The college maintains separate bank accounts when necessary. The college must scrutinize the decision to open new accounts and maintain old accounts.
The purpose of this policy is to prevent the unnecessary opening of bank accounts on behalf of the college. By requiring approval, the college will protect against unnecessary legal and financial liability.
All college bank accounts shall have approval of the Controller/Director of Business Services and the Vice President for Finance and Administration prior to being opened. All bank accounts shall also be approved by resolution from the Board of Trustees.
The Controller/Director of Business Services shall oversee this policy and review it at least once every two years. Changes to this policy shall be made in accordance with the college's Policy on Policies. The opening and maintenance of all college bank accounts shall be governed by the following procedures:
The responsible department must submit a written request, including the justification for a separate bank account, to the Controller/Director of Business Services. The Controller/Director of Business Services will review the request with the Vice President for Finance and Administration. All requests related to academic programs must be approved in writing by the Vice President for Academic Affairs prior to submission to the Controller/Director of Business Services.