OUTGOING FUNDS POLICY
Effective date: 1/28/2022
To identify a general underlying philosophy in regards to University payments in its various formats, including electronic payment transfers (Wires and ACHs), checks, card payments, and currency (“Cash”). The disbursement of funds and reconciliation of disbursed funds are primarily handled by the Controller’s Office (including but not limited to Accounts Payable and Payroll) and the Treasurer’s Office. This document is intended to provide guidance to ensure proper handling of the University’s payments.
Many outgoing payments are subject to various regulations that may not be recognized by individuals. There are also risks associated with the various methods of disbursement. The overall objective of this policy is to safeguard Lehigh’s operating funds by compliantly disbursing payments via the most secure method possible. The best way to mitigate these compliance and security risks are to have funds disbursed as centrally as possible, where the mitigation factors are more readily recognized and understood.
The central offices mentioned above that disburse funds have sub-policies and procedures in place to mitigate the risks. Individuals must adhere to the One Card policy when making payments with their One Cards. In no event, should an individual use their One Card to pay another individual either directly or indirectly through a third-party gateway (examples of prohibited third-party actions include linking a One Card to a Paypal, Venmo or other such payment processor).
Any desire for new forms, methods, or arrangements for payments outside of the above routine (Payroll, Payables, and One Card) processes, must be approved by the Treasurer’s Office.