BANKING

Effective Date
July 1989
Last Revision Date
March 2026
Policy Owner
Vice President of Administrative Services

1. Policy & Purpose 

It is the policy of the Board of Trustees to select banking services providers consistent with state statutes, administrative rules, and with the College’s best interest. The College shall establish procedures for selecting banking services providers and the authorization of college employees to develop these banking relationships and conduct banking-related transaction 

Last Review Date: March 2026

History
Adopted July 19, 1989 
Reformatted April 19, 2010 
Revised September 12, 2013 
Reformatted December 10, 2020 
Revised: March 12,2026

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Procedure 3130K

BANKING

Effective Date
July 1989
Last Revision Date
March 2026
Policy Owner
Vice President of Administrative Services

1. Procedure

1. General 
   1. In March of each year, the Vice President of 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). 
   2. The Board of Trustees may name as depositories institutions not situated in Sweetwater County. 
   3. College funds shall be deposited in the qualified depository 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 Director of Finance and Controller.
   4. The creation of any banking services account bearing the College’s name or utilizing the College’s federal identification number, by the Business Office, requires prior approval from the President, or the Board of Trustees, or the Vice President of Administrative Services. 
   5. Only qualified depositories may be used for receiving college funds, administering bank accounts.
   6. The Vice President of Administrative Services, or their designee, is authorized to sign checks on college outreach bank accounts and to sign agreements and documents concerning all college bank accounts and other banking relations. 
   7. Designated authority shall be granted in writing and identified by name and position as authorized signatories on bank accounts. 
   8. The College may use a single bank or multiple banks for its banking needs.
   9. The bank shall be notified that the mailing address for all bank statements shall be Business Office of the College. 
   10. In no instance shall any bank statement be requested to be mailed directly to a department or organization without being first mailed to and received by the Business Office. 
   11. The responsibility for reconciling monthly bank statements shall be delegated to an employee independent of all cash receipting and disbursing functions and fall under the oversight of the Director of Finance and Controller.
   12. Every five years, at a minimum, the College shall conduct an internal evaluation of the banking services provider’s competitiveness and ability to meet the College’s needs.
   13. The College may solicit new requests for proposals for banking services from banking service providers located in Rock Springs at any time. 
   14. All bank accounts must be reconciled as soon as possible after the statements are received. Reconciling procedures must be approved by the Director of Finance and Controller.
2. New Accounts 
   1. College departments, clubs, and organizations are prohibited from establishing a banking account using the College name or taxpayer identification number. 
   2. The Vice President of Administrative Services will determine the need for establishing all bank accounts and will make a recommendation to the President for approval. 
   3. If approved, the office of the Vice President of Administrative Services or the Director of Finance and Controller will open the account.

Last Review Date: March 2026

History
Adopted July 19, 1989
Reformatted April 19, 2010
Revised September 12, 2013
Reformatted December 10, 2020
Revised: March 12,2026