NOTICE: The Finance Policies and Procedures Manual, along with the previous manual, is undergoing changes. These sites are continually updated to reflect changes in business processes. If you cannot find the information you are seeking in these policies, email financecomm@unc.edu for more information.
Policies and Procedures

Procedure 302.5 – Reporting Cash Payments Over $10,000 Received in a Trade or Business

Effective
December 1, 2013
Last Updated
December 1, 2013
Last Reviewed
December 1, 2013
Responsible University Officer
University Controller
Responsible Unit
University Controller

Procedure Statement

The University is required to report to the Internal Revenue Service (IRS) the receipt of cash in excess of $10,000 in a single transaction or two or more related transactions that are received in the course of the University’s trade or business.

Forms and Instructions

For each reportable transaction, IRS Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business,” must be filed with the IRS in 15 days. The matrix in Related Data Item 302.5.1rd, Matrix for Reporting of Cash Payments Over $10,000 provides procedural guidance to ensure compliance.

Related Data

Cash is defined as U.S currency and coins. Cash is also money orders, traveler’s checks, cashier’s checks or bank drafts with a face value of $10,000 or less. Any single payment of more than $10,000 with one of these instruments is not included.

A transaction is the underlying event resulting in the transfer of cash. Charitable contributions are not considered transactions. Related transactions are transactions that occur in a 24-hour period or one of a series of connect transactions. An example would be tuition payments for a semester.

IRS reference guide regarding cash payments in excess of $10,000

IRS Form 8300

302.5.1rd – Matrix for Reporting of Cash Payments Over $10,000

302.5.2rd – IRS Form 8300 Letter to Payer: For a single payment or multiple related transaction payments.

History

Revised:
December 1, 2013