|Policy:||Policy 7-3-4: Policy for Account Administration||Date Adopted:||Oct 12, 2012|
|Department:||Finance & Administration||Contact:|
|Statement:||Addition/deletion/revision of financial accounts|
Section 1: Signature Authority Background
- The Controller 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 signature authority for all operating accounts within the financial accounting system.
- Each Vice President 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 Controller 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 Controller’s Office.
Section 3: Changing/Deleting an Account
- The account manager may delegate account signature responsibility, delegate or change account signature authorization, change an account name or delete an account, by emailing the necessary changes to the Controller, whom also serves as the Security Partner.
|Date(s) Revised||September 10, 2018;||Date(s) Reviewed|