Bank Account Policy

Effective Date: September 29, 2008

Policy Statement

This policy sets certain requirements for opening, closing, updating, and maintaining Columbia University bank accounts.  For purposes of this policy, "University bank accounts" mean any bank account opened (1) by or for the University or any of its schools, departments, centers, institutes, or programs, (2) by or for any entity in which the University has a controlling interest (such as limited liability companies that may be established for overseas activities in accordance with separate University policies), or (3) with use of the University's tax identification number.

Reasons for the Policy

The purpose of this policy is to establish adequate control procedures over University assets and minimize the University's risk of financial loss.

Responsible University Office

The Office of the Treasurer

Who is Governed by this Policy

Each individual, school, department, center, institute, and program ("University Departments") that require and utilize University bank accounts should review and understand this policy.

Scope

In accordance with the University's by-laws, bank accounts may only be opened and closed by the authorization of the University's Trustees.  This authorization has been formally delegated to the Executive Vice President of Finance and to the Treasurer. Accordingly, Columbia University Departments may not establish a University bank account without first obtaining written approval from the EVP of Finance or Treasurer.  This condition applies to all University bank accounts as defined above, regardless of how the accounts are named, and whether or not the account uses the Columbia University name or the name of any school, department, center, institute, program, affiliate, or the name of any other entity or person.

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