Fayetteville Policies and Procedures  304.0 

Bank Account and Other Financial Institution Signature Authorization

Board Policy 305.1, Bank Depositories and Fiscal Controls, states, “[t]he President or Vice President for Finance or Vice President for Administration of the University of Arkansas is authorized . . . [to] signify the appropriate signatures” in connection with opening an account.

 The vice president for finance has designated the officials holding the following University of Arkansas, Fayetteville, positions to exercise signature authority for the university’s accounts at banks and other financial institutions, including bond trustee and investment accounts:

• Vice Chancellor for Finance and Administration (VCFA)
• Associate Vice Chancellor for Finance (AVCF)
• Investment Manager (IM)

Subject to all other university policies, the above officials given signature authority are authorized to endorse for collection, deposit to university accounts, or negotiation, any and all checks, drafts, notes, bills of exchange, certificates of deposit and orders for the payment or transfer of money between university accounts at any bank or financial institution. Each authorized signer may sign any and all checks, drafts, and orders drawn against any accounts of the University of Arkansas. The employees given signature authority are designated to make withdrawals and deposits, to facilitate payments to third parties that have been properly authorized under university procedures, and to give such instructions otherwise necessary for the normal and ordinary operation of the account.

The employees given signature authority are designated to make withdrawals and deposits, 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.
 

Revised September 28, 2015
Reformatted for Web March 31, 2014
Revised May, 2004
Revised July, 2002
Revised September, 1997
September 6, 1996