Treasurer of State - State Agency Custodial Account - State entity custodial accounts.

Published: 2018-02-15

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(A) Any state entity requesting a custodial account must do so in writing to the treasurer. Specific statutory authority to establish an account outside of the state treasury must be cited. In the absence of specific legal authority, written approval of the auditor of state and director of budget and management may be considered.

(B) The treasurer shall designate the financial institution. Special banking needs of the state entity (i.e., ACH, lockbox) may be implemented by the treasurer. The designation may remain in effect until the next designation mandated by section 135.12 of the Revised Code.

(C) The state entity shall provide to the treasurer a list of signatures of three individuals who are authorized to request withdrawals from the account.

(D) The state entity shall provide to the treasurer a list of three persons who are authorized to provide investment instructions, including cash requirements and participation in the state treasurer's investment pool.

(E) Within three business days of receipt by a state entity or deposit into a state entity's banking account, every state entity shall pay to the treasurer, on forms approved by the treasurer and obtained from the treasurer's website, all moneys, checks, drafts, and incoming electronic funds transfers received by it for deposit into a custodial account.

(F) Withdrawals shall be requested on forms provided on the treasurer's website and shall be affected by the treasurer upon cash availability in the account. Withdrawals shall be by check, ACH, or by wire transfer.

(G) The state entity's authorized signers will certify that the withdrawal of funds from a custodial account is for a proper and legitimate use of such funds.