|No. 5-4c||Rev. 06-12-07||Date 11-12-80|
1. Only qualified depositories of the state of Utah may be used for checking accounts.
2. The University will select from the following options:
a. A single financial institution may be given responsibility for all University checking accounts except for duly authorized imprest accounts.
b. A separate payroll account at the same financial institution as the general checking account is acceptable.
3. The University shall conduct at least every six years an internal evaluation of the services provided by its current primary financial institution to determine that the service capabilities and costs of service remain competitive. If the University determines that the service capabilities and/or the cost of service provided by its current primary financial institution may not be competitive or for any other reason as determined by the institution, requests for proposal should be solicited from financial institutions meeting (a) the requirements of the State Money Management Act, (b) the specific criteria established by the institution and (c) the requirements set forth in this policy.
4. Departments or organizations of the University desiring to open a checking or savings account must submit requests to the Office of the Vice President for Administrative Services. The vice president for Administrative Services will determine the need for establishing all accounts and will make a recommendation to the president for approval.
5. The financial institution shall be notified that the mailing address for all account statements shall be Weber State University Accounting Services, 1014 University Circle, Ogden, Utah 84408-1014. In no instance shall any account statement be requested to be mailed directly to a department or organization without being first mailed to and received by the controller.
B. Criteria for Selection of a Financial Institution Service
1. The financial institution shall meet the minimum requirements and capabilities as noted in Section C below.
2. The primary considerations for selection shall be a reasonable and/or competitive cost to the University and maximum services provided to the University while assuring appropriate protection of University resources.
3. Bids for the investment of institutional funds shall not be a part of the process of selecting a financial institution service provider.
C. Qualifications for Selection as a Financial Institution Service Provider
1. In order to be eligible to be considered for selection as the University's financial institution services provider, a financial institution shall satisfy the following minimum qualifications:
a. It must be a qualified depository of the state of Utah.
b. The cost of services provided by the financial institution shall be competitive with costs charged by other financial institutions for similar services. The financial institution shall be compensated on a fee for service basis. Costs associated with changing financial institutions shall be a factor in determining cost competitiveness.
c. It must maintain a office readily accessible to the institution with the capability of providing all normal commercial financial services, as well as investment assistance and advice for the institution.
2. To be eligible for consideration, a financial institution must be capable of providing the following services:
a. The number of checking accounts requested by the institution and the ability to process all deposit items received and checks issued
b. The currency and change requirements of the various auxiliaries and other departments
c. Compatible data processing services for prompt reconciliation of all accounts and other data processing requirements related to maintenance of institution accounts
d. Investment services for the institution in the management of its short-term funds, including provision for the following:
(1) Transfer of funds on a DVP (delivery versus payment ) basis for the purchase of securities.
(2) Repurchase agreements on a daily basis with securities as pledged collateral.
(3) Assistance with the purchase and transfer of commercial paper, time certificates of deposit, bankers acceptances and other money market investments
(4) Transfer of funds from one financial institution to another by wire transfer or other electronic transfers.
e. Daily reports of account activity by electronic interface or other means.
f. Issuance of savings bonds in connection with payroll withholdings
g. A depository for federal withholding and payroll taxes
h. Periodic financial consultation
i. Participation in guaranteed student loans