| Opening Bank Account |
|
 Request & Approval |
Account Maintenance |
Account Reconciliation |
| Account Creation |
Account Replenishment |
Getting Started |
| Account Policies |
A/P Review |
Closing Accounts |
The Trustees of Columbia University must authorize the opening of ALL University bank accounts. Units and departments within the University may NOT unilaterally open bank accounts.
Imprest bank accounts are approved under special circumstances to establish on-site emergency check writing ability for University units.
Requests for imprest bank accounts are made in writing to the Associate Treasurer and should describe the circumstances making normal disbursement channels ineffective to satisfy the needs of the requesting unit, along with support for the total amount of the account. After reviewing the request, the Controller may forward the request to the Trustees of the University for their consideration.
Upon receipt of the Trustees' resolution authorizing the bank account, the Office of the Treasurer & Controller creates a general ledger imprest account in FAS, sets up the bank account, and initially funds the account for the approved amount.
All Imprest bank accounts must adhere to the following restrictions. Accounts found to be in violation of these policies will be closed
[Departments with Imprest Bank Accounts overseas should speak with Treasury Services about the policies below].
- Checks written may not exceed $500
- There should be no deposits to the account other than account replenishment checks
- All payments from the account must be for approved invoices
- Payments must be consistent with petty cash and accounts payable policies
- No wages to Columbia employees, consultant fees or major purchases may be paid through the imprest account
- No legal contracts may be signed, nor any agreement entered into (Loan, Letter of Credit, Investments, etc.)
- No advances or loans may be paid through the imprest account
- An authorized officer (DAF) within the department must approve all invoices and sign all checks. Each check requires the signature of two authorized persons.
- Each invoice paid through the imprest bank account must have an authorized signer or DAF confirming the receipt of services or goods, and the approval of payment.
- Each invoice must be stamped "PAID" with the check number and date of payment indicated.
The account & checkbook must be reconciled to the imprest fund total each month, and delivered to the Controller's office [Georgia Pike (212) 854-1011] for review.
There should be sufficient funds in the account to cover checks paid at all times. Accounts should not be overdrawn at any time.
The department must maintain a checkbook or record of disbursement from and deposits to the account. Only account replenishment may be deposited to the account. No other cash receipts should be deposited in the bank account.
Check Request for Account Replenishment
The following items must be submitted in order for your imprest bank account to be replenished:
- Original invoices: with authorized signature & date and FAS account number
- A summary of all expenses: payee, check number, & FAS account to be charged
- A check request form made payable to "The Trustees of Columbia University" followed by the name of your specific fund. The description of services box should read, "To replenish Imprest Fund, [name of your fund]" and include the range of check numbers being reimbursed by the check request.
Upon receipt of the department's check request form, the Accounts Payable department will perform an audit to ensure that all imprest fund disbursements adhere to University policy and controls. If all invoices meet these criteria, a check will be issued for the total amount of the check request. Invoices not meeting these criteria will not be reimbursed, thereby reducing the amount of the reimbursement check and the imprest fund. The A/P department will forward notice of such a reduction to General Accounting for proper action.
Departments are required to perform a timely reconciliation of the imprest bank account to the imprest fund balance. At minimum, this reconciliation should be performed monthly and forwarded to the Controller's office for review. A sample bank reconciliation can be downloaded here (requires MS Excel).
After you have read the above in detail, please contact the Treasury Operations team by following this link:
Bank accounts are periodically reviewed by the Office of the Treasurer & Controller for compliance with University policies and to determine the usefulness of the account. Accounts that are in violation of University policy or that have outlived their specific purpose will be recommended for closing.
If your department would like to close a bank account, or has done so recently, please contact the Treasury Operations team by following this link:
