2.04—Checking Accounts

Effective: 02/06/2004
Senate Proposal: No
Responsible University Officer: Chief Financial Officer
Responsible Office: Accounting Services

Policy Statement

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.


Policy Requirements

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.

Exclusions

Checking accounts may be established for any money received in agency funds.

Contacts

Office/Unit Name Telephone Number
Accounting Services 7-2242

Definitions

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.

Responsibilities

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.


Adoption Date

02/06/2004 Approved by CFO

Revisions

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.