Types of Clemson University Bank Accounts. Clemson University has three types of bank accounts:
How to Establish a Bank Account.
A written request to establish a bank account must be submitted with a Bank Account Request/Change Form to Cash and Treasury Services, Attn: Bank Account Management, Administrative Services Building , and should include the following information:
The Cash and Treasury Services Department will process the request as follows:
3. The Cash and Treasury Services Department will then prepare a voucher and have a check prepared in the name of the new account. This check, along with a copy of the letter of authorization, is to be delivered to the requesting budget center to the designated bank where the account is to be opened.
All accounts should begin with "Clemson University" as part of the account name. Any necessary changes subsequent to the original authorization (i.e., an increase or decrease in the amount, change of bank, etc.) should be requested through Cash and Treasury Services in a manner similar to the original request. The Budget Center responsible for the account will:
Use of the Clemson University Federal Identification Number
Only bank accounts approved by the Chief Business Officer for Clemson University may use the Clemson University federal identification number.
Operational and Reporting Requirements
Good business practices and effective controls require a basic separation of duties related to the operation of a bank account. To achieve adequate controls and a timely reconciliation process, responsibilities will be assigned to a custodian, reconciler, reviewer, and a monitor. Based on the Separation of Financial Administrative Duties policy, individuals assigned responsibility for performing these reviews should be independent of the transactions related to the asset or liability. Employees should be adequately trained to perform the bank account operating requirements.
The account custodian is responsible for the bank account. This person must determine that all disbursements from the account are made only for official business of the University in accordance with the guidelines established in the letter of authorization and that paid receipts, invoices, vendor statements, pick-up payroll vouchers, and other supporting documentation are maintained to substantiate each disbursement.
The account custodian is responsible for notifying the Cash and Treasury Services Department of updates in the bank account information, such as address, authorized signers, changes in purpose or amount required.
The account should be reconciled to the bank statement each month by someone other than the custodian. A reconciliation preparer should use the Statement of Petty Cash Account form prepared in accordance with the instructions on the form or use a format approved by the Comptroller's Office. Any errors or discrepancies noted should be resolved through communication with the account custodian. Serious or recurring problems or delays should be communicated to the bank account reviewer. A copy of the bank statement, the bank reconciliation or the Statement of Petty Cash Account, with attached detail, are to be forwarded to the assigned bank account reviewer for each bank account within 45 days of the end of the month.
Account custodians are encouraged to reconcile the accounts as soon as possible, but no later than the following:
A bank reconciliation must be reviewed and approved by a reviewer. The bank reconciliation reviewer is responsible for assuring that bank reconciliations are performed, and reconciling items are resolved in a timely manner. The bank reconciliation reviewer should not have custodian or reconciliation responsibilities. Once a reviewer has approved the reconciliation (indicated by initials and date, reconciliations are to be sent to the assigned bank account monitor.
The monitor is responsible for collecting assigned bank reconciliations and to assure that the bank reconciliations are completed on a timely basis as prescribed by the Bank Account Procedures. All bank accounts will be assigned to the following areas for monitoring on a monthly basis.
At least on an annual basis, the Cash and Treasury Services Department will verify and update information on authorized signatures for the bank accounts and may review the use and need for bank account. The review process will include a request to the custodian for authorized signatures, account name address and a copy of the most recent bank statement. These records will be matched to the information provided by the banks, such as account name, address, authorized signers and federal identification number. Local banks will be notified at least every two years of University requirements to establish an university bank account.
Audits of Bank Accounts
The Internal Auditing Department will perform audits of bank accounts and petty cash funds for compliance with established policies and procedures.