Extension Offices that are not located on or near the Columbus campus are permitted to have an external checking account as long as there are enough people in the office to ensure segregation of duties. While the balances are transferred to the general ledger periodically, the day to day transactions occur in the checking account alone. The primary purpose of the accounts is to allow for easy deposit of cash and checks and limit the liability of transferring such payments through the mail. The maximum amount allowable to be maintained on average in the checking account is $20,000.
Because this is for Extension only it doesn't hold a place on the Procurement Decision Tree. In terms of priority we usually put this right after the University Purchasing Card or in a spot labeled 3a.
All University policies apply to these accounts and it is especially important that they are as secure as any other funds. Checks received should be endorced "For Deposit Only" immediately upon receipt. Additionally checks and cash should be deposited within three business days or when $1,000 is reached, whichever comes first.
More information is available in the following tools.
|Local Checking Account Tools||Format||Description|
|Local Checking Account Summary||summary document|
|Local Checking Account Job Aid||comprehensive training slides|
|Local Checking Account Restrictions||list of items not allowable for purchase with local checking account|
|Volunteer Financials Help||job aid for policies and procedures regarding volunteer fiscal assistance|
|Checking Account Supplies Order Form||Weblink||Online form for ordering Safeguard supplies for Extension Checking Accounts|