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TECCA financial subcommittee approves reverse wire drawdown for payroll wires
Summary
The TECCA Board Financial Subcommittee unanimously approved allowing ADP to initiate payroll wires via a reverse wire drawdown process, with email approvals to designated administrators and confirmation procedures in place, after staff described the $600,000 payroll threshold that triggers a wire.
The TECCA Board Financial Subcommittee on March 2 unanimously approved a reverse wire drawdown procedure to handle payroll wires when net payroll processed through ADP exceeds $600,000.
Adam Block, TECCA finance staff, said current practice requires staff to request wire instructions from ADP and then initiate and confirm the transfer. He told the committee that, with payroll growth, wires will become routine when net payroll passes the $600,000 threshold. Under the approved reverse wire drawdown approach, ADP would initiate wires on TECCA’s behalf; Dr. Kenney, Dr. Lattuca and Gale Clark would receive email notifications to approve the transfers, and staff would still confirm receipt with ADP.
Gale Clark said Dedham Savings Bank confirmed it maintains multiple security layers and supports clients using reverse wire drawdown procedures. Mr. Block emphasized the change is intended to streamline operations while preserving oversight.
Mr. Helsing moved to approve the reverse wire drawdown process; Dr. Einsel seconded. A roll-call vote recorded unanimous approval: Dr. Kenney — yes; Ms. Magley — yes; Mr. Helsing — yes; Dr. Einsel — yes.
The committee did not add conditions to the approval during the meeting; staff said they will follow the bank’s security practices and the email-approval flow described on the record. The subcommittee will revisit operational details if issues arise when the process is implemented.
