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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 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

Contact:

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.

Revision History:

December 3, 2018:

1. Notation of full review added. 

2. Definition of "Bank Account Reconciler," bracketed language added: "This individual must not be responsible for initiating general ledger entries on the bank accounts they are responsible for reconciling, or be a payment approver, a check signer, or a custodian of blank checks.  This individual may [not] approve general ledger entries on the bank account(s) they are responsible for reconciling."

May 10, 2018: Updated contacts, titles, and hyperlinks throughout.

November 30, 2017: Clarifying changes made to language, as follows:

1. Definition of "Bank Account Reconciler," bracketed language added: "This individual must not be responsible for [initiating] general ledger entries [on the bank accounts they are responsible for reconciling], or be a payment approver, a check signer, or a custodian of blank checks.  [This individual may approve general ledger entries on the bank account(s) they are responsible for reconciling]."

2. In section entitled "Maintaining Bank Accounts," bracketed language added:  "…segregating the duties of check signer, payment approver, bank reconciler, and general ledger entry [initiator on bank accounts reconciled], restricting access to account information and blank checks,..."