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b. Require city administrator or designee approval on large payments exceeding amounts set <br />in city policy. <br /> <br />2. Update and review vendor files annually <br />a. Review and correct duplicate vendors in system with minor differences, i.e., LLC or Inc. <br />b. Annually review list of vendors and close or inactivate vendors not currently used by the <br />city. <br />c. Review for unusual activity such as fluctuation in payment amounts, activity for closed <br />vendors, etc. <br />d. Compare vendor information such as phone numbers, address, and bank account <br />information to employee records for other than employee expense reimbursements. <br />e. Develop vendor change form for critical information such as electronic banking <br />information, addresses, or billing practices. These forms should not be provided online, <br />but requested from accounts payable and mailed to trusted information on file. <br />f. Receive verbal communication using trusted information on file regarding all changes on <br />critical information. <br />g. Always perform a validation transfer (or test deposit) with a blind confirmation for all new <br />vendors or vendors requesting a change in electronic banking information with payments <br />equal to or greater than $100,000. <br /> <br />3. Do not provide copies of contracts on the city website unless payment terms are hidden <br />within council packets. <br /> <br />4. Do not provide copies of vendor invoices on the city website. <br /> <br />5. Always require a signed Form W-9 from every new payee in advance of making any payments <br />or change in a mailing address. This can be confirmed online or directly with the IRS. <br /> <br />6. Require wire transfers to have dual approvals, electronic or verbal authentication, with the <br />banking institution. <br /> <br />Payroll <br />1. Receive both written and verbal communication from the employee, confirming any requested <br />changes to direct deposit banking information. <br /> <br />2. Develop employee change forms for critical information such as direct deposit banking <br />information. These forms should not be provided online but requested from finance/human <br />resources or kept on a secure employee intranet. All payroll and records containing data <br />covered by Minnesota Government Data Practices Act must be stored and transmitted <br />securely. <br /> <br />Review and Maintainence of Policy <br />The city finance department is responsible for maintaining and reviewing this Electronic Transfers <br />and Payments policy. <br /> <br /> <br />