Policies and Procedures
Policy 302 – General Receipts and Deposits
July 1, 1999
June 1, 2010
Director of Student Accounts
Office of Student Accounts and Univ. Receivables
University staff must deposit all funds within one business day of receipt. Most departments do this by using the Departmental Deposit System, accessible through Finance Central.
Upon acceptance of payment in person (especially cash), department staff must provide a receipt to the person making the payment to the University.
All check items received for deposit must be restrictively endorsed as instructed in Procedure 302.2, Restrictively Endorsing Checks for Deposit, in accordance with the State Treasurer's Banking Services Handbook.
Cash and/or Check items must be transmitted to the University Cashier's Office by courier within one business day of receipt, along with the Daily Cash Transmittal Report generated from the Departmental Deposit System. Though not recommended, deposits including only checks may be sent through campus mail. Coin and currency must be delivered in person, never by mail. Deposits must be made intact: checks must not be cashed from receipts and expenditures must not be made from receipts.
Bankcard receipts are transferred electronically.
State and University policies require the inclusion of adequate documentation to support and identify each deposit. These supporting documents should accompany the cash, check and/or credit card transmittal report(s). Examples of these kinds of documents may include correspondence, check stubs, copies of receipts, or other proof of deposit. Copies of these documents should be retained for departmental files. If this supporting documentation includes Personal Identifying Information (PII), University Policy requires that the department to protect this information. PII includes an individual’s social security, employer taxpayer identification, driver’s license, state identification, passport, checking account, savings, and credit card or debit card numbers. Proper security measures employed to protect this information include storing the copies in locked filing cabinets, using password-protected electronic files, and encryption.
All monies received by the Office of Student Accounts and University Receivables (SAUR) will be summarized and deposited to the bank within one business day and reported directly to Accounting Services for entry into the University accounting system. Departments are responsible for monitoring the status of their deposits and confirming that they are recorded in the University's accounting system.
Reason for Policy
The Daily Deposit Act, General Statute 147-77 requires daily deposit of funds received by the University. In addition, a consistent process of documenting receipts and deposits is an important internal control practice to ensure the security of assets and the accuracy of revenues.
The Daily Deposit Act, General Statute 147-77 allows for noncash receipts that accumulate to less than $250 within a week to be deposited on a weekly basis, rather than a daily basis.
Credit card receipts are transferred directly to the bank; a Daily Cash Transmittal must be completed in order for the receipts to be attributed to the appropriate department account.
Deposits for contract and grant accounts should continue to be forwarded directly from the department to the Office of Sponsored Research, subject to the Daily Deposit Act.
Only gifts from University-related foundations may be deposited through the Cashier's Office. All others must be deposited through the Development Office.
Certain departments are authorized to make their deposits directly to a designated bank account, subject to the Daily Deposit Act. Exceptions may be granted through the Office of the University Controller.
Foreign items not drawn or payable on a U.S. bank in U.S. funds, whether check, money order, or draft, must be sent to the bank for collection.
- 302.1 - Receipting Funds
- 302.2 - Restrictively Endorsing Checks for Deposit
- 302.3 - Monitoring Outstanding Deposits
- 302.4 - Presenting Foreign Items
- 302.5 - Reporting Cash Payments Over $10,000 Received in a Trade or Business
Frequently Asked Questions
Q: How do we process a money order or travelers' check?
A: Treat money orders and traveler's checks the same as a regular check.
|Cash||Student Accts and Univ Recv - Cashierfirstname.lastname@example.org|
|Receipts||Student Accts and Univ Recv - Cashieremail@example.com|
|Deposits||Student Accts and Univ Recv - Cashierfirstname.lastname@example.org|
June 1, 2010
October 4, 2006