B5
Agenda Item Background
| To: | Board of Regents Finance Committee | Date: April 23, 2015 |
|---|---|---|
| From: | Mr. Mikeal Pinkard, Interim Vice President for Finance and Facilities | |
| Subject: | Banking Information Update | |
| Reason for Consideration: | Informational Item | Enclosures: No |
Currently, our banking arrangements reside with Fifth Third Bank. We have several open accounts with Fifth Third Bank. The accounts are current and we have no issues related to the accounts at this time other than three accounts which are recommended to be closed due to a lack of activity. A list of the accounts with Fifth Third Bank is detailed below.
Private Gifts: Bank 51 is for private gifts and it has held the same balance for the past two years. It is recommended that this account be closed due to lack of activity.
Perkins: Bank 52 is for Perkins loan transactions.
FFELP: Bank 53 was created for the Blackboard system and it appears that it has not been used. It is recommended that this account be closed due to lack of activity.
Direct Loan: Bank 54 is the account used for the deposit of Federal Direct Loans.
Payroll: Bank 55 is the account used for the university's payroll.
Vendor: Bank 56 is the account used for the university's vendor payments.
Fed Funds Clearing: Bank 57 is the account that is used to deposit the grant drawdowns each month.
KYSU University Account: Bank 58 is the account used for the deposit of general cash, checks, and EFTs that the university receives on a daily basis.
Merchant Credit Card: Bank 59 is the account used for the deposit of credit card payments that the university receives on a daily basis.
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