Banking Services and EFT
State funds must only be deposited into appropriate, authorized bank accounts as required by New York State Finance Law. Failure to adhere to these requirements is a violation of University policy. In many cases it is also a violation of State or Federal law. The tax-identification and bank account information of the University may not be shared or used for non-university purposes.
No individuals or organizations may open a university bank account without approval from the University. All state revenue will be deposited into the main checking account. Departments will receive funds through the revenue distribution process.
Cash and check revenue will be deposited through Student Accounts in accordance with university policy #208.
Credit card revenue will be deposited in accordance with university policy #223.
It has become common for organizations to send payments as Electronic Fund Transfers (EFT). The Debt Collection Improvement Act of 1996 requires all Federal Government Agencies to make payment to their vendors by EFT.
In EFT, payments formerly made by check are made by electronic funds transfer through the Automated Clearinghouse (ACH) network. The advantage of EFT is that it eliminates check handling and manual deposits thereby eliminating misdirected or lost deposits.
If an organization making payment to your department requires payment via EFT, you need to:
Obtain that organization’s Electronic Payment Authorization Form.
Complete the agency information on the form and forward it to Accounting.
Accounting will complete the financial and banking information on the form and forward the form to the Agency requesting payment be made via EFT.
In some cases, the form can be submitted electronically. Accounting will come to the department’s office and provide the financial and banking information.
Student Accounts must be notified of any Electronic Funds Transfers so a receipt may be processed promptly. They will need to be provided with the amount and deposit account.
Returned Check Fee
A $20 fee will apply to any returned checks or ACH transfers.
Revenue Distribution
Revenue cycles on campus begin on the 1st and 16th on each month. At the end of each cycle, Accounting will distribute the funds to departments. As a result, the revenue amount in Business Intelligence will be the total revenue from the cycle. To obtain the detail for this amount, you will need access to the Revenue Web Application (contact Faith Rittenburg).
Reconciliation
Departments are responsible for reconciling all activity using Business Intelligence, Revenue Web Application, the list of revenue transfers, and transfer confirmation emails. Copies of deposit receipts should be maintained according to record retention policy and used to support the revenue listed in the Revenue Web Application detail.
Petty Cash
Departments with cash business may request to maintain a small petty cash balance in their office. Please see campus policy #222 for more information.
