AUTHORIZATION TO MAKE ELECTRONIC FUND TRANSFERS

AUTHORIZATION TO MAKE ELECTRONIC FUND TRANSFERS

po6108Adopted January 18, 2024

6108 - AUTHORIZATION TO MAKE ELECTRONIC FUND TRANSFERS

The Governing Board authorizes electronic fund transfers (EFTs) for any purpose including direct deposit, wire transfer, withdrawal, investment, or payment, provided such EFTs are consistent with the provisions of R.C. Chapter 1304 and the Electronic Fund Transfer Act. Upon the recommendation of the Treasurer/CFO, the Governing Board shall approve the financial institutions that are authorized to receive monetary transactions through electronic or other medium.

Upon the recommendation of the Treasurer/CFO, the Governing Board shall then approve written agreements with financial institutions with whom EFTs shall be made.

Such agreements shall set forth internal controls required by applicable laws and regulations that shall provide adequate integrity, security, confidentiality, and auditability of business transactions conducted by electronic commerce, including, but not limited to, the following:

  1. the official title of the bank account(s) subject to the agreement and each type of transaction approved, such as deposits, disbursements, or transfers, shall be specified;
  2. the manual signatures of the Governing Board President, Treasurer/CFO, and the employees authorized to initiate EFTs shall be contained therein;
  3. a requirement that the ESC maintain documentation signed by the initiator and authorizer of the EFTs to confirm the authenticity of the EFTs;
  4. a requirement that, when funds are properly delivered to the receiving institution, that institution agrees to become responsible for prompt and diligent processing of the funds;
  5. a requirement that written or printed documentation from the financial institution acknowledging such transactions, including but not limited to deposit slips, debit and credit memos, trust receipts, transfer acknowledgments, or canceled warrants, shall be provided so that it may be kept in the official files of the ESC, which shall be maintained in a manner which facilitates easy review and validation of transactions.

All ESC staff shall comply with all provisions of the Uniform Electronic Transaction Act when creating, generating, sending, communicating, receiving, storing, processing, using, and relying upon electronic records. Further, all ESC staff and other persons who use electronic signatures when completing transactions with the Governing Board shall do so in compliance with applicable laws and regulations.

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