Board of Trustees Policy  305.1


The original PDF version of this policy is linked from the revised date below.

Any banks holding University funds on deposit shall furnish collateral for any deposits exceeding the maximum FDIC Insurance amount and applicable campus policies shall insure compliance with this requirement.

The President or Vice President for Finance or Vice President for Administration of the University of Arkansas is authorized:

(1) To open the necessary bank accounts, signify the appropriate signatures and, where required, to sign such other agreements as required by the depository in connection with opening an account.

(2) To open the necessary accounts with investment or brokerage firms for the receipt, custody, transfer, or sale of securities owned by the University of Arkansas or the Board of Trustees of the University of Arkansas.

(3) To approve campus policies and procedures for the use of facsimile signatures for checks, the use of manual signatures for checks exceeding a certain amount, and policies regarding wire transfers to or from accounts of a bank, brokerage firm, the Commonfund, and other financial institutions by designated officials at the campus level. This authority shall be exercised only following the President’s or Chief Fiscal Officer’s review of, and satisfaction with, campus policies, procedures and controls regarding disbursement of funds and fiscal controls.

November 18, 2011 (Revised)
September 4, 2009 (Revised)
April 6, 1990 (Revised)
April 15, 1983 (Revised)
March 19, 1976