6415 Electronic or Wire Transfers

The objectives of the District’s wire transfer policy is to safeguard district funds and to minimize the risk for any misappropriation of funds related to on-line banking wire transfers. The District shall establish internal controls and procedures aimed at segregating, recording and authorizing functions with the objective of minimizing risk. It shall also enter into written agreements with its banking institution for wire transfers that identifies authorized individuals and maintains separate permissions for initiating a wire transfer and for approving the wire. The District and the Bank shall implement a token system that only allows the release of a wire by an authorized initiator of the wire transfer who is separate from the individual who approves the wire.

The District will only initiate a wire through a stand-alone computer that is dedicated to on-line banking. Only authorized users will be granted access to the stand-alone computer. Electronic wire transfers must be authorized by Internal Claims Auditor before they are released by the Bank. However, the Superintendent or his or her designee must authorize any wires outside the United States or Canada. Also, any wire of $250,000 or greater requires the authorization of the

Assistant Superintendent for Business or his or her designee before the wire is released from the Bank. The Internal Claims Auditor, as part of the review of cash disbursements, will confirm that all wire transfers are accompanied by the proper supporting documentation and have the appropriate authorized signatures.

Ref: Education Law Section 2116-a
General Municipal Law Article 2 Section 5-a

Adopted June 19, 2012

Revised and Adopted December 18, 2018

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