1 Policy Statement

The University, as a statutory body as defined under the Financial Accountability Act 2009, has been granted banking powers under the Statutory Bodies Financial Arrangements Act 1982 (Section 31), to operate one bank account for its day-to-day operations, with a major financial institution, other than an account with an overdraft facility.

With the Queensland Government Treasurer’s approval, the account may be operated with an overdraft facility.

The account will be operated in Australian currency.

No bank account is to be opened, (either in the name of the University or any other name), by any staff member for the deposit of University monies, without prior written approval from the Chief Financial Officer.

2 Principles

All University bank accounts will operate under the control of Financial and Business Services.

Requests to open a University bank account must be made in writing to the Chief Financial Officer and supported by a full Business Case, noting compliance with legislation, outlining the legal necessity for the bank account, the impact on the current University Information Systems, reporting capabilities, reconciliations and operational processes. The operation of any additional bank account must be cost neutral to the University.

Only monies, for which the University has a legal claim, may be deposited into the University bank account(s).

Monies deposited into the University bank account(s) are subject to all University Policies and Procedures.

3 Procedures

3.1 Bank Reconciliations

The University’s daily operating bank account will be reconciled each working day.

All University bank accounts will be reconciled at least once a month.

All reconciliations will be signed and dated by the Chief Financial Officer or their delegate.

3.2 Protection of Monies

All University monies will be deposited via the Cashier, Financial and Business Services unless the Chief Financial Officer has given approval for an “Authorised Section” to deposit monies directly into the University’s daily operating bank account.

“Authorised Sections” include:-

• USQ Bookshop (via MECU)

• USQ Residential Colleges (via MECU)

• Springfield Campus Administration

• Fraser Coast Campus Administration

• Queensland College of Wine Tourism (Cash Register takings only)

All monies received “electronically” will be deposited into the University’s daily operating bank account.

“Electronically” includes, but is not limited to:-

• EFTPOS Machines

• BPay

• AustPost BillPay

• Online Payment Gateway(s)

All University payments will be transacted by Financial and Business Services staff only, with the exception of transactions approved under the Corporate Credit Cards Policy.

3.3 Bank Signatories

The authority to sign or endorse cheques and authorise electronic funds transfers is strictly limited to and in accordance with the University Financial Delegations. No other staff member may operate a University bank account.

A current list of authorised bank signatories, for each bank account or investment deposit, will be maintained by Financial and Business Services.

3.4 Daily Balancing and Banking

The supervisor of the Cashier, Financial and Business Services and the manager of each Authorised Section will establish an end-of-day pre-banking verification process that includes, as a minimum:-

• Balancing, separation and safe security of till floats and monies for banking.

• A full reconciliation of total takings and an individual reconciliation of each tender type against source document totals e.g. cash register tapes, receipts, EFTPOS settlement statements.

• An independent verification and sign-off of banking details.

• Retention of copies of all reconciliation documentation and source documentation in a manner that meets audit requirements.

• Advice to Financial and Business Services via usqdebt@usq.edu.au of full banking details.

• Reporting of material Cash Shortages.

Financial and Business Services and Authorised Sections may, under a formal contract, engage the services of a professional security service to collect and deposit monies on behalf of the University.

4 References

• Crime and Misconduct Act 2001(Section 15)

• Financial Accountability Act 2009

• Financial and Performance Management Standard 2009

• Queensland Government Financial Accountability Handbook

• Statutory Bodies Financial Arrangements Act 1982 (Section 31)

5 Definitions

6 Other Policy Information