On November 5, 2018, SYS 310, Banking, and SYS 312, Official Functions, were approved by President Cross.
SYS 310, Banking defines the establishment and monitoring procedures of UW System institutions’ bank accounts with public depositories. The policy reflects the following revisions:
- Technical revisions were made to bring the policy up-to-date and clarify definitions and procedures.
- Clarifications regarding the maintenance of the signature authorization record and establishment of monthly reconciliations between institutional records and the public depository were made.
SYS 312, Official Functions establishes the general parameters for holding and funding UW System official functions. The policy reflects the following revisions:
- Changes consisted of adding policy definitions to define both an Approving Authority and an official function. The term reception is no longer used throughout the policy as to avoid confusion on what is considered an official function.
- Clarification was provided regarding where the source of funds for expenses should come from and the need for the Approving authority to document the justification for authorizing the expense.
- Clarifying that expenses for affiliated organizations/Foundations as well as purely social functions should not be charged to UW System administered funds.
Both policies were re-organized into the standardized template with formatting changes throughout.
If you have any questions, please contact Julie Gordon ([email protected]).
Source: UW Policies
Updated Banking and Official Functions policies posted