Procedure:     Banking and Cash Receipts/Disbursements
Department:      College Finance
Contact:            Stan Barker, 463-5608       barkers@lanecc.edu

The vice president for College Operations is designated by the board of education as the custodian of the college's funds (Oregon Revised Statutes 341.703).

Only departments (or organizational units) and staff approved by the vice president for College Operations (or designee) shall be empowered to receive money and/or effect "cash" transactions (including, but not limited to, registration tuition and fees, books, supplies, and any other payments to the college).

All automatic teller machines (ATMs), college checking, savings, investments, credit cards, and any other accounts and agreements with financial institutions are under the supervision and stewardship of the vice president for College Operations (or designee). Only the vice president for College Operations (or designee) is empowered to open checking, savings, investment, credit card, and any other type of accounts with a financial institution.

All "cash" (coin, currency, check, money order, credit card payment, electronic transfers and payments, etc.) receiving, receipting, recording, safeguarding, depositing, and disbursing thereof, etc., are under the supervision and stewardship of the vice president for College Operations (or designee).

All fiscal systems and procedures involving "cash" shall be designed, implemented and maintained under the stewardship of the accounting Director.