Endowment funds are deposited with Wachovia Bank. General Administration complies with General Statutues 147-77 which state that all revenues and other receipts collected by a State agency, belonging to the State of North Carolina, shall be deposited to the credit of the State Treasurer in a depository bank as designated by the State Treasurer. Such funds shall be deposited no later than the next business day following the date of collection, which is in compliance with the Daily Deposit Act. Checks received by General Administration should be made payable to the order of The University of North Carolina. However, checks made payable to the UNC Center for Public Television, State Education Assistance Authority, and UNC Educational Computing Service are also acceptable.
All cash collections are to be deposited.
These funds are not to be disbursed since disbursements must be made in accordance with official budgetary procedures and by warrants drawn on the State Treasurer. When depositing funds, General Administration uses two separate forms, a bank deposit ticket supplied by the depository bank, or a deposit ticket obtained through the State Treasurer's Office. Daily deposits are also certified to the State Treasurer's Office through the Cash Management System's deposit function. Deposits made after June 30 applicable to the fiscal year just ended should be recorded in the accounts as of June 30. Mark deposit tickets distinctly to show they belong to June 30 balances.