14.3 Manage University Extension Bank Accounts

Policy Statement

The Board of Trustees has authorized University Extension to open and administer bank accounts for local activities. The Extension Director authorizes the opening of bank accounts to administer local activities. The accounts are operated within the guidelines of the Extension Office Manual.

Extension Office bank accounts are subject to audit at any time by the Office of University Audits.

Reason for Policy

University of Illinois Extension Councils are required by state law (Cooperative Extension County Law, Revised 1967) to deposit all funds received for the regular operation of the Extension office to the County Extension Trust Account of the system.

Applicability of the Policy

This policy applies to all Extension Councils at the University of Illinois System.

Procedure

To manage Extension bank accounts, the Extension Director (or designee):

1. Ensures that all Extension bank accounts are properly managed throughout the year and are reconciled on a timely basis.
2. Determines and publishes rules and procedures for the advancement, use, reconciliation, and safeguarding of these bank accounts.
3. Submits an annual report to Cash Management at the end of each fiscal year listing open bank accounts, including any closed accounts with date closed at the end of each fiscal year.
4. Submits an annual report to the University Accounting and Financial Reporting (UAFR) at the end of each fiscal year reporting the total cash balance in all Extension bank accounts. This allows UAFR to record the total cash balance to the applicable fund in the Banner general ledger using account code 51812, Illinois Extension—Cash Held in Local Bank Accounts.