SUBCHAPTER 1C ‑ INVESTMENT AND BANKING
SECTION .0100 ‑ DISBURSEMENTS AND RECORDS SECTION
20 NCAC 01C .0101 PURPOSES: FUNCTIONS: DUTIES
20 NCAC 01C .0102 DISBURSING ACCOUNTS
20 NCAC 01C .0103 RECORDS MAINTAINED ON MICROFILM
20 NCAC 01C .0104 PROCEDURES FOR DEMAND DEPOSIT ACCOUNTS
OF STATE FUNDS
20 NCAC 01C .0105 PROCEDURES FOR INTEREST‑BEARING
CERTIFICATES OF DEPOSIT
20 NCAC 01C .0106 SURVEY BONDS AND COLLATERAL SECURITIES
20 NCAC 01C .0107 FORMS
History Note: Authority G.S. 147‑68; 147‑69.1;
147‑77 to 147‑79; 143A‑31; 8‑45.1
to ‑45.4;
Eff. February 1, 1976;
Repealed Eff. September 15, 1977.
SECTION .0200 ‑ GENERAL
20 NCAC 01C .0201 ORGANIZATION
20 NCAC 01C .0202 PROCEDURAL RIGHTS
History Note: Authority G.S. 143A‑31;
Eff. September 15, 1977;
Repealed Eff. March 1, 1985.
SECTION .0300 ‑ INVESTMENTS
20 NCAC 01C .0301 TREASURER'S INVESTMENTS
20 NCAC 01C .0302 INTEREST BEARING TIME DEPOSITS
20 NCAC 01C .0303 INVESTMENTS OF TRUST FUNDS
History Note: Authority G.S. 143A‑31; 147‑69.1;
Eff. September 15, 1977;
Repealed Eff. August 1, 1983.
SECTION .0400 ‑ BANKING OPERATIONS
20 NCAC 01C .0401 PROCESSING OF WARRANTS
History Note: Authority G.S. 143A‑31;
Eff. September 15, 1977;
Repealed Eff. March 1, 1985.
20 NCAC 01C .0402 DISBURSING ACCOUNTS
(a) Disbursing accounts are maintained in a manner similar
to regular checking accounts in commercial banks.
(b) All agencies for whom a disbursing account has been
established are required to reconcile the monthly statements of the disbursing
account within 15 days of the date of the statement.
(c) Stop payments are accepted only when submitted on the
authorized form. At the sole discretion of the State Treasurer or his
authorized representative, stop payments by phone may be accepted in critical
situations, if the required form is submitted concurrently.
(d) The State Treasurer shall collect all alleged forgeries
of state warrants, provided that the State Treasurer is notified of the forgery
in a timely manner.
History Note: Authority G.S. 143A‑31;
Eff. September 15, 1977;
Amended Eff. March 1, 1985.
20 NCAC 01C .0403 RECORDS MAINTAINED ON MICROFILM
History Note: Authority G.S. 143A‑31;
Eff. September 15, 1977;
Repealed Eff. March 1, 1985.
20 NCAC 01C .0404 PROCEDURES FOR DEMAND DEPOSIT ACCOUNTS
OF STATE FUNDS
(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: "(Name of State Treasurer), Treasurer, State of
North Carolina, Raleigh, North Carolina."
(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: "(Name of State Treasurer), Treasurer, State
of North Carolina, 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.
History Note: Authority G.S. 147‑78;
Eff. September 15, 1977;
Amended Eff. March 1, 1985.
SECTION .0500 ‑ SAFETY OF DEPOSITS
20 NCAC 01C .0501 SURETY BONDS AND COLLATERAL SECURITIES
20 NCAC 01C .0502 FORMS
History Note: Authority G.S. 143A‑31; 147‑78;
147‑79;
Eff. September 15, 1977;
Repealed Eff. August 1, 1983.
