Memorandum of Understanding (MOU)

Reconciliation of UW-Madison bank accounts

For Human Subject Studies and Contingent Bank Accounts

Memorandum of Understanding-Reconciler/Replenisher
Name: NR
Bank Account:
Department ID: Project ID:

Reconciler/Replenisher Responsibilities

·  I, the Reconciler/Replenisher, am a UW Employee

·  FERPA, HIPAA, IRB, and all other UW policy are followed

·  I will ensure all documents, activity, and bank reconciliations are maintained and stored in a central, secure location according to UW Record Retention Policy. (Attach web link).

·  I, the Reconciler/Replenisher, at all times know who the Custodian and Signers are.

·  Verify there are at least two signers authorized to sign checks.

·  I, the Reconciler/Replenisher, know of no conflict of interest and no related party between custodian, signers and reconcilers/replenisher.

·  Notify the Department when there is a change in custodian, reconciler/replenisher.

·  Verify cash is not being advanced out of bank account.

·  Verify personal funds are not used to maintain bank balances.

·  Will obtain US Bank online banking services (SinglePoint) for inquiry, stop payments and retrieving monthly statements.

·  Ensure bank account maintains a positive bank balance

·  Ensure bank reconciliations are done monthly, reconciled to both the book balance and the authorized advanced level within 30 calendar days of month end.

·  Ensure within 45 days of month end any errors on the bank account are reported to Cash Management and the Deans Office/Division by e-mail ().

·  Verify replenishment of bank accounts is based on checks written.

·  Verify replenishment of bank accounts are done every 90 days or sooner based on calendar month activity.

·  Reporting will be done every 90 days (or sooner) and even if there is no activity.

·  If no replenishment for 90 days, I, the Reconciler/Replenisher will inform the Custodian and Department so a justification for continuous use of the bank account can be submitted.

·  Place stop pay on all checks older than 90 and greater than $5 by using US Bank online banking services.

·  Provide a back-up contact to be able to void checks older than 90 days old.

·  All stop pays using online banking services are issued for 24 months

·  Voided checks/stop pay will be removed from next replenishment.

·  When bank account is closed, I, the Reconciler/Replenisher will ensure unused checks are shredded immediately.

Memorandum of Understanding-Reconciler/Replenisher
(I understand, not following these procedures would result in loss of bank account privileges.)
Signature: Date: