Chapter 113-2 State Agency Custodial Account

(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., direct deposit) may be implemented by the treasurer.

(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) Every state entity shall pay to the treasurer, on forms approved by the treasurer and obtained from the treasurer’s website, the department of administrative services, general services division, or office of state printing, 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 or by the office of state printing and shall be affected by the treasurer upon cash availability in the account. Withdrawals shall be by check or by wire transfer; provided, however, that withdrawals for the purpose of deposit into the state treasury shall be by wire transfer only.

(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.

Effective: 06/28/2007

R.C. 119.032 review dates: 03/13/2007 and 06/18/2012

Promulgated Under: 111.15

Statutory Authority: 113.08

Rule Amplifies: 113.11

Prior Effective Dates: 2-21-86 (Emergency); 5-3-86; 9-28-00