Fayetteville Policies and Procedures 304.0
Bank Account and Other Financial Institution Signature Authorization Policy
The University of Arkansas, Fayetteville, has designated individuals holding the following positions to sign on the indicated accounts at the banks and other financial institutions denoted in the policy. These are established accounts that have been opened in accordance with University Board Policy.
Board Policy 305.1 states, “The President or Chief Fiscal Officer of the University of Arkansas is authorized to open the necessary bank accounts, signify appropriate signatures … where required.”
The employees given signature authority are designated to make withdrawals and deposits (depending on the type of account which is indicated below), to facilitate payments to third parties that have been properly authorized under University procedures, to initiate transfers to another bank or other financial institution to the credit of the University of Arkansas, Fayetteville at that institution, and to give such instructions otherwise necessary for the normal and ordinary operation of the account.
Bank Accounts Allowing Deposits and Withdrawals
| Institution | Account Name | Signature Authority |
|---|---|---|
| Bank of Arkansas/BOK | Federal Funds Deposit | VCFA, AVCF, Investment Manager |
| Bank of Arkansas/BOK | Payroll Checking | VCFA, AVCF, Investment Manager |
| Bank of Arkansas/BOK | Vendor Checking | VCFA, AVCF, Investment Manager |
| Bank of Arkansas/BOK | Student Refund | VCFA, AVCF, Investment Manager |
| Bank of Arkansas/BOK | Student Org Checking | VCFA, AVCF, Investment Manager |
| Bank of America | Safe Deposit Box* *2 signatures req. |
VCFA, AVCF, Investment Manager |
| Bank of America Livestock & Forestry |
Deposit | VCFA, AVCF, Investment Manager |
| Bank of America RRCEC |
Deposit | VCFA, AVCF, Investment Manager |
| American State Bank NE Research |
Deposit | VCFA, AVCF, Investment Manager |
| Arkansas National Bank Lake Wedington |
Deposit | VCFA, AVCF, Investment Manager |
| Arvest | Deposit | VCFA, AVCF, Investment Manager |
| BancorpSouth SEC Deposit |
Deposit | VCFA, AVCF, Investment Manager |
| BancorpSouth Rice Branch |
Deposit | VCFA, AVCF, Investment Manager |
| Citizens B&T Vegetable Substation |
Deposit | VCFA, AVCF, Investment Manager |
| First Security Bank | Federal Funds Deposit | VCFA, AVCF, Investment Manager |
| First National BEA Cotton Branch |
Deposit | VCFA, AVCF, Investment Manager |
| Malvern National Bank Garvan Woodland Gardens |
Deposit | VCFA, AVCF, Investment Manager |
| McGehee Bank Southeast Branch |
Deposit | VCFA, AVCF, Investment Manager |
| Union Planters Bank Pine Tree Station |
Deposit | VCFA, AVCF, Investment Manager |
| Federal Reserve Bank | Collateralization | VCFA, AVCF, Investment Manager |
Bond Debt Service Trustee Accounts
| Institution | Account Name | Signature Authority |
|---|---|---|
| Simmons | Dormitory 4/1/66-36 | VCFA, AVCF, Investment Manager |
| Simmons | Refunding 96-57 | VCFA, AVCF, Investment Manager |
| Simmons | Various Facilities 01-60 | VCFA, AVCF, Investment Manager |
| Simmons | Various Facilities 02-62 | VCFA, AVCF, Investment Manager |
| Regions Bank | Athletic Facility 56 | VCFA, AVCF, Investment Manager |
| Regions Bank | Razorback Stadium 59 | VCFA, AVCF, Investment Manager |
| Regions Bank | Athletic Facility 01-61 | VCFA, AVCF, Investment Manager |
Investment Accounts
| Institution | Account Name | Signature Authority |
|---|---|---|
| A.G. Edwards | Unit Trust | VCFA, AVCF, Investment Manager |
| The CommonFund | Short Term | VCFA, AVCF, Investment Manager |
| Bank of New York | Various Pools | System VPFA |
| Bank of America | Special Investment Pool | VCFA, AVCF, Investment Manager |
Reformatted for Web March 31, 2014
Revised May, 2004
Revised July, 2002
Revised September, 1997
September 6, 1996