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Bank Accounts (Policy)
Office of Origin: Finance
Responsibility: Chief Financial Officer
Original Date Adopted: 06-23-09
Dates Reviewed: 01-15-12, 12-11-17, 10-27-20, 09-16-21
Last Date Board Approved: 10-27-20
The Lake Michigan College (College) Board of Trustees (Board) Chair and Secretary as well as the College President and Chief Financial Officer (CFO) are delegated by the Board with the authority to:
- Open an account in a bank or other financial organization and deposit funds.
- Close accounts.
- Enter into written agreements on behalf and in the name of the College for merchant services agreements, remote check capture agreements, electronic banking services, safe deposit box, night drop depository boxes, and the like.
- Sign a Corporate Authorization Resolution on behalf of the College and Board.
- Determine authority levels to endorse checks and payments, approve credit/debit card access devices, or otherwise withdraw or transfer funds on deposit with a financial institution.
Two signatures are required to transact each of the above authorized actions.
All account names must begin with “Lake Michigan College.”