306.1 - University of North Carolina at Chapel Hill Procedure on Establishing an Imprest Checking (Bank) Account

Procedure Statement

This procedure explains how to request and establish an imprest checking account.

Forms and Instructions

To request an imprest checking account, submit the following completed documentation to the University Controller:

  • Statement of Justification for Imprest Checking Account - Complete the relevant information, print the form and obtain the required signatures.
  • The (Bank) Deposit Account Documentation Card - Type the names and titles of authorized signatories in the appropriate blocks in the center section of the signature card and obtain the signature(s) of the authorized signatories. Leave all other information on the signature card blank.
  • A cover letter from a dean, director, or department chair describing the purpose for the requested account.

At a minimum, imprest checking accounts should be replenished monthly. If replenishment is needed more or less often, the balance in the account may not be in keeping with the purpose of the account.

If contract or grant funds will be used to replenish the imprest bank account, include the appropriate information in the cover letter. The University Controller will obtain approval on the Statement of Justification from the Office of Sponsored Research. Upon approval by the University Controller, the request is forwarded to Accounting Services.

Establishing an Imprest Checking Account

Accounting Services will coordinate with the Office of the Vice Chancellor for Finance & Operations, and the banking service provider to establish an imprest checking account.

Accounting Services will obtain a check for the approved amount, made payable to the designated individual in the requesting department, and contact the department with the bank account information, banking instructions and instructions for depositing the check in the new imprest checking account.

Accounting Services will establish new fund source in ConnectCarolina to account for funds provided to the imprest checking account.

Related Data

None

Related Policies

  • Finance Form 306 - University of North Carolina at Chapel Hill Policy on Imprest Checking (Bank) Accounts

History

Revised:

  • Jan. 6, 2016: Deleted link to obsolete (Bank) Deposit Account Documentation Card continuation form.
  • Sept. 25, 2015: Updated language on ConnectCarolina processes.
  • May 12, 2015: Added link to new form 306.1.3f.
  • March 10, 2010
  • February 19, 2010
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Details

Article ID: 131494
Created
Thu 4/8/21 9:10 PM
Modified
Mon 7/12/21 2:57 PM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
03/28/2018 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Cash Manager
Last Review
Date on which the most recent document review was completed.
03/28/2018 12:00 AM
Last Revised
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03/28/2018 12:00 AM
Origination
Date on which the original version of this document was first made official.
06/01/2003 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
F&O-Finance