Lake Superior State University
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Section: Business and Support Operations Section Number: 3.7.11
Subject: Financial Transactions: New Accounts Date of Present Issue: 05/01/02
  Date of Previous Issues:
05/91, 06/00

POLICY:

New account numbers will be issued upon request once the following requirements are met.

PROCEDURE

WHO DOES WHAT
Account Administrator 1. Fills out Request to Add a New Account form (attachment #1), available on the network at share on zeus/vol 3 (O:), busop/forms/acct_req.xls. A complete description of the activities that require the new account number must be indicated on the form. If the account is requested for a grant or restricted contract, documentation must include: proof of award or contract, budget, account to fund any deficit and (for Federal grants) the CFDA number. The request form is then sent to the supervisor of the account administrator for approval.
Supervisor 1. Signs and forwards form with attachments to Business Operations.
Business Operations 1. Reviews account request and may discuss the request with staff. Additional information may be requested from account administrator in order to set up account.

2. Identifies the fund which best fits the accounting activity described.

3. If the fund for the account requested is determined to be General, Designated or Auxiliary, the account request with attachments and any supplemental information is forwarded to the Budget Office.

Budget Office 1. Reviews all the information and approves form as appropriate. May contact Business Office or account administrator for more information.

2. Incorporates the new activity into budget process.

3. Returns account request with attachments to Business Office.

Business Operations 1. Assigns account number and codes account form.

2. Updates computer systems for account number, and any changes needed to value based security.

3. Notifies account administrator that account is ready to use.

4. Creates project file for grants and contracts.

5. Maintains files of authorized account administrators.

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