Policy 1501: Banking Relationships
Subject Area: Cash
Responsible Office: Treasury Management
Sponsor: Board of Trustees
Originally Issued: February 1986
Revised: January 2010, August 2016
Refer Questions To: Dana Earles, 773-702-1958
Purpose: To establish responsibility for the efficient operations of the University’s banking relationships.
1. All bank accounts and authorized signers must be authorized by the President or the Chief Financial Officer.
2. The Chief Financial Officer is responsible for initiating and executing all transactions with banking institutions for all parts of the University. This includes any bank accounts, external financing arrangements (loans, letters of credit), and receipt processing arrangements (lockboxes). The management of this responsibility has been delegated to the office of Treasury Management.
3. All requests for banking services must be coordinated through the office of Treasury Management.