Ohio Admin. Code 3358:5-11-29 - Banking policy
The purpose of the banking policy is to ensure adequate oversight and review of the college's banking relationships.
(A)
Section
3354.10 of the Revised Code and
other applicable provisions of the Ohio Revised Code will guide the college's
banking policy and procedures.
(B)
To open or close
a bank account requires the authorization of both the college president and the
treasurer.
(C)
Any financial institution used by the college for
purposes of banking activities shall have a nexus in the state of
Ohio.
(D)
The college may maintain bank accounts, either by the
same bank or separate banks, for among the following purposes:
(1)
Checking account
for accounts payable and student refunding
(2)
Procurement
card
(3)
Credit card payment processing
(4)
Payroll
(5)
Personnel related
activities such as flexible spending accounts, health savings accounts,
etc.
(6)
College and financial institution technologies and
processes may advance the need for additional
accounts
(E)
The decision about which or how many financial
institutions with which to contract should be based upon the best overall or
combination of offerings, services and affordability for the entire
campus.
(F)
The vice president for business affairs along with
his/her staff, will evaluate, every five years, the banking relationships of
the college. This shall lead to a request for information (RFI) or a request
for proposal (RFP) whichever is found appropriate depending on the evaluation
of the current banking relationships. This may be done more often than every
five years as is appropriate, based upon changes in the banking environment in
Ohio.
Notes
Promulgated Under: 111.15
Statutory Authority: 3358.
Rule Amplifies: 3358.
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