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.

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.