Cash Receipts/Funds Handling Guidelines
University departments that handle funds should be committed to strong internal controls of cash receipts to prevent the mishandling of funds and safeguarding against loss. In addition, departments need to ensure funds are deposited within State guidelines.
- If funds received total $500 or more, a deposit must be brought to the Cashier’s Office within 24 hours of receipt.
- Receipts of lesser amounts may be held until they equal $500, but not for more than 7 calendar days.
Departments are required to log receipts of all funds on the Departmental Deposit Slip. Funds include coins, currency, checks, money orders, traveler’s checks and credit cards. All deposits must be brought to the Cashier’s Office by 4:00 pm (unless department is a direct depositor) A direct depositor is an area authorized by the Controller to deposit directly to the University’s bank account rather than making deposits at the Customer Service Window at the University Cashier’s Office.
The Cashier’s Office is responsible for monitoring departmental deposits to ensure compliance with State guidelines. Departments that fail to adhere to established guidelines are required to submit a written explanation from the Dean or Department Head to the Coordinator of Bursar Services and include corrective action taken to ensure funds are deposited within guidelines. Failure to deposit funds within stated time frames may result in an audit finding and must be reported to University Management.
In order to ensure that funds received are credited to the correct account, the banner account must be provided for each deposit line item.
572100 Fund Raising
577145 Gifts and donations
577210 Program Income
When submitting a deposit slip to the Cashier’s Office, please make sure it is filled out completely and contains the Department, Banner Fund, Banner Org and Banner account number.
For departments collecting funds on a regular basis, deposits must be made daily.
For those departments receiving funds less frequently, deposits must be made each Friday or as soon as the cumulative funds reach $500.00 or greater. All accumulating cash receipts totaling $500 or more must be deposited within 24 hours. Departments are responsible for safeguarding receipts and all funds must be kept in secure locations. To protect funds, they should be kept in a lockable container, such as a cash box, and stored in an area that is not visible to unauthorized personnel. The container should not be left unattended during the work day. At night or outside of business hours, all funds must be kept in a secured (locked) storage area, such as a locked desk, file cabinet or safe.
Check deposits may be mailed to the Cashier’s Office, Old Main Building, provided the deposit:
- Does not contain cash
- Does not total more than $500
Copies of checks should be made for each deposit mailed, as the department is responsible for lost deposits and having the checks reissued. Deposits containing cash must not be mailed to the University Cashier’s Office.
Occasionally, departments receive funds (usually checks) lacking sufficient documentation for determining if these funds belong to the department. If these funds cannot be “identified” within 24 hours, the funds must be taken to the Cashier’s Office for deposit into the Universities unidentified account. The Cashier’s Office will assume responsibility for identifying and posting these payments.