Banking

Summary of Bank Account Policy

This is a reminder of the University's policy on bank accounts. The policy and the related guidelines are designed to ensure that state funds are deposited only to appropriate, authorized bank accounts as required by State Finance Law and that non-state funds are directed to the entities authorized by the University to accept such funds. Failure to adhere to these requirements is a violation of University policy. In many cases it is also a violation of State or Federal law.

The University's policy regarding the establishment of bank accounts is summarized as follows:

  1. The approval of the campus Controller is required prior to establishing a bank account in any financial institution. Organizations exempt from such approval are the Faculty Student Association, University approved student organizations, the Stony Brook Foundation, Research Foundation and Stony Brook Child Care Services. These organizations may open and maintain such accounts in accordance with their respective by-laws and by written consent of their governing bodies.
  2. No individual or organization may open a bank account to transact business in the name of the University. All University business must be conducted under the auspices of an approved campus fiscal agency.
  3. The tax-identification numbers of the University and/or its related entities may not be used either to open bank accounts or for non-university purposes.
  4. Any bank account established by State employees for unofficial business, e.g., coffee funds, club funds, party funds, etc., should not include either the State of New York, or a State department or agency in the title of the account.
  5. Funds of the State or other revenue in which the State University of New York holds a legal or equitable interest must not be deposited to any account other than an appropriate State account, except pursuant to a contract approved in accordance with State University contracting procedures. Examples of State revenues include, but are not limited to:
    • Fees for credit or non-credit continuing education programs;
    • Payments from students for consumable supplies used in University courses;
    • Fees for the use of State-owned facilities;
    • Tuition payments for academic programs;
    • Revenues from University contracts and agreements with external organizations.

Specific questions concerning the appropriateness of particular revenue deposits or the bank account policy should be referred to Lyle Gomes, Controller.

Stony Brook Policy
http://www.stonybrook.edu/policy/policies.shtml?ID=117