Ohio Administrative Code › Title 113 - Treasurer of State › Chapter 113-2 - State Agency Custodial Account › Section 113-2-01 - State entity custodial bank accounts

Current through all regulations passed and filed through July 1, 2024
(A) Any state entity requesting a custodial
			 bank account must do so in writing to the
			 treasurer. Specific statutory authority to establish an account outside of the
			 state treasury must be cited.
(B) The treasurer shall make a recommendation
			 to the state board of deposit for award of the custodial bank account to a
			 designated financial institution. Banking needs of the state entity will be
			 taken into consideration during this process.
(C)
								The
								award of a custodial bank account
			 shall remain in effect until the next designation mandated by section
			 135.12 of the Revised Code
			 unless a state entity requests a change of financial
			 institution, and such request is approved by a majority vote of the board of
			 deposit.
(D)
								Within three business days of physical receipt (e.g.,
			 cash or checks) by a state entity or electronic deposit (e.g., checks scanned
			 for deposit, ACH transactions, wires, revenue from financial transaction
			 devices) into a state entity's custodial bank account established by the
			 treasurer, every state entity shall report all amounts received by submitting
			 to the treasurer the form obtained from the treasurer's website or a form
			 otherwise approved by the treasurer.
(E) The state entity
			 shall provide to the treasurer a list of individuals who are authorized to
			 provide investment instructions, including cash requirements and participation
			 in the state treasurer's investment pool.
(F) The state entity
			 shall provide to the treasurer a list of individuals who are authorized to
			 request withdrawals from the account.
			 Withdrawal shall be by a payment instrument approved by the treasurer including
			 but not limited to warrant, check, ACH, or wire transfer. Authorized
			 individuals who will be signing checks drawn on the custodial bank account must
			 also provide their signature on a form as specified by the financial
			 institution.
(G)
								The state entity shall keep its list of authorized
			 individuals current and shall immediately notify the treasurer in writing if an
			 authorized individual's authority has been revoked for any reason. The state
			 entity shall immediately notify the financial institution in writing if an
			 individual authorized to sign checks has been removed for any
			 reason.
(H)
								The list of authorized individuals and their account
			 access will be subject to confirmation on at least an annual basis.
(I) Withdrawals shall
			 be requested by an authorized individual on forms
			 provided on the treasurer's website or forms otherwise
			 approved by the treasurer. By executing the form, the authorized individual
			 certifies that the withdrawal or expenditure of funds from a custodial bank
			 account is for a proper and legitimate use of such funds.
								Relying upon the state
			 entity's verification of cash availability , the treasurer shall approve the
			 request for withdrawal, including effectuation of the transfer by wire or ACH
			 as indicated on the form by the state entity. No transfer will be conducted without
			 the state entity's designation of wire or ACH as the method of
			 transmission.
(J)
								State entities may issue checks drawn on their
			 custodial bank accounts, either directly through the financial institution or
			 manually by the state entity. When writing manual checks, the state entity must
			 take proper steps to secure the check stock.
(K)
								The state entity
			 must transmit to the treasurer a report listing all checks being issued
			 including date, check number, payee, and the dollar amount of each check, with
			 grand total dollar amount at the bottom of the report.
(L)
								The state entity
			 can view activity in the custodial bank account through the designated bank's
			 web portal, including checks that have cleared and checks that have been
			 returned.