Account Control Policy
Policy Purpose
To establish consistency, maintain control and avoid duplication or the addition of unnecessary accounts.
Policy Statement
- An account request form must be completed, approved by the appropriate Vice President, CSN President or designee, and submitted to Financial Services for further approval and account set up.
- The Grants and Contracts Office will establish Grant accounts upon receipt of award notification, and the Financial Accounting Office will establish Non-grant accounts upon receipt of an approved account request form.
- Accounts are established only after review of existing accounts to ensure:
- no duplication or inactive account exists
- the account is appropriate for funding source, need and use
- Accounts are assigned an Account Manager, an individual who acts in a fiduciary capacity for the account. The Account Manager's responsibilities include reviewing all transactions in the account to ensure that they are appropriate.
- For financial reporting purposes, it may be beneficial for a department to further delineate expenditures within an account for specific programs, projects or purposes by use of sub-organization codes (or sub-accounts). These sub-organization codes will be established at the departments' or the Financial Accounting Office's request.
- The Financial Accounting Office submits new accounts to the Budget Office for establishment of budget lines and tables. The Grants and Contracts Office establishes budget lines and tables based on approved award documentation.
- Signature authority is based on the Signature Authority Policy.
- The Financial Accounting Office works with the Budget Office to eliminate inactive and unnecessary accounts as needed.
- The Grants and Contracts Office deactivates grant accounts according to the grant end date or specification.
Disclaimer
The president has the discretion to suspend or rescind all or any part of this policy or related procedure(s). The president shall notify the appropriate CSN personnel, including the Executive Sponsor and shared governance leaders, of the suspension or rescission.
Questions about this policy should be referred to the Executive Sponsor.