Establishing Operating Accounts

  1. No expenditure of University funds may be made unless there is a currently established operating account in which the expenditure may be recorded.
  2. An account is defined as a specific Banner fund/organization/program combination as assigned by the controller’s office.
  3. To open an account, please contact the Controller. You will be provided an account set-up sheet where you must provide
    1. the date,
    2. the account name,
    3. the administrator’s name,
    4. the administrator’s signature,
    5. the administrator’s campus address,
    6. the title of the senior administrator,
    7. the source of funding, and
    8. the college the account is associated with.

You will also need to provide an explanation of the purpose and any restrictions of the account. Once the form is filled out the administrator will need to return it to the controller’s office for processing.

  1. The Business Office will not establish a new account until approval has been received from the Controller. Upon approval, the department will be notified of the new account number.
  2. It is the responsibility of each department head to account for the funds and property of his/her department and to exercise budgetary control over them. For that reason, all accounts have a designated account manager. It is the account manager’s responsibility to ensure that each account under his/her control does not exceed budget limitations. In accounts where both revenues and expenditures are projected, if actual revenues do not meet budgeted revenues, it is the account manager’s responsibility to reduce expenditures accordingly. All deficits are to be thoroughly investigated and resolved in a timely manner. Complete and accurate records of financial transactions are to be maintained by the controller’s office. These records may be accessed by the appropriate account manager through the Banner finance system. Account managers are responsible for comparing their records with those of the controller’s office and reporting any differences promptly to the controller’s office.
  3. Designated, Auxiliary, HEAF, State Appropriated, and Plant account balances may be swept (funds returned to original source) at the close of each fiscal year for the following reasons:
    1. The account has been idle (inactive) for two years.
    2. Balances in excess of encumbrances remain in the account and are needed for future budgeting purposes.
    3. Restricted (donor & grant) balances will be investigated and documented as to purpose if the account has been inactive for two years.
  4. To close an inactive account, or an account no longer needed, the account manager should contact the controller’s office and the account will be scheduled for closure following the close of the fiscal year.

 

Responsible for Implementation:Vice President for Business Affairs and Finance

Contact for Revision:Controller