Bank Accounts

Policy Statement

The University opens bank accounts where needed to support operations. This policy establishes how Harvard University bank accounts are to be opened, maintained, reconciled and closed. Only designated Harvard employees within the Office of Treasury Management (OTM) are authorized to select banking partners for, approve, open, make changes to, and close all bank accounts controlled by Harvard University entities. Use of the Harvard name and/or Harvard University’s tax identification number to open a bank account is strictly prohibited; OTM will immediately close any bank accounts opened outside the terms of this policy.

Bank accounts in this policy include but are not limited to accounts in the name of the President and Fellows of Harvard College (P&F) and accounts opened by subsidiaries established by the University to operate on its behalf. Branch accounts to conduct University business and merchant accounts used to accept credit card payments are also included in this policy.

All bank accounts controlled by Harvard University entities must be reconciled on a monthly basis, either by the tub or by OTM, as outlined below.

If direction differs between this policy and external regulations, sponsor or donor terms, or other internal policy or procedures, the more restrictive instruction will apply.

Bank Account Policy w/Appendices

Appendix A: Detailed Procedures for Opening, Maintaining, Reconciling and Closing University Bank Accounts
Appendix B: FBAR Information Document 

Keywords: bank, account, merchant, OTM, open, close, reconcile, CMO, cash management, credit card, foreign, signatory, signatories, FBAR, tax


See also: Policy, Treasury