External Bank Accounts C-54
Original Implementation: July 13, 2006
Last Revision: July 21, 2009
No individual, department, program, or organization, including duly recognized student organizations, is authorized to open any checking, savings, or investment accounts using the name of Stephen F. Austin State University (SFA) or its taxpayer identification number with any financial institution, including but not limited to banks, credit unions, savings and loans, or investment clubs, without the prior, written approval of the controller.
The owner of any external bank account approved under this policy must provide a copy of the current bank signature card to the controller. Additionally, the owner of any external bank account for a student organization shall adhere to the cash-handling procedures for student groups. These procedures are at: http://www.sfasu.edu/studentactivities/cash_handling.asp. University funds, including monies receipted from the university by student organizations through the student service fee allocation, may not be deposited in an external bank account.
Gifts made to the university must be deposited into the university's accounts maintained through the Controller's Office in accordance with Policy C-15, Gift Reporting, regardless if the money was initially solicited by the external organization.
In accordance with Policy F-14, Student Organization Formation and Recognition, employees of SFA should not be authorized to sign on any external student organization external bank account.
External bank accounts approved by the controller for student organizations may be subject to audit.
Cross Reference: Policy C-15, Gift Reporting; Policy F-14, Student Organization Formation and Recognition
Responsible for Implementation: Vice President for Finance and Administration
Contact for Revision: Controller
Forms: None