Bank Accounts, Cash Funds, and Investments

Policy 1003

4 Policy and Procedure Statements

4.1 State Auditor Requirements

4.1.1 The North Carolina State Auditor requires the University to maintain an inventory listing of all bank accounts, cash funds, and investments established for handling funds generated from any University related activity. The Office of Internal Audits is responsible for this requirement, maintaining an inventory listing of all bank accounts, investments, cash collection points, petty disbursing funds, and imprest change funds.

4.2 Establishing Cash Funds and Accounts

4.2.1 Necessary Approvals - Bank accounts, cash funds and investments should be established only after approval of the Controller of the University. After approval has been obtained the Office of Internal Audits should be notified by memorandum. This is to insure that the inventory is current and that accounts are properly maintained. If checks drawn on such accounts are co-signed by persons other than the Chancellor and Vice Chancellor for Business Affairs, approval must be secured.

4.2.2 Available Assistance -Contact the Controller's Office or the Office of Internal Audits before doing any of the following related to bank accounts, cash funds, and investments:

1. Establish a bank account for deposit of funds generated from any University related activity.
2. Collect funds for any University related activity.
3. Establish a petty disbursing fund; or
4. Establish an imprest change fund.

4.3 Returned/Paid Checks

4.3.1 To determine if a check has cleared the bank, the following steps should be followed:

1. Obtain Necessary Information -
   1. Call the Accounts Payable Section of the Controller's Office and obtain the check number, the date, the amount, and the budget code.
2. Photocopy Available -
   1. If the check has been paid, a photocopy of the check can be furnished for your vendor.

4.3.2 If questions arise regarding policies and procedures on bank accounts, cash funds, or investments, please contact the Office of Internal Audits prior to any action.