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[[underlined]] Authority to Establish Bank Accounts [[/underlined]] 
The Treasurer referred to the following paper in the establishment of bank accounts at the Institution. 

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The Smithsonian currently maintains fifty-three active commercial bank accounts of which thirteen are in foreign countries; these include 22 imprest checking accounts (with limited disbursement authority) for research field stations and off-site bureaux, 11 operating (collection and disbursement) accounts for off-site bureaux 9 collection and refund accounts for auxiliary activities, 8 investment custodial and savings accounts, and 3 accounts for Institution-wide purposes (checking, depository and payroll). In addition a trust fund checking account is maintained at the U.S. Treasury. This number of different accounts is necessary given the widespread and various activities of the Institution. Wherever located, these accounts are established under the control of the Treasurer's Office with reviews and reconciliations performed by the central Accounting Office. Strict procedures are in effect on the use of these accounts, which are then subject to audit and verification each year by the Institution's Independent Auditors.

In establishment of each account, the Secretary has relied on the broad statutory authority granted him to "take charge of the building and property of the Institution" (20 USC 46). Although commercial banks traditionally require specific governing board resolutions to establish new accounts or change signatories, the banks at which we maintain accounts have to date been willing to accept the implied authority of the Secretary as stated above. In order, however, to satisfy bank requirements more directly and to facilitate our ability to open accounts and change signatories as needed, the Board is requested to confirm the implied authority of the Secretary to establish bank accounts by providing him specific authority in this area. Standard banking practices will b followed in carrying out this authority.