3012.5 Administrative Bank Account Procedure

Procedure #3012.5; Rev.: 1 (Effective June 29, 2018)
Related Policy: UW-3012 Custodian Funds Policy
Functional Owner: Cash Management, Business Services
Contact: Custodian Funds Mailbox – cstdnfnd@bussvc.wisc.edu

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Contents

1. Procedure statement
2. Who is affected by this procedure
3. Procedure
4. Definitions
5. Related references
6. Revisions

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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.

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II. Who is affected by this procedure

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

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III. Procedure

1. Opening an Administrative Bank Account
   1. Contact Cash Management via the Custodian Funds email 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. Memorandum of Understanding (MOU) for Administrative Bank Account – Custodian
      7. MOU for Administrative Bank Account – Signer
      8. MOU for Administrative Bank Account – Reconciler
2. Maintaining an Administrative Bank Account
   1. Reconciler completes and documents monthly bank reconciliations.
3. Closing an Administrative Bank Account
   1. Contact Cash Management via the Custodian Funds email address (cstdnfnd@bussvc.wisc.edu).

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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.

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V. Related References

• UW-3012 Custodian Funds Policy
• Administrative Bank Accounts webpage
• Custodian Fund Request Form
• Custodian Fund Agreement Form
• New Bank Account Form
• Bank Account Website Access Form (US Bank SinglePoint)
• Memorandum of Understanding (MOU) for Administrative Bank Accounts

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VI. Revisions

Procedure Number	3012.5
Date Approved	June 29, 2018
Revision Dates	August 2, 2018 – Removed requirement to obtain NR number Jan. 19, 2021 – Changed Procedure Number to 3012.5 from 200.5

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