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.

USG Banking Policy 9.1

Related information

Receipting and Depositing (Cash/Check/Wire Handling)

Responsibilities

Date Issued: 03/01/2023

Last Reviewed/Updated: 02/14/2023