Skip to content
Choose a search location

    Pages for:

  • Faculty
  • Staff
  • Students
Cornell University
Cornell University
University Policy Office
  • About
    • Contact
    • Events
    • News
    • Spotlights
  • Policy Development
    • Roles
    • Policy Review Groups
    • FAQ
  • A-Z Index
  • Policies

Tools Library

 

Tools Library

Quick Links

FACULTY
  • Academic Leaves
  • Academic Misconduct
  • Code of Academic Integrity
  • Copyright
  • Financial Conflict of Interest
  • Inventions and Property Rights
  • Graduate Parental Accommodation
STAFF
  • Inclement Weather
  • Information Security
  • Prohibited Discrimination
  • Record Retention
  • Time Away from Work
  • Travel
  • Workplace Flexibility
STUDENTS
  • Academic Misconduct
  • Access to Student Information
  • Alcohol and Other Drugs
  • Campus Code of Conduct
  • Pets on Campus
  • Prohibited Discrimination
  • Voluntary Leave of Absence
Policy Number: 
3.23

Establishing and Maintaining Accounts at Banks and Financial Institutions

Cornell University’s central administration establishes all university accounts with banks and other financial institutions using university funds. In the unlikely event that a unit must ask the university to establish and maintain a separate account, the university requires the unit to institute appropriate controls for maintaining the account.

Notes:

  • Weill Cornell Medicine (WCM) does not permit its units to establish their own bank accounts. All WCM bank accounts are controlled centrally by the WCM Finance Department. The treasury accountant prepares monthly bank reconciliations, which are reviewed and approved by the associate and assistant controllers.
Policy Number: 
3.23
Responsible Executive: 
Executive Vice President and CFO
Responsible Offices: 
Office of the Treasurer
Date Issued: 
Tuesday, October 2, 2007
Date of Full Review: 
Monday, December 3, 2018
Date Last Updated: 
Monday, December 3, 2018
Contact: 

Your local college or unit administrative office or Cash Management.

Violations of Finance Policy

Violation of a financial policy should be reported to your supervisor, your human resource representative, unit manager and/or the office responsible for the policy. Where these resources are inadequate, you may choose to make an anonymous report through the Cornell University Hotline.

View Official Policy: 
PDF icon University Policy 3.23, Establishing and Maintaining Accounts at Banks and Financial Institutions

Recent Changes to this Policy

December 3, 2018:

1. Notation of full review added. 

2. Definition of "Bank Account Reconciler," bracketed language added: "This individual must not be responsible for initiating general ledger entries on the bank accounts they are responsible for reconciling, or be a payment approver, a check signer, or a custodian of blank checks.  This individual may [not] approve general ledger entries on the bank account(s) they are responsible for reconciling."

May 10, 2018: Updated contacts, titles, and hyperlinks throughout.

November 30, 2017: Clarifying changes made to language, as follows:

1. Definition of "Bank Account Reconciler," bracketed language added: "This individual must not be responsible for [initiating] general ledger entries [on the bank accounts they are responsible for reconciling], or be a payment approver, a check signer, or a custodian of blank checks.  [This individual may approve general ledger entries on the bank account(s) they are responsible for reconciling]."

2. In section entitled "Maintaining Bank Accounts," bracketed language added:  "…segregating the duties of check signer, payment approver, bank reconciler, and general ledger entry [initiator on bank accounts reconciled], restricting access to account information and blank checks,..."

Keywords: 
Accounts
WCMC

Cornell University Policy Office

395 Pine Tree Road, East Hill Office Building
Ithaca, NY 14850

CONTACT US

Email: policy@cornell.edu
Phone:  (607) 255-2800
Hours: 8:00 a.m. - 4:30 p.m., Monday – Friday

 


  • CUInfo
  • Executive Vice President and CFO
  • University Audit Office
  • Office of University Investments
  • Division of Budget and Planning
  • Risk Management and Insurance
  • Alliance for Diversity and Inclusion
  • Cornell United Way
  • Campus Alerts

©2021 Cornell University

Web Accessibility Assistance