ADMINISTRATIVE PROCEDURE

Obtaining a University of Minnesota Bank Account

Domestic Bank Accounts

Obtaining Approval to Access a University of Minnesota (UM) Bank Account

Departments should complete the "Utilizing U of M Bank Accounts Access Form." Request the "Utilizing U of M Bank Accounts Access Form" by emailing Treasury Accounting at treasury@umn.edu. Complete the form and fax it to Treasury Accounting at 612-626-3969.
When completing the forms the department should be sure to:

  • Include justification for the account.
  • Explain why routine payment methods are not feasible.
  • Provide an estimated schedule of payments for the period of the account.
  • Provide a "scope of study" statement for research accounts.

Forms must contain the following approvals:

  • Dean, department head or designee
  • Certified Approver if sponsored funds
  • The Office of Investments and Banking if non-sponsored funds

If the department is approved to receive a U of M bank account Office of Investment and Banking (OIB) will contact the department with the proper forms to set up access to a U of M bank account. If the form is not approved the department will be required to use Disbursement Services for payments instead of a U of M bank account.
Note: Treasury Accounting will notify the Office of Investments and Banking of a departmental request to access a University Bank Account. Treasury Accounting will provide a check series location number.

Establishing Authorized Signers

OIB will send "Authorized Signers" forms to the department. Upon receipt of the form, the department will complete and route the form for approval. The form should be sent to the OIB when completed.

After receiving the forms from the Department, the OIB will:

  • Obtain the University Treasurer's signature.
  • Retain Authorized Signer Forms
  • Notify Treasury Accounting that the checkbook has been approved
  • Order a first set of checks, validate for accuracy, and send to Treasury Accounting

Departmental Orientation

The Department orientation meeting is required. Check stock will not be provided until this meeting is arranged. A series number will have been assigned to the department to record the issuance of checks to the designated balance sheet account.

Treasury Accounting will arrange the orientation meeting between the Department and Treasury Accounting. Treasury Accounting will bring the new check series. Treasury Accounting will provide the initial Microsoft Excel check register template when the checks are first assigned.

After the meeting has been held, the Department can begin issuing checks. On a monthly basis, Treasury Accounting will provide an outstanding check list to each department.

International Bank Accounts

Obtaining Office of Investments and Banking Approval for the International Bank Account

The Department should contact the OIB regarding their need for an international bank account. The OIB will meet with the Department to discuss their international bank account request.

If the international bank account request is approved, the OIB will begin the process of opening the account. Every international bank account requires a contract for service in the country in which the bank account is opened. All international contracts and other legal documentation regarding institutional status must go through a legal review by the Office of the General Counsel. This process may take 3 to 6 months.

If the international bank account, contracts, and other legal documentation are approved they will be sent to the OIB who will complete the documentation. The OIB will contact the department for any necessary additional information.

If the request is denied, the OIB will notify the department that their request was denied and the department will use the Disbursement Services to conduct international payments.

Coordinate Bank Documentation Process to Get Account Ready for Use

The OIB works with the Department to obtain all necessary signatures for authorized signers, the University Treasurer's signature, copies of passports, licenses, etc. as required by the bank.

Notify Treasury Accounting and the department when the account is open and ready for use.

Bank Account Funding

If the international bank account request is approved and the account opened, the department will need to complete an International Wire Transfer Request through Disbursement Services.

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