ROWAN UNIVERSITY POLICY

Title:  Use of Rowan’s Name on Bank Account
Subject: Accounting Services                                   
Policy No: AS:2016:02                                                                      
Applies: University-Wide                   
Issuing Authority:   President
Responsible Officer:   Senior Vice President for Finance and CFO
Adopted: 11/23/2016
Last Revision: 10/30/2017
Last Reviewed: 10/30/2017

I.     PURPOSE

 To establish a policy that governs all bank accounts maintained for operational purposes including institutional accounts, departmental accounts, and all other operating bank accounts. 

II.    ACCOUNTABILITY 

Under the direction of the Senior VP of Finance, the Assistant Vice President for Finance and Controller as well as the Director of Accounting Services shall ensure compliance and implementation of this policy. 

III.  APPLICABILITY 

This policy applies to all staff at Rowan University.  Fiscal staff is responsible for adhering to this policy and the Accounting office staff to ensure adherence.

 IV.  DEFINITIONS 

There are no definitions for this policy.

 V.  REFERENCES

 There are no references for this policy 

 VI. POLICY 

Rowan University maintains multiple bank accounts for various business purposes. These accounts are registered under 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. Because of various tax and regulatory ramifications, 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 for any other bank accounts is prohibited.

 VII. RESPONSIBILITIES

 All those that set up or modify bank accounts.