Cash Management

The Office of Investments & Banking focuses on the collection, concentration, disbursement and liquidity of University funds. In addition, the staff is responsible for the maintaining of banking systems and relationships to ensure secure and cost-effective compliance with the University's Policies and practices.

The University has a sophisticated banking structure in place to facilitate our unique financial needs. If you have questions regarding banking or treasury issues, you may email oib@umn.edu or call 612-624-5888.

Policies

Bank Holidays

http://www.federalreserve.gov/aboutthefed/k8.htm

Research & Contingent ZBA Information

Under certain circumstances, it may be necessary for departments and research project coordinators to issue payments outside of the University's established Disbursement Services Department. For additional information and application, please see the policies above.

Banking & Credit References

Credit and banking reference requests may be faxed directly to Wells Fargo at 651-205-8538.

Banking Terms / Codes

ABA Transit number
(also known as routing number): this is a unique number assigned to all financial institutions in the United States, which facilitates check clearings and EFTs. If you are being asked by a vendor for the University's ABA, please see section below "Vendor Payments to the U of M."

Automated Clearing House (ACH): n
N ationwide electronic network that processes debits and credits between banks. An example of an ACH is the direct deposit of payroll.

Beneficiary
Individual or entity receiving funds. When sending wires, it is important that this reflects the name on the account the money is to be transferred to.

Clearing House Interbank Payments System (CHIPS)
A real-time funds transfer system that handles large-dollar, time-sensitive transfers for the world's largest banks. If a vendor is requesting this information in order to send payment to the University, please see "Vendor Payments to the U of M."

Electronic Funds Transfer (EFT)
A ny non-paper movement of money. Examples include ACH and wire transfer.

Fed Reference Number
A number assigned to all wire transfers. This is useful information when tracking a payment.

Fedwire
A lso known as wire transfer.

Lockbox

A bank service by which payments are sent to a PO Box and then processed by the bank for deposit into their customer's account.

Payee

The person or entity receiving the money.

Payor

The person or entity that is issuing the payment.

Society for Worldwide Interbank Financial Telecommunications (SWIFT)

An international network that facilitates the exchange of payment messages between financial institutions. If an international vendor is requesting this information in order to send payment to the University, please see "Vendor Payments to the U of M."

Wire Transfer
A same-day payment sent via the Federal Reserve's system.

Electronic Payments to the U of M (non-tuition)

A business partner may request the University's bank instructions to send a payment electronically. Due to the University's complex banking structure and the security of bank information, you must complete the short questionnaire to obtain accurate and complete instructions. You may distribute these instructions to your business partner. *PLEASE RETAIN ANY UNIVERSITY BANK INSTRUCTIONS IN A SECURE LOCATION*

Please note: For information about tuition payments, please see One Stop: http://onestop.umn.edu/finances/pay/index.html.

Forms

FAQs

Who do I contact regarding equipment inventory, capital equipment or equipment audits?
Inventory Services, part of the Controller's Office. Invetory Services handles equipment inventory, capital equipment information and equipment audits. Their phone number is 612.626.8222. Their web site is http://www.finsys.umn.edu/inventorysvs/inventorysvshome.html.

What is Asset Management?
The Office of Investments & Banking was formerly known as the Office of Asset Management. Asset Management is now more closely related to Inventory Services which is part of the Controller's Office. Inventory Services handles equipment inventory, capital equipment information and equipment audits. Their phone number is 612.626.8222. Their web site is http://www.finsys.umn.edu/inventorysvs/inventorysvshome.html.

I made a tax payment. Who do I send the details to?
Please email the details including amount, date to be paid, journal entry number and the name of your department to the following individuals: Stephanie Fabick (fabic004@umn.edu), Candice Kraemer (kraem046@umn.edu).

Someone wants to pay us electronically and they sent me a form. Who do I send that to?
You can forward the form to OIB (oib@umn.edu or fax 612-626-7271). Please indicate if the funds being received are sponsored and who the form should be returned to when complete.

I received notification that a company wants to debit our account directly for payments due to them. Does the University allow that?
The University does not allow third parties to debit our accounts for payments owed to them. All payments must run through Disbursement Services http://www.finsys.umn.edu/disbursement/disbursementhome.html.