Office of Internal Auditing

EIU Policies and Procedures

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Internal Governing Policies


 

#102 - University Accounts


Approved: October 11, 2000

Nomenclature changes: December 22, 2006 

Monitor: Vice President for Business Affairs


University accounts shall be established only upon the recommendation of the appropriate vice president and approval of the University Treasurer.

All locally-held University funds, regardless of source, shall be deposited into, and expended from, officially authorized University accounts.

All monies collected must be deposited intact no later than the next University business day whenever the total collections exceed $50, and in no case less often than weekly.  Any exceptions must be approved in advance by the University Treasurer.

Cash receipts shall not be used to cash personal checks or for direct purchase of goods or services.

Expenditures may be made only to the extent of the balance available in the account, or in accordance with an approved budget for reimbursable accounts such as grants and contracts.

New Account Requests

A new account may be requested by completing a "New FOAPAL Request Form".

Each new account request shall be reviewed and approved by the appropriate dean or director and vice president.

The request shall be submitted to the Accounting Office where it shall be reviewed and assigned an account classification.

Each new account request is subsequently reviewed by the University Treasurer, with the final decision concerning the account made by the University Treasurer.

The Accounting Office shall notify the account manager and appropriate dean or director concerning the decision.  If the new account is approved, the Accounting Office shall provide the account number and title for the approved account.