Effective immediately, all new bank accounts must reside with the University’s concentration bank, unless an exception is granted by the University CFO or Treasurer. This includes all depository accounts using the University’s tax ID number, the name “The University of Florida” or any organization utilizing the University’s ERP (including Peoplesoft and Workday).
Bank accounts without appropriate controls put the University’s financial resources at risk, and limit visibility into University financial information. Properly integrating bank accounts into the University’s financial systems (including Workday) requires both time and financial resources.
Central oversight also helps ensure that all bank accounts are bank vendors approved by the Board of Trustees as public depositories.
All University departments, including auxiliaries and Direct Support Organizations, utilizing the Workday system must comply with this directive.
Departments needing information about bank accounts at the University should contact Banking & Merchant Services, or the University Treasurer’s Office. No department, or University representative, has the authority to open, attempt to open, modify, change, or remove a bank account. To perform bank account functions, please contact the Treasurer’s Office. If a bank account is opened, modified, changed, or reviewed without the appropriate approvals, it will be promptly reviewed by the Treasurer’s Office for action.