high level of return on its deposits and not require frequent transfers and realignments of its investment position.
| Account | Average Balance |
|---|
| 60 | General Depository Account | $5,612,132.00 |
| 56 | Payroll Account | $0.00 |
| 56 | Vendor Account | $0.00 |
| 57 | Federal Funds Clearing | $0.00 |
| 54 | Federal Student Loan Prog | $0.00 |
| 52 | Federal Perkins Loan Prog | $48,785.00 |
| 53 | FFELP Account | $14,660.00 |
| 58 | Ky State University Account | $0.00 |
| 54 | KSU Federal Direct Loan Acct. | $0.00 |
Vendors are cautioned that these are historical balances and the University will review and possibly adjust its cash position in response to proposed interest rates and account arrangements.
The vendor shall supply credit card terminals/reader to Kentucky State University. Currently the University utilizes one (1) bank provided credit card terminal.
The vendor shall provide options for a virtual terminal or for the University to accept virtual payments.
The vendor shall be able to work with third parties to accept payments.
Currently Kentucky State University uses Pineapple Payments, SmartPay and Transact/Cashnet though the desire is to consolidate all merchant services under this agreement.
Associated fees are to be thoroughly addressed in the cost proposal.
Requirement Deleted
The university requires a smooth and low-cost transition to a new bank. The banking institution should provide a transition calendar and detail of staff available to ensure a smooth transition of each component listed in section 20.1. Further, estimated length of time for transition as well as expectations regarding the amount of effort by University staff should be outlined by service area. Included training on systems and processes should include initial training and ongoing support options.
All accounts shall run on a calendar month basis. The banking institution must provide monthly statements, account reconciliation reports, account analysis statements, canceled checks, and other report-related features. Monthly statements and account analysis statements should be received by the fifth working day of the month.