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:
Your local college or unit administrative office or Cash Management.
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.
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,..."
