GEORGETOWN UNIVERSITY by wuyunyi

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									                                  GEORGETOWN UNIVERSITY

Division of Financial Affairs

                                  Date:   May 1, 2004

                                  To:     CFO’s and Department Heads

                                  From: David Rubenstein, Assoc. VP of Financial Planning &
                                  Analysis

                                  Subject: Policy Changes for Domestic and Foreign Wire
                                  Transfers and Foreign Drafts


Over time the use of wire transfers for payment has greatly increased. A review of this service
and its policies has demonstrated the need to modify procedures to conform with existing
Accounts Payable practices and to associate the costs with the requesting department.

The policy on Banking and Cash Management has been updated to reflect two changes:
        For payments greater than $2,500.00 the signature of the CFO or Vice President or
           designee is required.
        Fees will be charged for domestic wire transfers, foreign wire transfers, and foreign
           drafts.

The revised policy and forms, with instructions, are located at
http://financialaffairs.georgetown.edu/treasury. The Request for Wire Transfer and Request for
Foreign Draft forms have been revised to include the departmental signature requirement. This
change will ensure that the University is in compliance with regulatory and audit requirements.

Effective, July 1, 2004, the following processing fees will be charged to the requesting
department’s budget for each request processed by Treasury Operations:
         domestic and foreign wire transfer requests - $50.00
         foreign draft requests - $20.00

Departments are strongly encouraged to use ACH for domestic electronic payments instead of
wire transfers due to the cost of processing. Currently, ACH can only be used for domestic
payments. Fees will not be charged for ACH payments. ACH payments are processed through
Accounts Payable. Please reference the Accounts Payable policy located at
http://financialaffairs.georgetown.edu/procure/accounts_payable/ap_contacts.htm.

Please contact Maleka Weatherspoon, Manager, Accounts Payable, at 687-3945 for ACH
payment related questions and Rosalyn Furukawa, Manager, Treasury Operations, at 687-1913
for wire transfer related questions.

cc:    Christopher L. Augostini
       Lennie Carter
       Raymond Carter
       Rosalyn Furukawa
       Maleka Weatherspoon

								
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