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Policy Table of Contents


                      UNIVERSITY OF VIRGINIA

        OF A BANK ACCOUNT                                          
The University Bursar is responsible for the establishment and
maintenance of relations with both local and out-of-town banks. 
This authority shall include, but not be limited to, monitoring
cash balances or overdrafts and assisting Purchasing and Materials
Services in negotiating fees and charges.

The University of Virginia maintains central bank accounts for the
management of cash collections and disbursements.  These accounts
are under the direct control of the University Bursar's Office and
are reconciled on a monthly basis by the General Accounting

Generally, all departments and activities of the University must
use these established bank accounts for their deposits and
payments.  This policy is designed to improve internal control and
provide better short-term management of University funds.

The following circumstances may warrant establishment of bank
accounts in addition to those under the direct control of the
University Bursar:

     Cash collections in decentralized operations.

     Petty cash advances kept in checking accounts by departments
     or activities.


No bank account which in any way purports to be, or appears to be,
associated with the University, shall be established or maintained
without the prior authorization of the University Bursar.  The
Bursar's authority includes bank accounts affecting any University

See also Procedure 4-3, "Preparation of Bank Account
Authorization,"  and Procedure 4-4, "Preparation of Request for
Petty Cash, Petty Cash Checking, or Change Fund."


All University funds must be placed in a bank account that clearly
carries the name "University of Virginia" in the account title.

A University of Virginia bank account may be used only for
legitimate and allowable University related revenue and/or

Student, faculty and staff organizations are prohibited from 
establishing or maintaining bank accounts using the name
"University of Virginia" or "UVa" in the account title, except 
as provided for in the above sections. Furthermore, they cannot
use the University's taxpayer identification number in the
establishment or maintenance of any bank account. This restriction
applies to Contracted Independent Organizations, Fraternal 
Organizations, and student, faculty or staff organizations
operating without either type of agreement.

Special Status Student Organizations may be allowed to establish
and maintain a bank account using the University's taxpayer identification
number, but only with the expressed, written permission of the 
University Bursar 

See also Policy I.G.1"Agreement for a Contracted Independent Organization (CIO) 
and Fraternal Organization (FO)."

It is the responsibility of both the bank account user and the
department or activity head to:

     Limit the use of the account to legitimate and allowable
     University related revenue and/or expenses.  Special questions
     concerning allowable expenses can be answered by Accounts
     Payable.  Special questions concerning 1099 reportable
     expenses can be answered by General Accounting.

     Provide for the timely reconciliation and balancing of the
     account.  Account must be reimbursed at a minimum of every 30
     days regardless of the dollar amount of the reimbursement.

     Remit to the State all unclaimed checks from petty cash funds. 
     These checks, if not cashed by the payee within the designated
     time, are considered unclaimed property and belong to the
     Commonwealth.  Contact General Accounting for procedures to be
     followed in remitting unclaimed property.

All bank accounts shall be subject to periodic audit by the
University's external auditors and by the University's Internal
Audit Department.

See also Policy IV.B.1x, "Petty Cash, Petty Cash Checking, and
                         Change Funds."
See also Policy VI.A.1, "Disbursements:  General Requirements."

ISSUED BY:                                                 12/19/97

University Bursar