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 University Policy Manual
 California State University, Sacramento
Policy Title: Bank Accounts and Bank Reconciliations
Policy Administrator: Vice President of Administration/CFO
Authority:
Executive Order 1000; ICSUAM 3101.01, ICSUAM 3102.09
Effective Date:
July 14, 2014, January 10, 2002
Updated:
June 16, 2014
Index Cross-References:
Affiliated Organizations (Non-Student); Delegated Financial Authority and Responsibilities; Non-State Funds, Accepting and Administering, Executive Order 1059 and Title 5
Policy File Number:
ADM-0108

BANK ACCOUNTS AND BANK RECONCILIATIONS


Policy Statement:

It is the policy of the California State University (CSU) that all money in the possession of, or controlled by the CSU will be deposited in the centralized bank(s) designated by the Executive Vice Chancellor/Chief Financial Officer (EVC/CFO) of the CSU.  Accordingly, it is this institution’s policy that all funds received by California State University, Sacramento (University) and its related entities, including University departments, affiliated organizations, and student clubs and organizations, be deposited in and disbursed from the CSU’s approved centralized bank(s).  Exceptions to this requirement are organizations that have separate legal status granted by the state/federal government (i.e., 501/c/3, 501/c/7, etc.). 

 
Who the Policy applies to:

This policy applies to any University department or related entity that use the University’s name, initials, logo, mascot or address, including student clubs and organizations and affiliated organizations. 


Responsibilities:

The Associate Vice President for Financial Services must ensure that cash is deposited in and disbursed from CSU’s approved centralized bank(s).  The University must periodically review the need for maintaining each of the bank accounts and subaccounts.

The University must maintain updated and valid signature cards of each person authorized to sign checks, drafts, or other orders for payment of money and authorized to approve/release electronic transfers of cash from CSU’s approved centralized bank(s).

The University bank accounts must be reconciled at least monthly. Reconciliations should be performed by independent parties, without vested interests in the original transaction(s).

Organizations having separate legal status granted by the state/federal government and maintaining a bank account outside the University must submit a letter to the Associate Vice President for Financial Services providing the legal name of the organization, the tax ID number, and the bank name, branch address, and bank account number of the organization.  Exceptions to this requirement are non-student organizations requesting affiliation with the University.  They will provide the information when submitting a request for recognition as an Affiliate.

Exceptions for deposits made outside approved accounts, other than those with separate legal status, are possible for unusual and documented circumstances.  Exceptions may be made only by the University CFO or designee.

Third Party Vendors

The University may engage a third party to assist in the receipt and disbursement of cash, cash equivalents, or electronic transactions. Third party vendors should not hold CSU’s cash longer than is required to process the handling of that cash.


If an associated auxiliary organization is engaged to assist in the receipt and disbursement of cash, cash equivalents, or electronic transactions, such arrangements may include the retention of CSU cash, when necessary, so long as the terms of the arrangement are in compliance with Executive Order 1059 and Title 5.

Approved by Alexander Gonzalez, President

July 14, 2014