ROWAN UNIVERSITY POLICY

Title: Bank Account & Use of Rowan's Name on Bank Account Policy
Subject: Accounting Services
Policy No: Fin: 2015:07                                                                    
Applies: University-Wide        
Issuing Authority:  President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted: 10/3/2016
Last Revision: 05/06/2026
Last Reviewed: 04/30/2026

I.   PURPOSE

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

II.  ACCOUNTABILITY

Under the direction of the President, the Senior Vice President for Finance and Chief Financial Officer (CFO) is responsible for implementing this policy. The Associate Vice President for Finance and Controller is responsible for ensuring compliance with this policy.

III. APPLICABILITY

This policy applies to all faculty, staff, and student organizations engaged in financial activities on behalf of the University. All individuals are responsible for maintaining fiscal responsibility and exercising appropriate financial controls. The Finance Division is responsible for monitoring and ensuring compliance.

IV. DEFINITIONS

There are no definitions applicable to this policy.

V.  POLICY

The University maintains multiple bank accounts for various business purposes. All such accounts must be established in the University’s name and under its Federal Employer Identification Number (EIN). Accounts must also be registered using the University’s corporate identification number and may include only authorized signers as defined in the current Corporate Banking Resolution approved by the University’s Board of Directors.

The use of the University’s name (including abbreviations such as “Rowan,” “R.U.,” or similar) or its corporate identification number for any unauthorized bank accounts is strictly prohibited due to tax and regulatory considerations.

The Senior Vice President for Finance and CFO must approve the establishment, modification, or closure of all University bank accounts.

To ensure that cash records are complete, accurate, and properly monitored, the Accounting Services Department has established the following internal controls:

• • General ledger account balances must be supported by detailed records;
  • Transactions recorded in the general ledger must be accurate and complete;
  • Financial data must be recorded and reported accurately, completely, and in a timely manner;
  • Financial information must be reliable for decision-making purposes;
  • Processes must support an efficient and effective audit;
  • All bank accounts must be maintained and reconciled under the supervision of the Associate Vice President for Finance and Controller.

Responsibility:

1. 1. All individuals involved in establishing or modifying bank accounts are responsible for complying with this policy and ensuring proper authorization and documentation.