Establishment of Bank Account
Bursar and Treasury Services
View policy pdf:Establishment of Bank Account Policy
Policy Statement
Per Board of Regents Policy only the University President or his/her designee has
the authority to establish a bank account in the name of the University and using
the University’s federal tax identification number. Clubs and organizations affiliated
with the University do not have the authority to use the University’s federal tax
identification number when opening an account for such club or organization. Such
organizations must obtain their own tax identification number.
Reason for Policy
To Establish who can use the University’s federal tax identification number for bank
accounts.
Definitions
A bank account is a financial account maintained by a bank or other financial institution
in which the financial transactions between the bank and a customer are recorded.
Each financial institution sets the terms and conditions for each type of account
it offers, which are classified in commonly understood types, such as deposit accounts,
credit card accounts, current accounts, loan accounts or many other types of account.
Related information
Receipting and Depositing (Cash/Check/Wire Handling)
Responsibilities
Responsible University Senior Administrator: Vice President for Finance & Administration
Responsible University Administrator: Associate Vice President - Finance Division
Policy Owner: Bursar and Treasury Services Division
Policy Contact: Sr. Director
Phone Number: 706-542-6833
Date Issued: 03/01/2023
Last Reviewed/Updated: