BANKING

It is the policy of the Board of Trustees to adopt banking procedures which contribute to effective and efficient College fiscal operations.

Procedure 3130K

BANKING

It is the policy of the Board of Trustees to adopt banking procedures which contribute to effective and efficient College fiscal operations.

In March of each year, the Vice President for Administrative Services shall solicit applications from Sweetwater County or other financial institutions as depositories for college funds. The Board of Trustees approves all depositories. (See Series 7000 policies).

The Board of Trustees may name as depositories institutions not situated in Sweetwater County.

College funds shall be deposited in the appropriate bank accounts as soon as possible following receipt of same, but not later than three working days after receipt. Depositing procedures must be approved by the Associate Vice President of Finance.

All bank accounts must be reconciled as soon as possible after the statements are received. Reconciling procedures must be approved by the Associate Vice President of Finance.

Periodically the College shall seek competitive proposals from Rock Springs banks for centralized banking services.

Adopted July 19, 1989
Reformatted April 19, 2010
Revised September 12, 2013
Reformatted December 10, 2020