Policy 7-3-4: Policy for Account Administration
|Policy 7-3-4: Policy for Account Administration
|Oct 12, 2012
|Finance & Administration
|Assistant to the CFO
|Addition/deletion/revision of financial accounts
Table of Contents:
- Signature Authority Background
- Account Creation
- Changing/Deleting an Account
Section 1: Signature Authority Background
- The Chief Financial Officer establishes balance sheet and operating accounts as needed at the request of the departments, Vice Presidents or President.
- Signature authorization levels are hierarchical:
- The President has overall signature authority for all operating accounts within the financial accounting system.
- Each Vice President/Executive has signature authority for all operating accounts within their appropriate area or responsibility.
- The Dean or Director has signature authority for all operating accounts within their appropriate area of responsibility.
- Each management level may further delegate signature authority for those operating accounts under their direct authority by notifying the Chief Financial Officer denoting such delegation for permanent changes or temporarily delegating authority in the Workday system.
Section 2: Account Creation
- The decision to establish a new account must be made at the highest possible administrative
level. The four most important considerations are:
- the purpose of the account
- the funding source for the account
- department assignment
- whether there is a current account that can be used for the purpose. Changes of account title or deletion of an account must be coordinated through the Chief Financial Officer's office.
Section 3: Changing/Deleting an Account
- The account manager may:
- delegate or change account signature authorization
- change an account name
- delete an account
- Changes are made by emailing the Chief Financial Officer, whom also serves as the Security Partner.
|April 7, 2023; September 10, 2018