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 and, where required, to sign such other agreements as required by the depository  in connection with opening an account."

 The Vice President for Finance/Chief Financial Officer 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 -Financial Affairs (AVCF)
  • Assistant Vice Chancellor for Finance - Treasurer
  • Investment Manager (IM)

Subject to all other university policies, the above officials given signature authority are authorized to conduct the following activities on university accounts:

  • Open, maintain, conduct transactions, and close accounts
  • Enroll in, agree to use, or terminate a service
  • Give or verify banking instructions
  • Endorse items
  • Sign checks
  • Delegate online banking system account users with levels of transaction and reporting access appropriate for job duties
  • Any other instructions necessary for the normal operation of university financial institution accounts.

All activities related to the establishment, maintenance, or closing of any financial institution account for the University of Arkansas, Fayetteville, shall be the responsibility of Cash Management.  Individual departments may not deal directly with any financial institution regarding the opening or closing of financial institution accounts or arrangements pertaining to such accounts.

A bank account is defined as any account (checking, savings, money market, etc.) 1) opened at a financial institution that uses the name or is established to serve the University of Arkansas, Fayetteville, or any derivation thereof; 2) uses the university tax identification number; 3) receives the deposit of or disburses university funds; 4) by or for a subsidiary of the university.

Revised June 24, 2024
Revised September 28, 2015
Reformatted for Web March 31, 2014
Revised May, 2004
Revised July, 2002
Revised September, 1997
September 6, 1996