North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 01 - DEPARTMENTAL RULES › Subchapter C - INVESTMENT AND BANKING › Section .0400 - BANKING OPERATIONS › Section 01C .0404 - PROCEDURES FOR DEMAND DEPOSIT ACCOUNTS OF STATE FUNDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  The State Treasurer or his authorized representative are the only persons
				  authorized to designate a financial institution as the depository for a state
				  agency. The criteria for designation of a depository are the safety of the
				  deposits, minimum cost of the entire set of transactions to the state, and
				  other factors unique to each request. The name of the demand deposit account
				  shall be: "North Carolina State Treasurer."
(b) Each state agency, department or
				  institution shall deposit exclusively either with the Operations Section of the
				  Department or with a depository, as specifically instructed by the State
				  Treasurer.
(c) The depository's
				  regular deposit form shall be used and shall be headed as follows: "North
				  Carolina State Treasurer, by (Name of State Agency)." This form which is
				  supplied by the depository, is completed by the agency in duplicate.
(d) Official forms are prescribed for use by
				  the agencies of the state to report funds deposited in a depository to the
				  account of the State Treasurer. The form applicable to the funds deposited
				  shall be completed by the depositing agency and shall be submitted in duplicate
				  to the State Treasurer certifying that the total funds as indicated have been
				  deposited in the depository to the account of the State Treasurer.
(e) If the depository does not collect an
				  item that was previously included in a deposit and credited to the account of
				  the State Treasurer, the returned item is to be forwarded by the depository as
				  a "cash item" to the depositing agency with a request for direct and immediate
				  reimbursement. The accounting procedures of the State Treasurer and the
				  Director of the Budget will not permit charges to the account of the State
				  Treasurer.
(f) If an error is
				  discovered in the deposit, the depository's notice of correction shall be
				  forwarded to the depositing agency with a duplicate copy to the State
				  Treasurer.
(g) The periodic account
				  statements of the depository shall be forwarded to the State Treasurer for
				  audit and reconciliation purposes. The statement is required even though there
				  may have been no activity in the account during the preceding month.
(h) All checks, drafts or money orders made
				  payable to an agency, institution or department of the state shall be deposited
				  to the account of the State Treasurer. Under no circumstances may an item be
				  converted into cash. When an agency receives funds other than funds required by
				  law to be deposited to the account of the State Treasurer, such funds shall be
				  deposited in a separate deposit account to be administered by the depositing
				  agency since such funds do not come under the jurisdiction of the State
				  Treasurer.
Authority
					 G.S.
					 147-78;
Eff. September 15,
					 1977;
Amended Eff. March 1, 1985;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. April 5, 2016;
Amended Eff.
					 November 1, 2020.