POL-U5310.04 Authorizing Banking and Investment Transactions

Dates and Approval

Who does this policy apply to?

This policy applies to all University employees, students, and Western affiliates conducting University business which includes, but is not limited to, student activities, academic club activities and athletics.

Overview

The purpose of this policy is to mitigate risks around banking and other financial transactions to prevent the loss and/or misuse of University funds. The policy outlines who is authorized to open and close banking, investment, and other financial accounts and who is delegated the authority to maintain and monitor the accounts.

Definitions

Bank Account

A financial account maintained by a bank or other financial institution in which the 
financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as but not limited to deposit accountscredit card accounts, and loan accounts. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer.

Financial Account

An account whereby funds are deposited, maintained, and/or transferred by a bank or other financial institution or financial technology company that supports online money transfers and/or mobile payment services and credit card merchant accounts such as, but not limited to, PayPal, Zelle, Venmo, Square, Stripe, or Braintree.

Investment Accounts

An account that holds stocks, bonds, funds, and other securities. The difference between this and a bank account is that the value of these accounts fluctuates and can lose value.

University Business

Any activity that generates funds to be held and used within the University’s bank and accounting system – includes Foundation funds. This includes, but not limited to, activities for student groups, clubs, and sports groups

Policy Statements

1. University Controller Oversees Management of Financial and Investment Accounts

The University Controller, under the purview of the Vice President for Business and Financial Affairs (VP for BFA), ensures oversight and implementation of this policy. Daily management of financial and investment accounts are delegated to the Assistant Director of Treasury Services who is responsible for:

  1. Monitoring all financial accounts to ensure they’ve been opened by authorized officials,
  2. Ensuring access to these accounts is limited to authorized employees with appropriate permissions assigned, and
  3. Maintaining fiscal management of these accounts.

2. President Designates Financial and Investment Account Signers

The President designates the VP for BFA and/or designee(s) as the sole authorized University personnel to open and close financial and investment accounts, to transact all related transactions, and to authorize other University personnel to execute specific financial transactions related to their individual positions.

No department, employee, or non-employee associated with Western (e.g., an affiliate) or unit within the University may open, or close financial or investment accounts involving University business unless written approval is given by the President, the VP for BFA, or the AVP for FBS.

The Foundation for Western Washington University and Alumni or other organizations that have separate legal status, including separate federal tax identification numbers, may open their own bank and investment accounts. These entities shall notify the University’s Treasury Services in writing of the existence of the accounts.

3. All Funds Must be Deposited into and Payable from an Authorized Financial Account

All funds owed to Western Washington University must be collected directly from the consumer or other third party and deposited into an authorized University financial account in accordance with applicable policies and procedures such as but not limited to Western’s Cash and Payment policies.

All funds owed by the University must be payable from an authorized financial account.

Under no circumstances is an individual permitted to process financial transactions for University business using a personal or other unauthorized financial account.

Policy Information

See Also:

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