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External Bank Accounts
No individual, department, program, or organization, including duly recognized student organizations, may open checking or investment accounts using the name of Stephen F. Austin State University (SFA) or its taxpayer identification number with any financial institution, including but not limited to banks, credit unions, savings and loans, or investment clubs, without the prior, written approval of the Controller.
Any external bank account approved by the Controller under this policy may not use Stephen F. Austin State University or any abbreviations for SFA in the name on the external bank account or on the check stock. University funds, including monies receipted from the university by student organizations through the student service fee allocation, may not be deposited in an external bank account.
The owner of any external bank account approved under this policy must provide a copy of the current bank signature card to the Controller. Additionally, the owner of any external bank account for a student organization shall adhere to the cash-handling procedures for student groups.
Gifts made to the university must be deposited into the university’s accounts maintained through the Controller’s Office in accordance with the University Gift Reporting Policy (C-15), regardless if the money was initially solicited by the external organization.
In accordance with the Student Organization Formation and Recognition Policy (F-14), no employee may be authorized to sign on an external student organization account. External bank accounts approved by the Controller for student organizations may be subject to audit.
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