Assistant Vice Chancellor and Controller
Construction and General Accounting
Establishing Imprest Bank Accounts
With written authorization by the Vice Chancellor for Finance and Administration, a University department or unit may open an imprest bank account and deposit University funds in a commercial financial institution for specific transactions. Under no circumstances should imprest funds be used for payment of personal services, for payment to vendors, or for loans to employees.
Petty Cash Funds and Change Funds
When the nature of certain operations requires a change fund or frequent cash expenditures for minor items, the Assistant Vice Chancellor and Controller will approve a petty cash fund or change fund advance to the University department or unit head.
Escheats of Outstanding Checks
Outstanding checks will have to be escheated (returned) to the State of North Carolina. The current escheat law states checks issued and not presented to the bank for payment within the past five years must be escheated. Outstanding checks may be escheated earlier if the University deems it necessary. This service is shared by the General Accounting and Cash Management units.
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