Banking Operations

Overview

• Treasury Services is responsible for the establishment and maintenance of relations with both local and out-of-town banks. This authority shall include, but not be limited to, monitoring cash balances, overdrafts and assisting Procurement & Payment in negotiating fees and charges.
• Treasury Services maintains central bank accounts for the management of cash collections and disbursements. These accounts are under the direct control of Treasury Services and are reconciled on a monthly basis by the General Accounting department.
• Generally, all departments and activities of VCU must use these established bank accounts for their deposits and payments. This policy is designed to maintain internal controls and provide effective short-term management of University funds.
• Questions should be directed to Treasury Administration at (804) 828-6533.

Authorization

No bank account which in any way purports to be, or appears to be, associated with VCU, or holds University or State funds, shall be established or maintained without the prior authorization of Treasury Services. This authorization includes bank accounts affecting any University funds.

Restrictions

• All University funds must be placed in a bank account that clearly carries the name "Virginia Commonwealth University" in the account title.
• A VCU bank account may be used only for legitimate and allowable University related revenue and/or expenses.
• Student, faculty and staff organizations are prohibited from establishing or maintaining bank accounts using the name "Virginia Commonwealth University" or "VCU" in the account title, except as provided for in the above sections.
• Student, faculty and staff organizations can not use the University's taxpayer identification number in the establishment or maintenance of any bank account. This restriction applies to contracted independent organizations, fraternal organizations and student, faculty or staff organizations operating without either type of agreement.