Utilizing a University of Minnesota Bank Account

Obtaining Accounting Services Approval to Access a UM Bank Account

Departments should complete the "Questions for Screening Potential Checkbook Holders" form and send to Accounting Services. Request the "Questions for Screening Potential Checkbook Holders" form by emailing Accounting Services at kraem046@umn.edu or call 612-624-8514. Complete the form and fax it to Candice Kraemer at 612-624-4149.

Accounting Services will review the completed "Questions for Screening Potential Checkbook Holders" form. If the form is approved, Accounting Services will contact the Office of Investments and Banking (OIB) for the proper forms to set up access to a UM bank account. If the form is not approved the department will be required to use Disbursement Services for payments instead of a UM bank account.

Accounting Services will notify OIB of departmental request to access a University Bank Account and provide series location number.

OIB will send "Request for Authorized Access" and "Authorized Signers" form to the department. Upon receipt of all forms, the department will complete and route for approval.

When completing the forms the department should be sure to:

• Include justification for the account.
• Explain why routine payment methods are not feasible.
• Provide an estimated schedule of payments for the period of the account.
• Provide a "scope of study" statement for research accounts.

Forms should get routed for approval to:

• Dean, department head or designee
• Sponsored funds: SPA
• Non-sponsored funds: Office of Asset Management

If the forms are approved move on to the next step. If the forms are not approved the department will be required to use Disbursement Services for payments instead of a UM bank account.

Departments should obtain signatures on the Authorized Signer Form. The Authorized Signer Form is part of the packet received from OIB. This form should be sent to OIB when completed.

After receiving the forms from the Department, OIB

• Obtains the Treasurer signature.
• Sends a copy of the Authorized Signer Form to the bank.
• Orders a first set of checks and sends to Accounting Services.

Accounting Services will:

• Setup check issued, check cleared, and outstanding check spreadsheets for the department.
• Inform OIB and departments of a reporting category that is established for the check series.

Departmental Orientation

This meeting is required and the check stock will not be provided until this meeting is arranged. A reporting category will be assigned to the department to record the issuance of checks to the designated balance sheet account. After the meeting has been held, the department can begin issuing checks.