Senate Proposal: No
Responsible University Officer: Chief Financial Officer
Responsible Office: Accounting Services
The establishment of departmental or other satellite checking accounts for University funds from non-agency sources is prohibited. All funds received by the University are deposited into the University general operating account. This includes gifts received by the Michigan Tech Fund and transferred to the University to be spent.
All financial disbursements for the University should be processed through either the general operating or payroll checking accounts of the University.
Reason for Policy
This policy is necessary to ensure that all financial disbursements will be processed according to established policies and procedures and in accordance with the restrictions or guidelines pertaining to the funds.
Checking accounts may be established for any money received in agency funds.
|Office/Unit Name||Telephone Number|
Agency Funds - Third party funds received by the University to be held or disbursed on the instruction or behalf of the persons or organizations who provided the funds.
Non-Agency Funds - Funds received by the University as gifts, grants, contracts and other revenue into the general, designated, auxiliary, expendable restricted, loan and plant funds.
Department Personnel, Dean/Department Chair/Director or higher in supervisory chain of command, Student Group Advisor - Ensure funds are deposited following University policy and not establish separate checking accounts.
|02/06/2004||Approved by CFO|
|04/10/2017||Transfer of policy page from HTML to CMS. Business and Finance numbers renamed from "2.2000" to "2. Business and Finance". Specifically from "2.2004—Checking Accounts" to "2.04—Checking Accounts".|
|05/03/2012||To reflect current University titles and practice, MTU is now Michigan Tech and the email address for questions is now hbwebmaster.|