Policy Financial Management Assets (FMPM 200 - FMPM 399) FMPM 220 Policy - Bank Accounts
FMPM 220 Policy - Bank Accounts
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Assets (FMPM 200 - FMPM 399)
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Intent
To set out the requirements relating to the approval of, and monitoring of, banking arrangements.
Scope
Function | Responsibility of |
---|---|
Approval and review of primary banking arrangements | Chief Financial Officer |
Creation of a new bank account | Executive Director, Finance and Resource Planning |
Approval of signatories to a bank account | Chief Financial Officer |
Variation to the terms of a bank account | Chief Financial Officer |
Closure of a bank account | Chief Financial Officer |
Maintenance of a register of bank accounts | Chief Financial Officer |
Policy
The University must establish banking facilities with one of the major Australian banks which will be the University's primary transaction bank.
The banking arrangements with the University's primary transaction bank must be subject to the approval of the Chief Financial Officer and must be reviewed at least every five years.
The Executive Director, Finance & Resource Planning may approve the establishment of bank accounts with other than the primary transaction bank in circumstances where the primary bank is unable to meet the needs of the University.
All banking arrangements must provide for the following conditions with respect to all accounts:
all correspondence regarding the accounts must be addressed to the Chief Financial Officer;
account names must include the name “James Cook University” or an abbreviation as approved by the Chief Financial Officer;
a cheque or other paper based form of withdrawal must not be accepted unless it carries the signature(s) of a person(s) authorised to sign;
electronic withdrawals must be subject to appropriate controls and authorisation;
a certificate of balance and a bank statement or record of transactions must be available on request by an authorised person; and
paid cheques must be available on request by an authorised person.
Overdraft facilities must not be available on any bank account unless the requirements of FMPM 430: Policy - Borrowings have been complied with.
A register of bank accounts must be maintained detailing:
the name, address and branch of the bank;
the name and number of the account;
any overdraft limits that apply; and
the terms, conditions and signatories to the account.
For enquiries in relation to this FMPM Policy please contact [email protected].
Administration
Approval Details
Policy Domain | Financial Management |
---|---|
Policy Sponsor | Vice Chancellor |
Approval Authority | Finance Committee |
Date for next review | 11/2017 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
21-1 | 04/02/2021 | 22/02/2021 | Position title updated - Director, Financial and Business Services changed to Chief Financial Officer | Quality, Standards and Policy Officer |
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
10-01 | 16/11/2010 | 22/11/2010 | ||
08-01 | 21/11/2008 | 24/11/2008 | ||
07-01 | 15/11/2007 | 11/12/2007 | ||
06-01 | 12/2001 | 12/2001 |