Current through Register Vol. XLI, No. 50, December 13, 2024
Section 63-4-6 - Bank Accounts6.1. Conservation districts shall receive and maintain funds received from the State of West Virginia, including federal funds, in an interest-bearing bank account. 6.2. Conservation districts shall maintain general funds, CDO funds, and special revenue funds in the same interest-bearing account provided the accounting software used can perform fund accounting to produce financial statements and tracking for each fund. Otherwise, each type of fund may be maintained in separate bank accounts.6.3. The use of a money market type account with a disbursement account is also acceptable.6.4. Co-administered funds may be invested in Certificates of Deposit as long as the funds may be withdrawn early without penalty.6.5. Conservation districts shall notify the WVCA when co-administered banking accounts are opened, closed, or changed.6.6. Conservation districts shall notify their accounting/bookkeeping service provider when general fund, CDO funds, and special revenue banking accounts are opened, closed, or changed.6.7. The conservation district treasurer and one other district supervisor shall be present at the financial institution when opening or closing a bank account or Certificate of Deposit.6.8. Districts shall keep all signature cards up-to-date.6.9. Funds shall be deposited at FDIC insured banking institutions.6.10. Funds deposited in excess of FDIC insured amounts shall be collateralized to the same extent as W.Va. Code § 12-1-5 with the same type of collateral as listed in W.Va. Code § 12-1-4. This may require the use of Fedwire Securities Joint Custody Service.6.11. Blank checks shall never be signed in advanced nor shall checks without a payee or amount.6.12. Checks shall not be signed by stamp, any other signature facsimile, or by persons other than those authorized to sign.6.13. Authorized signors shall be approved by district board motion.6.14. Check stock shall be locked in a secure location when not in use.6.15. All check stock shall have "Void After 180 Days" or "Void After 6 Months" printed on them.6.16. Conservation districts shall notify and remit unclaimed property to the State Treasurer's Office in accordance with the West Virginia Uniform Unclaimed Property Act §36-8.6.17. All credit card transactions shall be reconciled monthly by the district treasurer to individual receipts.