR  Table Normal4 l4a (k(No List L^@L " Normal (Web)CJOJPJQJaJI$ z z. I9PQRhiz{`aPQCD- . ~JKCDEFHK$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$9PQRhiz{`aPQCD- . ~JKCDEFHK0000000000000000000000000000000000000000000000I  FIIAl A Al  KK=*urn:schemas-microsoft-com:office:smarttags PlaceName=*urn:schemas-microsoft-com:office:smarttags PlaceType9*urn:schemas-microsoft-com:office:smarttagsplace TW;Rg8GK:::\_HK\_K{Gn*)L1m`2[6 $7C`='?ME?2X&`YnYEg%Mv"~/j"2W%V-@__{{__I`@Unknowngz Times New RomanTimes New Roman5Symbol3& z Arial7& VerdanaW&{ @CalibriPlanet Benson 2"h.FQfn n $24AA3HX)$P2Southern Methodist University0000659017996398Oh+'0  , L X dpx ߺ 00006590 Normal.dot 179963983Microsoft Office Word@F#@