Section 14 - Investments
Section 14.3 - Authorization to Open/Close Bank Accounts
Date: 10/2/06 — Approved: Finance Board
Bank accounts for checking, savings, depository, and other investment banking services for the holding of A.S. monies may be opened only upon the approval of the A.S. - SDSU Custodian. They may be closed only upon the approval of the A.S. — SDSU Custodian or delegate. The A.S. Controller has the authority to wire transfer funds between A.S. bank accounts to facilitate cash management and investment operations.
TO OPEN ACCOUNTS
The A.S. Controller must send all requests for new bank accounts to the A.S. — SDSU Custodian for approval. Upon approval the authorized signers (per the A.S. Certificate of Deposit Bank Resolution) must sign each financial institutions account signer agreements.
ACCOUNT RECONCILIATION
Accounts will be reconciled at least monthly by the A.S. Accounting Department. Reconciling items should be separately identified and reported to the responsible unit.
TO CLOSE ACCOUNTS
The A.S. Controller must send all requests to close a bank account to the A.S. — SDSU Custodian for approval. After approval of the request, the A.S. Controller will process the accounts for closure.
Disposition of bank balances
The A.S. Controller transfers any remaining funds to the A.S. primary bank account. The funds will be credited to the appropriate A.S. account.
Review of inactive bank accounts
During the monthly reconciliation, the A.S. Controller reviews the status of all A.S. bank accounts for inactivity. If an account appears to be inactive for three months, the A.S. Controller will make arrangements to close the account.
Unused checks and deposit slips
The A.S. accounting department must destroy all unused checks and deposit tickets. At least two persons should witness the destruction of checks and deposit tickets.
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