3.23, Establishing and Maintaining Accounts at Banks and Financial Institutions

Cornell University’s central administration establishes all university accounts with banks and other financial institutions using university funds.  In the unlikely event that a unit must ask the university to establish and maintain a separate account, the university requires the unit to institute appropriate controls for maintaining the account.

Notes:

• Weill Cornell Medical College (WCMC) does not permit its units to establish their own bank accounts.  All WCMC bank accounts are controlled centrally by the WCMC Finance Department.  The Treasury Accountant prepares monthly bank reconciliations, which are reviewed and approved by the Associate and Assistant Controllers.
• Agency accounts are covered under University Policy 3.16, Agency Accounts .

 Entities Affected By This Policy

All units of the university

 Policy Information

• Responsible Executive: Executive Vice President for Finance and Administration
• Responsible Office: Office of the Treasurer
• Dates: Issued: October 2, 2007
• Contact: Your unit's administrative office or Cash Management 

 Violations of Finance Policy

Violation of a financial policy should be reported to your supervisor, your human resource representative, unit manager and/or the office responsible for the policy. Where these resources are inadequate, you may choose to make an anonymous report through the Cornell University's Hotline .

 View Official Policy*

 

*The official version of this policy is available for download and printing by clicking on the "PDF Document" link.

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