Criteria for Opening an Account

  1. There must be adequate justification for having the account (e.g., need to separate these funds from other funds). Normally requests for new accounts are submitted at the same time as annual budget requests.
  2. There must be cash or budgeted funds available for operation, and a proposed budget of income and expenditures must be provided, indicating the source of income. In the area of Grants and Contracts, a copy of the contract must be provided.
  3. The Account Sponsor is responsible for all income and expenses of the account. The Account Sponsor may appoint a full-time faculty member or administrative professional employee to also authorize transactions.
  4. The Account Signature Authorization Form is typed with the account name, the account number, and the names of the Account Sponsor and authorized designees. The card must be signed by the sponsor and dated. Only one of the signatures on the card is required for processing charges.
  5. The Account Sponsor signs the authorization form at the time the account is assigned in the Office of Business Affairs. Temporary arrangements regarding signing privileges (e.g., signing in the absence of the sponsor) should be made within the department and provided to the Business Office in writing.
  6. The sponsor receives monthly Account Sponsor's Summary and Detail Report starting the month in which the account is opened.
  7. All purchases and forms (including Personnel Action forms, Payroll Time Sheets, Travel forms) which result in a charge against the account must be signed by an authorized professional employee. Stamped or mechanically produced signatures are not acceptable.
  8. The appropriate administrative supervisor's authorization is required when signatures are required and all authorized personnel are not available.
  9. Approvals established in the Purchasing System must match the approvals on the authorized signature cards.

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