Bank Depositories and Fiscal Controls Policy 301.1

Depository Requirements

Any banks holding University funds on deposit shall furnish collateral for any deposits exceeding the maximum FDIC insurance amount. Applicable campus policies shall ensure compliance with this requirement.

Authorized Financial Activities

The President or Vice President for Finance or Vice President for Administration of the University of Arkansas is authorized to perform the following:

To open the necessary bank accounts, signify the appropriate signatures, and, where required, to sign such other agreements as required by the depository in connection with opening an account.
To open the necessary accounts with investment or brokerage firms for the receipt, custody, transfer, or sale of securities owned by the University of Arkansas or the Board of Trustees of the University of Arkansas.

A list of individuals and their titles—any two of whom are jointly authorized to assign, sell, or otherwise dispose of registered United States securities or other securities (including stocks and bonds)—shall be provided to the Vice President for Finance by the Chancellors and Directors. This list shall be updated whenever authorized individuals change, or at a minimum, annually.
To approve campus policies and procedures for:
- The use of facsimile signatures for checks
- The use of manual signatures for checks exceeding a certain amount
- Policies regarding wire transfers to or from accounts of a bank, brokerage firm, or other financial institutions by designated campus officials
This authority shall be exercised only after the President or Chief Fiscal Officer has reviewed and is satisfied with campus policies, procedures, and controls regarding disbursement of funds and fiscal controls.

Revision History

January 21, 2015 (Revised)
November 18, 2011 (Revised)
September 4, 2009 (Revised)
April 6, 1990 (Revised)
April 15, 1983 (Revised)
March 19, 1976