BS5784 - Depository Banks

1. Institutional Regulations
   
   The College will operate from a Primary Depository Bank, invest funds in accordance with Board policy in Board approved Depository Banks and use Transfer Depository Banks to facilitate non-Ankeny Campus deposits.
    
2. Procedure
   1. Selection of Primary Depository Bank:
      1. Bid specifications for primary banking services will be submitted to all interested banks located within the DMACC district once every five years.
      2. The bank submitting the lowest bid meeting specifications will be awarded a five-year contract.
   2. Board Approval of Depository Banks:
      1. The Board of Directors will periodically review the approved depository banks.
      2. All banks on the depository list shall be approved depositories as noted in Chapter 12C of the Iowa Code.
   3. Transfer Depository Banks:
      1. Funds received at the other campuses will be deposited in a Transfer Depository Bank in the local area.
      2. The Transfer Depository Bank accounts shall not be used for cash disbursements except by the Ankeny Business Office as method of transferring funds to the Primary Depository Bank.
      3. Cash Reporting by Other Campuses:
         1. A cash report with validated deposit slips shall be delivered to the Ankeny Campus Business Office.
         2. The Cash Report will detail the payer and the accounts affected for each transaction.
         3. Upon receipt of the Cash Report, the Ankeny Business Office will transfer funds from the Transfer Depository Bank to the Primary Depository Bank.