THIS REVIEW VERSION HAS NOT BEEN APPROVED FOR FINAL RELEASE.
COMMENTS MAY BE SUBMITTED VIA THE POLICY FEEDBACK FORM BELOW UNTIL 5 p.m. ON:
Reason for this new policy: To document an existing UNI business practice.
Purpose
To provide for active management of funds.
Policy Statement
In order to be good stewards of the University’s financial resources, departments are expected to actively manage accounts. An account that has no legitimate financial activity for a period of five years shall be determined to be a dormant account. Dormant accounts are considered abandoned and will be closed. Abandoned funds will be removed and transferred to a central university account where they will be reviewed and utilized as determined by Senior Vice President for Finance and Operations.
Organizations requiring to hold funds longer than five years should file a plan with the controller outlining the need and use of the funds. The controller will review and respond if approval is granted. Such a plan shall be filed prior to the abandonment date.