9.0 Relations and Responsibilities Within the MIT Community
9.9 Policy Regarding Bank and Investment Accounts
The Treasurer of the Corporation is responsible for the safekeeping and investment of all Institute financial assets. Financial accounts for Institute purposes, including bank, brokerage, or mutual fund accounts, must be authorized and established by the Office of the Treasurer.
The US Internal Revenue Service (IRS) monitors the use of tax identification numbers. Misuse of these numbers could result in the imposition of penalties by the IRS.
Bank accounts that include Massachusetts Institute of Technology or MIT in the account name or that use the MIT Federal Tax Identification Number must be used solely for approved Institute-related purposes. Establishment and operation of such accounts must have:
- Either a certified corporate resolution, as voted by the Executive Committee of the MIT Corporation, or the signed authorization of either the Treasurer or the Deputy Treasurer.
- An authorized MIT official as one of the account signatories.
- Monthly bank statements addressed to the internal Audit Division or the Deputy Treasurer, in addition to any required by the official Institute activity maintaining such an account.
The Dean of Students and Undergraduate Education has special responsibilities related to the establishment and operation of bank accounts for officially recognized student groups or activities that wish to use the MIT Federal Tax Identification Number.
Questions and documents related to existing or proposed bank accounts should be referred to the Deputy Treasurer or, in the case of student activities, to the Office of the Dean of Students and Undergraduate Education.