Pol-Establishing Bank Accounts

policy establishing bank accounts modified Wed Mar 04 2020 15:40:08 GMT-0500 (Eastern Standard Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

Establishing Bank Accounts

EFFECTIVE DATE

December 10, 1997

POLICY APPLICABILITY

This policy applies to the University Community (administrators, faculty, staff, and students).

POLICY STATEMENT

No bank account which in any way purports to be, or appears associated with the University or any affiliated corporation can be established or maintained without prior authorization of the Controller's Office. Prior authorization must come from either the Controller/Treasurer or the Assistant Treasurer; and must be in writing. Use of the University or affiliated corporation's taxpayer identification number for opening or identifying any bank account not authorized by the Controller's Office is prohibited.

REASON FOR POLICY

Pursuant to Kentucky Revised Statute 41.070, all State agencies must receive prior approval to open a bank account from the Commonwealth of Kentucky, Office of the Comptroller, Finance & Administration Cabinet. Thus, opening of a bank account in the University of Louisville’s name, including any and all acronyms, and/or the use of the University or its affiliated corporation's taxpayer identification number without the expressed permission from the UofL Controller's Office violates the aforementioned state statute.

ADMINISTRATIVE AUTHORITY

Vice President for Finance and Chief Financial Officer

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Controller’s Office
Treasury Management
Service Complex, Louisville, KY 40292
502-852-8253
treasmgt@louisville.edu

HISTORY

Revision Date(s): 2/21/2020, 8/8/2014
Reviewed Date(s): 2/21/2020, 8/8/2014

The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.