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
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.