Accountant initiates a wire transfer from the direct pay request to remit to the state account.
CFO/Controller approves wire transfers.
Accounts Payable enters the direct pay request to Banner to record the wire payment.
Drawing Down for Disbursements from State Accounts Responsible position(s):
Accounts Payable Manager
Senior Accountant
Banner
eMARS
Daily
Accounts Payable Manager calculate the cash disbursements to be made in the next check run.
Senior Accountant:
Checks the balances in the state account accounts for each fund daily to determine balances available and confirm Banner balances ties with state system.
Sends an email memo to the State Treasurer to request drawdown to reimburse for disbursements made the prior day.
Send to Phil Nally, DeeDee McCrosky, CC: Sue Casey, Jackie Green, Melissa Duval and Finance.OFMInvest@ky.gov
■ Copy CFO, Controller, and Cashiers to watch for incoming electronic payment and provide instructions for recording the deposit.
The federal Department of Education requires institutions to initiate drawdowns of federal financial aid for programs including Pell, SEOG, Federal Work Study, and Direct Loans within strict timing limitations. Funds can be drawn no earlier than 7 days in advance of disbursement to students' accounts. To ensure compliance, KSU generally expends the federal funds by applying the amounts to students' accounts first, and then draws down the federal funds to reimburse the institution for amounts applied.