ROWAN UNIVERSITY POLICY
Title: Bank Account
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Subject: Accounting Services
Policy No: Fin: 2015:07
Applies: University-Wide
Issuing Authority: President
Responsible Officer:
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Senior Vice President for Finance and CFO
Adopted: 10/3/2016
Last Revision:
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04/
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29/
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2022
Last Reviewed: 11/
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30/
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2022
I. PURPOSE
This To establish a policy that governs all bank accounts maintained for operational purposes including institutional accounts, departmental accounts, and all other operating bank accounts. the University
II.
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ACCOUNTABILITY
Under Under the direction of the President, the Senior Vice President for Finance and CFO shall implement this policy and the Assistant Vice President for Finance and Controller shall ensure compliance with the policy.
III. APPLICABILITY
It is the responsibility of every faculty and , staff member who , student organization that is involved in any financial activity on behalf of the University to be fiscally responsible and to exercise appropriate financial controls.
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IV. DEFINITIONS
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There are no definitions for this policy
V.
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POLICY
- Rowan University maintains multiple bank accounts for various business operational purposes. These accounts are registered under established in Rowan's name and Corporate ID number at these banks, and include only signers that are listed in our current Corporate Banking Resolution approved by the Board of Directors of the University.Rowan University maintains bank accounts for operational purposes, including institutional accounts, departmental accounts, and all other operating needs. Because of various tax and regulatory requirements, the use of Rowan University, R.U., or Rowan in the name of the account, or the use of Rowan University's Corporate ID number Federal EIN. The use of Rowan University's Federal EIN or name for any other bank accounts is prohibited. The Senior Vice President for Finance and CFO shall approve establishing, modifying or closing of Rowan University bank accounts.
- To ensure the University’s cash records are complete, accurate, authorized and properly monitored, Accounting Services has established the following internal controls for maintaining and reconciling the account(s):
- General ledger account balances can be substantiated by supporting detail records;
- Accuracy and completeness of individual transactions that have been posted to the general ledger;
- The information transmitted to, contained in, and reported from the University's financial systems is accurate, complete and recorded in a timely manner;
- The information can be relied upon for making financial and administrative decisions;
- Efficient and effective audit process;
All bank accounts are maintained and reconciled
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under the supervision of the Assistant Vice President for Finance and Controller.