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Policies and Procedures

Procedure 306.1 – Establishing an Imprest Checking (Bank) Account

Effective
June 1, 2003
Last Updated
January 6, 2016
Last Reviewed
September 24, 2015
Responsible University Officer
University Controller
Responsible Unit
Accounting Services

Procedure Statement

This procedure explains how to request and establish an imprest checking account.

Forms and Instructions

To request an imprest checking account, submit the following completed documentation to the University Controller:

  • Statement of Justification for Imprest Checking Account Complete the relevant information, print the form and obtain the required signatures.
  • The (Bank) Deposit Account Documentation Card Type the names and titles of authorized signatories in the appropriate blocks in the center section of the signature card and obtain the signature(s) of the authorized signatories. Leave all other information on the signature card blank.
  • A cover letter from a dean, director, or department chair describing the purpose for the requested account.

At a minimum, imprest checking accounts should be replenished monthly. If replenishment is needed more or less often, the balance in the account may not be in keeping with the purpose of the account.

If contract or grant funds will be used to replenish the imprest bank account, include the appropriate information in the cover letter. The University Controller will obtain approval on the Statement of Justification from the Office Sponsored Research. Upon approval by the University Controller, the request is forwarded to Accounting Services.

Establishing an Imprest Checking Account

Accounting Services will coordinate with the Office of the Vice Chancellor for Finance & Administration, and the banking service provider to establish an imprest checking account.

Accounting Services will obtain a check for the approved amount, made payable to the designated individual in the requesting department, and contact the department with the bank account information, banking instructions and instructions for depositing the check in the new imprest checking account.

Accounting Services will establish new fund source in ConnectCarolina to account for funds provided to the imprest checking account.

  • 306.1.1f - Statement of Justification for Imprest Checking Account
  • 306.1.2f - (Bank) Deposit Account Documentation Card

Related Data

None

History

Revised:
Jan. 6, 2016: Deleted link to obsolete (Bank) Deposit Account Documentation Card continuation form.
Sept. 25, 2015: Updated language on ConnectCarolina processes.
May 12, 2015: Added link to new form 306.1.3f.
March 10, 2010
February 19, 2010