Policies & Procedures Manual - Elizabeth City State University

400.3.1.17the State Treasurer in the name of the State Treasurer on a daily basis in the form andamounts received.Cash Management Over Disbursements:The objective of managing disbursements is to maintain funds in interest-bearing accounts forthe longest appropriate period of time. This allows the State to recognize the maximum earningpotential on its funds. This is not intended to encourage late payment or have a negative impacton relationships with firms who, in good faith, supply goods and services to the State. Toaccomplish this objective, ECSU adheres to the following rules:1. Monies deposited with the State Treasurer remain on deposit with the StateTreasurer until final disbursement is made to the ultimate payee;2. The order in which appropriations and other available resources are expended shall bein accordance with North Carolina law.3. Federal and other reimbursements of expenditures paid from State funds shall be paidimmediately to the source of the State funds;4. Billings to the university for goods received or services rendered shall be paidneither early nor late but on the discount date or due date to the extent practicable;and5. Disbursement cycles for the University shall be established to the extent practicableso that the overall efficiency of the warrant disbursement system is maximized whilemaintaining prompt payment of bills due.Cash Management Over Investments:The interest earnings of the General Fund shall be maximized to the extent practicable.ECSU adheres to the following rules:1. Interest earnings shall not be allocated to an account by the University unless themoneys in the account are expressly eligible by law for receiving interest allocations;2. University officers and employees who receive moneys in trust or for investment shallbe solely responsible for properly segregating such funds for investment in themanner prescribed by the law. The officer or employee charged with the