Part 4 Subpart 4-7 Banking and Cash Management

Sec. 4-704. Checks, Drafts, and Other Orders for the Payment of Money.

All primary banks, and any money-market fund utilized by the University are authorized and directed to honor checks, drafts or other orders for the payment of money drawn on these institutions. This includes those payable to the individual order of any person or persons whose names appear thereon as signer or signers thereof, when bearing or purporting to bear the actual or facsimile signatures of the persons holding the following positions: President and Vice President for Administration and Finance. The above depositories shall honor and charge this institution for such checks, drafts, or other orders, regardless of by whom or by what means the actual, purported or facsimile signatures may have been affixed. Such signatures must resemble the actual or duly certified facsimile signatures on file with the above depositories.

All primary banks, and any money market funds utilized by the University are authorized and directed to honor University-approved orders for payment through electronic payment methods, including but not limited to the use of credit cards, ACH (Automated Clearing House) payments, and EFT (Electronic Fund Transfers). These depositories shall honor and charge the institution for these payment orders.

Prior Board Action:

November 10, 2006.