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Bank Account Policy

Effective Date: September 29, 2008 

Latest Revision: May 8, 2014  

Policy Statement

This policy sets certain requirements for opening, closing, updating, and maintaining Columbia University bank accounts. For purposes of this policy, "University bank accounts" mean any bank account opened (1) by or for the University or any of its schools, departments, centers, institutes, or programs, (2) by or for any entity in which the University has a controlling interest (such as limited liability companies that may be established for overseas activities in accordance with separate University policies), or (3) with use of the University's tax identification number.

Reasons for the Policy

The purpose of this policy is to establish adequate control procedures over University assets and minimize the University's risk of financial loss.

Responsible University Office

The Office of the Treasurer

Who is Governed by this Policy

Each individual, school, department, center, institute, and program ("University Departments") that require and utilize University bank accounts should review and understand this policy.

See full policy text at right