6415 Online Banking and Wire Transfer
- 6000: Fiscal Management Goals
6415 Online Banking and Wire Transfer
The Brentwood Union Free School District Board of Education authorizes the District to take advantage of online banking services offered by the approved depositories. These services may include, but are not limited to, the ability to check account balances and check clearing activity, make transfers between District bank accounts, reconcile accounts, stop payments on lost checks, closely monitor cash balances and initiate wire transfers for items such as debt service payments, OMNI tax shelter annuity payments, retirement system payments, benefit payments, payroll payments, etc.
ELECTRONIC OR WIRE TRANSFERS
The District will develop procedures specifying who is authorized to initiate, approve, transmit, record, review and reconcile electronic transactions. At least two individuals will be involved in each transaction. Authorization and transmitting functions will be segregated and whenever possible, the recording function will be delegated to a third individual.
The District follows wire transfer security procedures as required by each depository. The Assistant Superintendent for Finance and Operations will authorize all wire transfers and the claims auditor will confirm external wire transfers have appropriate signatures, verification and authorization of proper personnel. All non-routine wires must be authorized by the Assistant Superintendent for Finance and Operations.
ONLINE BANKING
The Brentwood Union Free School District requires clear, complete, and detailed accounting of all financial transactions for which the Board is held accountable. The transferring of funds via online banking services between various accounts and the transfer of funds from District accounts to non-district accounts, and vice versa, for various purposes, are financial transactions to be properly monitored and controlled.
The following are online banking activities the District engages in:
- view bank account information
- interfund transfers
- the remittance of employee payroll tax withholdings and other deductions
- the remittance of employee payroll direct deposits
- transfer of District funds into investments
- receipt of revenues from various sources.
The School District Treasurer and Substitute Treasurer, each with a separate established username and password, will have authority to process online banking transactions.
Each bank transfer will be recorded in monthly receipts and disbursements, showing the amount of monies and the purpose of the transferring of funds. The School District Treasurer (or, if absent, the Substitute Treasurer) will verify the accuracy and legitimacy of online transfers and keep a copy of the verified transfer summary on file. The Accounting Supervisor will be responsible for the proper accounting of the transactions.