Eastern Michigan University Seal

Policies, Rules and Regulations

Chapter Name: Business and Financial Operations

Chapter No. 11.1.3

Issue: Banking Services

Effective Date: 1-10-66

Revision Date: 12-2-03

UNIVERSITY POLICY STATEMENT 

Eastern Michigan University shall employ regulated banking services to assist in the administration of its fiscal operations.

 

UNIVERSITY PRACTICE 

University practices for implementing this policy include: 

1. Selection of financial institutions to perform banking services shall be based upon at a minimum, evaluation of the financial institution's: 

       A. Fiscal condition 

       B. Internal processing procedures and controls

       C. Scope of services offered 

       D. Cost effectiveness of services 

       E. Convenience of location 

2. No account shall be established with a banking institution under the name of Eastern Michigan University without the explicit authorization of the Vice President for Business and Finance.

3. All funds collected on behalf of Eastern Michigan University must be deposited into an approved University bank account.

 

RESPONSIBILITY FOR IMPLEMENTATION 

The Vice President for Business and Finance, or (his/her designee(s), has responsibility for implementation and administration of this policy and for adopting, amending and/or revising related administrative policies and procedures.  

 

SCOPE OF POLICY COVERAGE 

This policy applies to all banking services contracted by Eastern Michigan University.

 

Authority for Creation or Revision:

Minutes of the Board of Regents, January 10, 1966, para. .334M.
Minutes of the Board of Regents, March 15, 1972, para. .1086M.
Minutes of the Board of Regents, December 8, 1976, para. .1726M.
Minutes of the Board of Regents, November 19, 1980, para. .2329M.
Minutes of the Board of Regents, April 26, 1989, para. .3994M.
Minutes of the Board of Regents, December 2, 2003, para. .6201M.