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The college will disclose to the board of trustees any new bank accounts.  All investments and banking services must comply with the investment policy established by the State of Maryland.  (Refer to policy 62.01 Investments.)

The college’s main accounts are at Bank of America.  Accounts include operating, payroll, credit card, and flexible spending.  There are also two electronic funds transfer accounts, one for restricted federal loan funds and another for general funds.  In addition, one account is with PNC and is used by the business division for courses that teach online buying and selling.  The college has an account at the Maryland Government Investment Pool for investments.

All wages will be paid by the electronic payment option selected by the employee.  The college’s preferred method of payment is direct deposit.  Cash pay cards will also be made available for those for whom direct deposit is not an option.  Only in exceptional circumstances, with the approval of the area vice president and the associate vice president of finance, will the college issue a manual paycheck.

The electronic signature of the president will be used for all checks that are generated by the computer as part of the normal accounts payable process and all exception checks generated by the computer through payroll.

Written internal procedures to insure proper controls over all disbursed funds have been established by the finance office and are reviewed annually by the college auditors.

Policy Manual Review/Revision:   07/26/11