Board of Regents Policy 8.202 Board of Regents Policy 8.202

Designation of Depositories, Checks and Vouchers

Regents Policy Chapter 8, Business and Finance
Regents Policy RP 8.202, Designation of Depositories, Checks and Vouchers
Effective Date:  Oct. 18, 2002
Prior Dates Amended:  Jan. 13,1966; June 17, 1976; Oct. 20, 1978; June 19, 1987; Oct. 31, 2014 (recodified)
Review Date:  August 2018

To establish authority and responsibility on designating depositories, checks, and vouchers.

No policy specific or unique definitions apply.

    A. The board shall from time to time, upon recommendation of the vice president for budget and finance/chief financial officer, assign authority and responsibility for designating depositories for university funds and for the signing of checks and vouchers disbursing any and all such funds.

    B. Resolution for Designation of Depositories, Checks, and Vouchers

        1. The vice president for budget and finance/chief financial officer is hereby authorized to approve, sign, and draw upon letters of credit and other negotiable instruments, and establish federally-insured bank and savings and loan depositories which he/she considers necessary in accordance with requirements or federal contracts and other funding arrangements.

        2. Accounts to serve as depositories for revenues and other receipts including letters of credit and other negotiable instruments shall be established with institutions having main offices on the island of O‘ahu.

        3. Checks and savings withdrawals against letters of credit, and other accounts on such depository institutions shall be signed by the vice president for budget and finance/chief financial officer or by other university staff members to whom he/she may delegate his/her authority from time to time.

        4. The vice president for budget and finance/chief financial officer or his/her delegate may manually sign such checks and withdrawal authorizations. In addition, the vice president or delegate may authorize, in writing, the use of facsimile signature plate for each group of checks to be signed, and he/she may delegate the authority to approve the use of his/her own facsimile signature plate for such groups.

        5. The secretary shall execute and deliver to said depository institutions a sworn signed statement advising said institutions of the office appointment and signature of the vice president for budget and finance/chief financial officer/ He/she shall then advise said institutions in writing of any delegation of his/her signing authority, together with the signatures thereof.

        6. Where required by contractual relationships with other governmental or private agencies, the vice president for budget and finance/chief financial officer may designate an official of such agency as a second signatory on checks which disburse funds from pool accounts established pursuant to said contractual relationships. He/she shall advise the institution concerned in writing of said second signatory.

        7. Vice president for budget and finance/chief financial officer is hereby authorized to establish imprest checking accounts and to delegate the necessary check signing authority under the following conditions:

            a. No such checking account shall exceed $60,000 in deposits at one time. The vice president for budget and finance/chief financial officer or his/her delegate may make temporary increases to imprest accounts in excess of $60,000 to provide for short term requirements.

            b. Each such imprest account shall be operated on an imprest basis wherein all deposits to said account shall be made only by replenishment checks from the university or state, which checks shall be in the amount of properly submitted vouchers of disbursement submitted by the custodian of the fund.

            c. Checks drawn on such accounts shall be by single signature of persons designated by the vice president for budget and finance/chief financial officer to sign such checks, said designation to be made to the institution concerned, in writing.

            d. The vice president for budget and finance/chief financial officer shall exercise authority over such checking accounts to meet operating needs and maintain proper controls.

        8. In the case of such imprest checking accounts, the secretary shall execute and deliver to the selected institutions an agreement setting forth the above facts and contain a sworn statement advising said institutions of the official appointment and signature of the vice president for budget and finance/chief financial officer.

        9. It is further resolved that the vice president for budget and finance/chief financial officer or other staff members to whom that he/she may delegate this authority from time to time, may sign vouchers and payrolls for transmittal to the state comptroller for the disbursement of the state funds allocated allotted to the university.

        10. All previous authorizations, inconsistent herewith, including the resolutions of the board on the 19th day of October 1973 and the 18th day of October 2002, are hereby revoked.

There is no policy specific delegation of authority.

Office of the Vice President for Academic Affairs, 956-7075, risad@hawaii.edu

    A. http://www.hawaii.edu/offices/bor/

No Exhibits and Appendices found

    Executive Administrator and Secretary of the Board of Regents