G10: Signature Authority for Bank Accounts

Responsibility for Maintenance: Financial Services

Date of most recent changes: June 21, 2016

I. Policy Statement  

The following officers are authorized to sign drafts drawn on Onondaga Community College accounts, and to negotiate on behalf of the College instruments issued in favor of the College, in the amounts indicated:

• The Senior Vice President and Chief Financial Officer, singly, for amounts of $5,000 or less.
• The Senior Vice President and Chief Financial Officer and the President, dually, for amounts in excess of $5,000.

To the extent permitted by the depository bank, such signatures may be original or they may be duly authorized and adopted facsimiles.

II. Reason for Policy  

This policy is intended to establish controls on the care and custody of the College’s funds in accordance with applicable requirements of the New York State Education Law.

III. Applicability of the Policy  

Members of the College's Board of Trustees, the President, and all Financial Services staff should be familiar with this policy.

IV. Related Documents  

• New York State Education Law Section 6304(6)

V. Contacts  

Approved by OCC Board of Trustees April 3, 2006

Updated and approved by the OCC Board of Trustees June 21, 2016