Authorization for the Movement of Funds between University Financial Accounts Policy

Reason for Policy

The policy set forth is intended to safeguard University assets by ensuring that dual authorization is required, and in place, for withdrawals and transfers from University accounts including bank, investment and insurance accounts.

Who is Governed by This Policy

Any University employees who are authorized to withdraw or transfer funds from University bank, investment and insurance accounts.

Policy

All withdrawals and transfers of funds from University bank, investment and insurance accounts require written dual authorization by two authorized signatories. One of the two signatories must be stipulated on the Board of Trustees Resolution for Authorized Financial Signatures approved February 6, 2023. No transaction of withdrawing or transferring funds from University bank, investment or insurance accounts may be conducted unilaterally by one person.

Procedures

This policy does not have procedures associated with it at this time. Upon periodic policy review, this area will be evaluated to determine if additional information is needed to supplement the policy.

Definitions

This policy does not have definitions associated with it at this time. Upon periodic policy review, this area will be evaluated to determine if additional information is needed to supplement the policy.

Forms

The Withdrawal or Transfer of Funds from Adelphi University Bank, Investment or Insurance Accounts form must be completed and maintained in the Controller’s Office to authorize and evidence that withdrawals or transfers of funds from University bank, investment or insurance accounts were in accordance with this policy.

Related Information

This policy does not have related information at this time. Upon periodic policy review, this area will be evaluated to determine if additional information is needed to supplement the policy.

Document History

• Last Reviewed Date: March 28, 2023
• Last Revised Date: Not Known
• Policy Origination Date: March 28, 2023

Who Approved This Policy

Dr. Christine Riordan, President and Executive Leadership