Section 2 - Approval of Documents

Section 2.3 - Signature Authority

Date: 11/20/06 — Approved: Finance Board

The Associated Students Controller is the general fiscal (financial) officer of the Associated Students Finance Board and has the responsibility to ensure that the appropriate signatures are obtained for opening new bank accounts and the signing of all check disbursements.

Bank Accounts

The following criteria must be met prior to the authorization of opening up a new Associated Students bank account:

  1. AS must request authorization in writing from the university custodian in order to open or close any bank accounts.
  2. The Vice President of Business Affairs and her designees shall remain as signers on all AS bank accounts.
  3. Only the Vice President of Business Affairs can authorize the addition or removal of any authorized signers to the account(s).

Bank statements must be reconciled monthly to the general ledger by an employee other than the one authorizing disbursements or signing checks and approved by a responsible individual.

The following individuals will be authorized to order bank cash and change orders from AS bank checking accounts:

  1. Associate Director
  2. AS Controller
  3. University Custodian
  4. University Auditor

The following individual will be authorized to sign electronically on AS checking accounts: University Vice President for Business and Financial Affairs (sole signature).

The following individuals will be authorized to sign on AS checking accounts and initiate wire transfers on AS bank checking accounts:

  1. Executive Director (sole signature)
  2. Associate Director (sole signature)
  3. Cox Arena Director (second signature only)
  4. University Custodian (sole signature)
  5. University Vice President for Business and Financial Affairs (sole signature)
  6. University Auditor (sole signature)

A second handwritten signature is required for all checks greater than $10,000.

Bank Account Transfers

AS shall notify the University Vice President for Business and Financial Affairs of transfers between authorized bank accounts within 24 hours of transaction.

The following individuals will be authorized to initiate transfers between AS bank checking accounts:

* Can only initiate or approve an internal wire transfer. Two of three annotated individuals required to process a wire transfer.

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