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Cornell University

University Policy 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.


  • Weill Cornell Medicine (WCM) does not permit its units to establish their own bank accounts. All WCM bank accounts are controlled centrally by the WCM Finance Department. The treasury accountant prepares monthly bank reconciliations, which are reviewed and approved by the associate and assistant controllers.

Policy details


Your local college or unit administrative office or Cash Management (email).

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 Hotline.