Division of Business Services

3012.5 Administrative Bank Account Procedure

Administrative Bank Account Procedure
Procedure # 200.5
Rev.: 1
Effective Date: June 29, 2018

Related Policy: 200: Custodian Funds Policy
Functional Owner: Cash Management, Business Services
Contact: Custodian Funds Mailbox: cstdnfnd@bussvc.wisc.edu

Contents

I. Procedure Statement
II. Who is Affected by this Procedure
III. Procedure
IV. Definitions
V. Related References
VI. Revisions

I. Procedure Statement

The University of Wisconsin-Madison maintains Administrative bank accounts for departments within the Division of Business Services. For example, UW-Madison’s main deposit bank account is considered an Administrative bank account.

II. Who is affected by this Procedure

This procedure applies to all Deans, Directors, Financial Officers, and staff associated with Administrative Bank Accounts.

III. Procedure

A. Opening an Administrative Bank Account

The following step represents the overall process of opening an Administrative Bank Account:

  1. Contact Cash Management via the Custodian Funds e-mail address (cstdnfnd@bussvc.wisc.edu) to discuss the process of setting up an Administrative Bank Account.
  2. The following forms will be required once the set up process is determined with Cash Management:
    1. Custodian Fund Request Form
    2. Custodian Fund Agreement Form
    3. New Bank Account Form
    4. Bank Account Website Access Form (US Bank SinglePoint) for Custodian and Reconciler.
    5. US Bank Authorized Signature Form obtained from Cash Management and signed by the signer of the account.
    6. MOU for Administrative Bank Account – Custodian
    7. MOU for Administrative Bank Account – Signer
    8. MOU for Administrative Bank Account – Reconciler

B. Maintaining an Administrative Bank Account

The following step represents the overall process of maintaining an Administrative Bank Account:

  1. Reconciler completes and documents monthly bank reconciliations.

C. Closing an Administrative Bank Account

The following step represents the overall process of closing an Administrative Bank Account:

  1. Contact Cash Management via the Custodian Funds e-mail address (cstdnfnd@bussvc.wisc.edu).

IV. Definitions

  • Custodian – UW-Madison employee who is responsible for monitoring the administrative bank account.
  • Signer – UW-Madison employee responsible for ensuring all disbursements are logged and accounted for.
  • Reconciler – UW-Madison employee who is responsible for performing and documenting monthly reconciliations.

V. Related References

VI. Revisions

Procedure Number

200.5

Date Approved

June 29, 2018

Revision Dates

August 2, 2018 – Removed requirement to obtain NR number.