Policy No.: 202.7
Revision No.: 0
Effective Date: 12/13/96
Category: Payment Processing Cycle
Title: Wire Transfers for TIAA-CREF Deposits

Wire transfers of University funds are made to transfer funds from the University’s operating account to financial institutions for specific, recurring events associated with payroll events, such as the funding of the University payroll bank account, deposit of TIAA-CREF requirements, and Credit Union deposits. This policy specifically refers to wire transfers for TIAA-CREF deposits only.

1. Human Resources prepares a Wire Transfer Approval (WTA) form (sample attached) detailing the date, dollar amount and purpose of the wire transfer, the recipient institution and the University bank account from which the transfer is to be made, and the accounting detail of the transfer. Backup detail for the transfer is to be attached to the form. The form is signed by the preparer and the content of the form is approved by the Director of Human Resources.

2. Human Resources forwards the WTA to the first person who is required to approve the actual transfer of funds. There are two approvals required on the WTA prior to the actual transfer. These two approvals are as follows:

A. Either the Executive Vice President, if available, or the Chief Financial Manager if the Executive Vice President is not available, and;

B. Either the President, if available, or the Chancellor, if the President is not available.

3. The approved WTA is forwarded to General Accounting, which is responsible for instructing the bank (via bank supplied communications software) to perform the wire transfer in accordance with the WTA, and recording the transfer on the university’s accounting system.

(sjm-4/97)