Pol-Establishing Bank Accounts
policy establishing bank accounts modified Wed Mar 04 2020 15:40:08 GMT-0500 (Eastern Standard Time)
University of Louisville
Establishing Bank Accounts
December 10, 1997
This policy applies to the University Community (administrators, faculty, staff, and students).
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.
Vice President for Finance and Chief Financial Officer
RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION
Service Complex, Louisville, KY 40292
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.