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Silver AHA Award Winner for Cash Management

ART INSTITUTE OF CHICAGO

By Staff Writer | Updated on November 03, 2008

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 becausedifferent business activities were commingling funds and creating a reconciliation nightmare. We needed more granularity. Now all cash flows are segregated by business unit.”

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