When the $200 million Art Institute of Chicago initiated a treasury function in 2004, it hired Margaret Annett, a treasury veteran (Borg Warner, Amoco) to run it. She found a hodgepodge of bank accounts that required tedious, manual reconciliation, so she drafted a plan to rationalize cash management and added 10 new receiving accounts and split an all-purpose depository account into four.
"Most treasuries are reducing accounts to save money, but we needed to add accounts because
different business activities were commingling funds and creating a reconciliation nightmare. We needed more granularity. Now all cash flows are segregated by business unit."