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South Florida State College
District Board of Trustees Policies

Policy: 2.08

Title: Check and Electronic Funds Transfer Procedure

Legal Authority: Florida Statute 1010.11; State Board of Education Rule 6A-14.075

Office of Primary Responsibility: Vice President for Administrative Services

Related Procedures:
2080 - Cash Disbursements

Disbursement of college funds by checks and through electronic transfer shall be as follows:

  1. Use of Facsimile Signatures on Checks and Automatic Clearing House (ACH) Remittance Advices
    1. The Board authorizes check signers per policy 2.05, Signing Authority.  Authorized check signers must use a facsimile signature in lieu of a manual signature to sign checks. 
    2. Banking agreements must be signed with a manual signature.
    3. The authorized check signers must file manual signatures with the Department of State and certify those signatures under oath. 
    4. The actual facsimile signatures will be maintained on the college network and will be used only in conjunction with the check software to affix the facsimile signature to a check.
    5. Facsimile signatures and routing information will not be printed on ACH/direct deposit remittances to prevent fraudulent use.
  2. Electronic Funds Transfer (EFT)
    1. EFT’s initiated by the college must be authorized under a current banking services agreement.  Master banking agreements must be manually signed by the president and the Board chair.  Secondary agreements may be manually signed by the president or his designee.  Every account being debited/credited must be pre-authorized under a Deposit Express agreement, repetitive wire transfer agreement, an ACH agreement or other named agreement. 
    2. The president is authorized to establish EFT agreements related to the provider of the college’s primary bank account including, but not limited to, related zero balance accounts, the Electronic Payments and Remittance System (EPARS) banking account, the Florida PRIME account and the Special Purpose Investment Account (SPIA).  The president is authorized to open bank accounts without EFT-initiating ability in the name of the college to act as depository accounts.  The president is authorized to establish a Paypal account with any EFTs limited to the payment of fees by credit card or the transfer of funds collected to the college’s primary bank account.
    3. EFT’s between college accounts are to be executed by staff who are bonded and authorized by the president. 
    4. EFT’s representing payments processed under the Accounts Payable or Payroll systems will be executed as follows:
      1. Payments are executed under the rules of the ACH, Electronic Data Interchange (EDI), p-card (credit card issued by the college), or direct deposit agreements. 
      2. Payments to the Internal Revenue Service, the Florida Retirement System, the state of Florida, and other governmental entities not specifically noted are to be executed under the arrangements established by the government entity collecting the moneys being paid. 
    1. The president is authorized to establish procedures for appropriate internal controls related to the conduct of all EFT’s; electronic payments to governmental entities; authorization and cancellation of direct deposit (ACH) instructions from vendors and employees; third party payments of expenditures, advance, or reduction of cash assets not processed within the Accounts Payable or Payroll systems; and confirmation of EFT’s with the financial institutions servicing the college.
  3. Other forms of payment

Payments under custodial/trust agreements, State Board of Education Bond provisions, or third Party agreements will be governed by the provision of the applicable agreements. The president is authorized to enter into third party agreements to provide EFTs to others as necessary to maintain privacy of information related to payments and the payments themselves in a timely manner.  Examples of these types of arrangements include the EPARS to facilitate the college’s compliance with disbursing retirement plan payments to providers and the ExpertPay system used to provide the information and EFT remittances to the receivers of payroll garnishments within Florida.

History: Adopted 1/23/13

Issued by District Board of Trustees: 1/23/2013

Reviewed:

Revised: