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UCD Policy on Bank Accounts

UCD Policy on Bank Accounts

The general policy is that University business must only operate under those bank accounts directly controlled by the Bursar’s office. Schools, Support units and Research centres may not open separate Bank accounts unless prior approval has been obtained from the Bursar.

The Bursar is responsible for controlling and accounting for all bank accounts transacting University business.
All bank accounts transacting University business must be held in the University name and must have at least two authorised signatories. Bank accounts may only be opened by the UCD Bursar’s Office and the Bursar must approve the signatories.
All receipts and expenditure relating to University business must be accounted for through the University’s accounting records. All bank accounts transacting University business must be included in the University’s accounting records.

All bank accounts that include the name of the University are assumed to be University business and the University has the right of access to these accounts. No account, other than an account opened with official approval (as set out in this policy), should have any connection, whether direct or implied, with the University, any School or centre of the University, or any other University activity.

Financial responsibility for the operation of all bank accounts rests with the Bursar and includes responsibility to determine the manner in which the requirement of the accountability is to be discharged by the College.
The Higher Education Authority, the Revenue Commissioners, and the Comptroller and Auditor General require all receipts and payments to be properly recorded in the financial statements of the University. Therefore there are legal, audit, taxation and funding implications, for the University, if bank account transactions are not properly controlled and recorded in the University’s accounting records.
Consistent standards of management and financial control are required for all bank accounts to ensure the highest level of control is maintained over the receipt and expenditure of funds on behalf of the University or any activity associated with the University.

UCD Finance Office

1st Floor Tierney Building University College Dublin Belfield Dublin 4 Ireland
T: +353 1 716 7777