Establishing and Maintaining Accounts at Banks and Financial Institutions
Introduction
This policy sets the requirements for opening, closing, updating, and maintaining Teachers College (‘TC’ or ‘College’) accounts with banks and other financial institutions holding the College’s funds.
Purpose
The purpose of this policy is to establish adequate control procedures over the College’s financial assets and minimize the College’s risk of financial loss.
Scope
Each individual, department, center, institute, and program that utilizes College funds should review and understand this policy.
Policy
In accordance with the College’s by-laws, accounts with financial agents may only be opened and closed with the authorization of the College’s Trustees. This authorization has been formally delegated to the Vice President for Finance and Administration (VPFA) and to the Associate Vice President and Controller. Accordingly, the Office of the Controller establishes and maintains all College accounts with banks and other financial institutions using College funds.
Under no circumstances are individuals, departments, centers, institutes, programs or representatives of the College, other than those defined as authorized by this policy, permitted to open an account with a bank or other financial institution for the purpose of maintaining College funds.
Controller
If you have any questions on this policy, please contact the Office of the Controller at (212) 678-3016.
Effective: January 2020
Last Update: January 29th, 2020