West Virginia Code of State Rules Agency 112 - Treasurer
West Virginia Code of State Rules
Agency 112 – Treasurer
Purpose and Scope
Agency 112 sets forth the rules and regulations governing the duties, responsibilities, and procedures of the West Virginia State Treasurer’s Office. The agency oversees the management of state funds, safeguarding public money, and ensuring proper financial practices.
Key Areas Covered
1. Custody and Management of State Funds
The Treasurer is responsible for the custody and management of all state funds, including receipt, deposit, and disbursement.
Procedures for collecting revenue and handling receipts from various state agencies are outlined.
Rules specify how funds must be deposited into official state accounts and how withdrawals are authorized.
2. Investment of Funds
The Treasurer has authority to invest surplus state funds to maximize returns while maintaining safety and liquidity.
The agency establishes types of permissible investments, including requirements for diversification and risk management.
Reporting requirements ensure transparency of investment activities and performance.
3. Disbursement Procedures
Detailed rules govern how payments from the state treasury are processed, including authorization protocols and documentation requirements.
The Treasurer ensures payments comply with state budgeting and appropriation laws.
Procedures for handling warrants, checks, and electronic payments are included.
4. Unclaimed Property
The agency manages the administration of unclaimed property, including rules for reporting, safekeeping, and returning property to rightful owners.
Procedures for public notification and claims processing are detailed.
Timelines for holding unclaimed assets and criteria for escheatment to the state treasury are specified.
5. Reporting and Accountability
The Treasurer must submit regular reports on the status of state funds, investments, and financial operations.
Internal audits and compliance reviews are conducted to ensure adherence to financial policies.
Procedures for handling discrepancies, fraud investigations, and corrective measures are outlined.
6. Fees and Charges
The agency sets fees for certain services provided by the Treasurer’s Office, such as issuing duplicate checks or processing special transactions.
Fee schedules and payment methods are clearly defined.
7. Public Access and Records
Rules govern the accessibility of financial records maintained by the Treasurer, balancing transparency with confidentiality.
Procedures for public requests for information and records retention policies are included.
Summary
Agency 112 provides a comprehensive regulatory framework for the West Virginia State Treasurer’s Office to:
Safeguard and manage state funds responsibly.
Ensure efficient collection, deposit, investment, and disbursement of public monies.
Administer unclaimed property in accordance with established procedures.
Maintain transparency and accountability through regular reporting and audits.
Define fees related to Treasurer’s services and maintain accessible records.
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