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CSU POLICY

Section 3000 Policies

Policy Number:  3101.01

Policy Title: Centralized Management of Cash and Investments

Policy Effective Date: April 1, 2011

Last Revision Date:  
(see revision history)

POLICY OBJECTIVE

It is the policy of the CSU that, unless otherwise authorized by executive order, decisions regarding the administration and management of all CSU cash and investments shall be the responsibility of the Executive Vice Chancellor/Chief Financial Officer (EVC/CFO) of the CSU or his/her delegates.

POLICY STATEMENT

The EVC/CFO shall develop and publish CSU-wide cash management policies and procedures and provide general coordination and guidance to Campuses. 

The EVC/CFO or his/her delegates shall have authority to:

• Select the commercial and custodial banks, into which funds of the CSU are deposited and from which such funds are disbursed.
• Designate the name of the CSU to all bank accounts and assume direct ownership of such bank accounts in order to make withdrawals from or close such accounts.
• Designate representatives of the CSU who may sign checks or other orders for the payment of money, including Electronic Transfers of Funds (EFT), Credit/ Debit cards, wire and ACH transfers, and approve the use of instructions to banks to honor facsimile signatures. 
• Make arrangements for internet payment services, lockboxes, electronic transfers of funds, escrow services, credit/debit card and other services to facilitate the collection or disbursement of funds.
• Open, make amendments to, and close CSU bank accounts.

APPLICABILITY AND AREAS OF RESPONSIBILITY

 

REVISION HISTORY

 

RESOURCES AND REFERENCE MATERIALS

Useful Guidelines:

 

Related Principles:

 

Sound Business Practices:

 

Laws, State Codes, Regulations and Mandates:

Senate Bill 1386