Policy 1507: Electronic Transfers for Cash Disbursements
Subject Area: Cash
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: December 2018, July 2007, January 2010
Refer Questions To: Anna Mairink, 773-702-0450
Purpose: To establish responsibility for and control of electronic transfers for cash disbursements. Cash disbursements include: invoice payments; travel advances; employer tax payments; benefit payments, etc.
Policy
- Electronic transfer requests for cash disbursements other than cash management and investment transactions must be processed through Financial Services.
2. Electronic transfer requests under $1,000,000 must be approved by an authorized signer. Electronic transfer requests of $1,000,000 or greater must be approved by two authorized signers. Authorized signers are designated by the Chief Financial Officer and approved by the Executive Committee.
3. Financial Services will initiate all electronic transfers with the bank.
4. Financial Services will record the disbursement in the University Accounts Payable and Financial Accounting Systems and maintain the supporting documentation.