Establishing and Maintaining Accounts at Banks and Financial Institutions | Policies

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Establishing and Maintaining Accounts at Banks and Financial Institutions

Owner: Controller

Establishing and Maintaining Accounts at Banks and Financial Institutions

 

Introduction

This policy sets the requirements for opening, closing, updating, and maintaining Teachers College (‘TC’ or ‘College’) accounts with banks and other financial institutions holding the College’s funds.

Purpose

The purpose of this policy is to establish adequate control procedures over the College’s financial assets and minimize the College’s risk of financial loss.

Scope

Each individual, department, center, institute, and program that utilizes College funds should review and understand this policy.

Policy

In accordance with the College’s by-laws, accounts with financial agents may only be opened and closed with the authorization of the College’s Trustees. This authorization has been formally delegated to the Vice President for Finance and Administration (VPFA) and to the Associate Vice President and Controller.  Accordingly, the Office of the Controller establishes and maintains all College accounts with banks and other financial institutions using College funds.

Under no circumstances are individuals, departments, centers, institutes, programs or representatives of the College, other than those defined as authorized by this policy, permitted to open an account with a bank or other financial institution for the purpose of maintaining College funds.

 

Controller

If you have any questions on this policy, please contact the Office of the Controller at (212) 678-3016.

Effective: January 2020

Last Update: January 29th, 2020

 

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