Temporary Absence of Account Sponsor
It is the responsibility of the Account Sponsor to authorize, by written notice to the Office of Business Affairs, a full-time faculty or administrative professional staff member to sign in the absence of the account sponsor. The temporary sponsor's signature also must be on file in the Business Office. Obtain additional Account Signature Authorization Forms from the Business Office and specify on the form the dates the temporary sponsor will be signing invoices and other documents.
Change in Account Sponsor
The Office of Business Affairs must be notified of any changes to the Account Sponsor.
The department head should prepare a memorandum setting forth the reason for the change. The memorandum must state the resignation of the old Account Sponsor (with signature) and provide the name of the new sponsor.
The new Account Sponsor and designees must sign the Account Signature Authorization Form.
Closing an Existing Account
- A memorandum bearing the signature of the Account Sponsor must be forwarded to the Business Office in order to close an account.
- For the account to be made inactive, the following conditions are required:
a. The cash/allotment balances must be ".00."
b. Audit entries must be completed for the last transaction year. - The following guidelines apply for the various types of accounts:
a. Educational and General: Accounts are available to Account Sponsors for two years after the last transaction.
b. Auxiliary: Accounts are continued annually and are made inactive by Account Sponsor request.
c. Contracts/Grants and Capital Improvement: Accounts are available until contracts/projects are completed and final reports accepted by approving agencies. They are made inactive by sponsor request.
d. Agency Accounts: Accounts are continued annually and are made inactive by sponsor request. - All payments for goods and services received during fiscal year 2009/10 should be paid by July 31, 2010. An extra effort should be made to see that these invoices are forwarded quickly to the Office of Business Affairs so payment can be made prior to the end of July.