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Board of Regents Policy Manual

7.5.1 Banking

All depositories, where funds of the Board of Regents of the University System of Georgia are held in time and demand deposits, shall either give a depository bond in some acceptable security company qualified to do business in Georgia or, in lieu thereof, may deposit with some other depository satisfactory to the Treasurer of the Board of Regents securities of the following classes, the current market value of which shall be not less than 110% of the amount after the deduction of the amount of the deposit insurance (BoR Minutes, October 2010):

  1. Direct obligations of the United States Government;
  2. Obligations unconditionally guaranteed by the United States Government;
  3. Direct obligations of the State of Georgia;
  4. Direct obligations of any political subdivision of the State of Georgia; and/or,
  5. Georgia municipal, county, or State of Georgia Authority Bonds acceptable to the Treasurer of the Board of Regents.

(BoR Minutes, 1970-71, p. 691)

The president of each USG institution shall determine the bank or banks where funds are deposited through a best value competitive contract bid process to be undertaken every five (5) years (BoR Minutes, April 2005). The president shall inform the USG chief fiscal officer of the bank or banks where funds are deposited. It shall be the duty of the Treasurer of the Board to handle all details relative to the bank or banks furnishing the required depository protection (BoR Minutes, 1949-50, p. 251; February 1996).

The USG chief fiscal officer shall appoint a person or persons at each USG institution with authority to sign checks drawn on banks where funds of the respective institutions are deposited. Persons so appointed shall be authorized to sign any documents that may be required by the banks concerned (BoR Minutes, 1952-53, p. 365).

The chief business officer of each USG institution and any other officer or employee who participates in the selection of the institution’s depository (bank) are prohibited from serving on the governing boards of banks and other financial institutions if such banks or other financial institutions have or seek a commercial relationship with that institution (BoR Minutes, 1996).

A president of an institution may serve on the governing board of a bank or financial institution that does not have a commercial relationship with the institution. However, such a bank or financial institution will not be considered by the institution for establishment of a commercial relationship with that USG institution for not less than two (2) years after the termination of the president as a member of the board. Required Electronic Transfer of Funds

Electronic funds transfer is the required method for payroll payments to employees, making funds available to the employee by the authorized pay date, unless the employee can provide documentation of having an “un-bankable” status; i.e., the employee is unable to obtain a bank account. Direct deposit is defined as the electronic transfer of funds from the employer to a depository institution designated by the employee, which makes the funds available to the employee by the authorized pay date.

Electronic withdrawal of funds (auto-debit) is the required method of payment from retirees for benefit premiums; i.e., the payment is electronically withdrawn from an account at a depository institution that is designated by the retiree to the employer, occurring on a specified date each month. Where auto-debit is not possible, the institution can determine the appropriate alternative method of employee share of premiums collection.

Requiring an auto-debit for all retirees participating in the health insurance plan will streamline the process, eliminate invoicing and greatly reduce premium collection and reconciliation efforts. (BoR Minutes, May 2011)

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