307.01: Depositories

The President is authorized to select the depository of funds for Enterprise State Community College, subject to the approval of the Chancellor. The Chancellor shall report changes in institutional depositories to the Board of Trustees quarterly.

Financial institution services (to include investments) shall be evaluated and selected based upon services rendered by the financial institutions serving the institution. The President shall determine the primary financial institution, or banks, where funds are deposited through a best value request for proposal process to be undertaken at least every five years. Financial institutions must be insured by FDIC/FSLIC and must be designated in the Security for Alabama Funds Enhancement program.