Procedures for establishing and maintaining bank accounts provide a framework for the systematic administration and uniform controls required to facilitate appropriate stewardship of financial assets.
Two types of bank accounts exist within the University’s banking structure:
- Accounts established and maintained by central administration, either domestically or internationally, for facilitating university-wide financial activities. No domestic bank accounts will be established for use by an individual unit.
- Accounts established by central administration for specific international activities and maintained on a day-to-day basis by a unit. Opening a separate overseas bank account for a unit is considered on an individual basis.
Please note: all accounts holding University monies must bear the name “Regents of the University of Minnesota” or the name of the University subsidiary entity in the account title, as well as any legal identification numbers under which the University or its subsidiaries operate.
Overseas Account Request:
Unit completes the overseas bank account request form and submits the form via email to the Office of Investments and Banking (OIB) at [email protected].
OIB reviews the request, consider the validity and rational of the business need as well as possible alternatives. If the request is approved, OIB notifies the unit and begin the process to open a new bank account. Each request is unique; therefore, the next steps will be situation specific. As the process unfolds, units will be instructed as to their participation in the process.
The individual acting as the bank account’s custodian :
- Notifies OIB via email to request signatory changes. The University’s treasurer approves all signature changes to bank accounts. If approved, OIB will notify the unit. OIB will instruct the unit as to their role in the process based on the individual situation
- Notifies OIB via email concerning personnel changes related to the custodian
- Provides all bank statements on a monthly basis. Statements are provided to Accounting Services at : [email protected]
The individual acting as the bank account’s custodian:
- Submits a request to close the account via email to OIB. OIB, in coordination with the unit, will facilitate the closure of the account based on the individual situation
- If applicable, initiates a wire transfer for all remaining funds in the overseas account to a domestic University bank account. OIB will provide wire instructions to the unit
- Provides a final bank statement reflecting a zero balance and reconciliation report to OIB and Accounting Services
Misuse of a bank account for purposes not authorized in the original request may result in the automatic closure of the account. Failure to comply with any of the University’s policies and procedures concerning bank accounts, any applicable University policy concerning the use of funds, and any relevant legal requirements within a country, in any manner may result in the automatic closure of the account.