Departmental Cash and Check Controls Policy
The Bursar's Office has developed a cash and check control policy that includes the following minimum controls:
- ULFO must designate individuals within the department having responsibility for cash and check handling. Separation of duties policy is used to determine staff involvement.
- Cash, checks, or other negotiable instruments are recognized at point of entry into the University.
- Checks are to be endorsed and recorded immediately.
- A primary individual is responsible for compiling the Cash and Check Receipt/Deposit log with all information required by the policy. Serialized receipt copies, if applicable, must match the log entry with any undistributed receipt forms held in safekeeping.
- System reports can function as a log provided pertinent information is incorporated for audit purposes.
- A second individual is responsible to review and verify the Cash and Check Receipt/Deposit Handling Log or system reports for accuracy. The reviewer will prepare the bank deposit using the location coded deposit slip and tamper evident bag, if applicable. At no time should cash, check, or any other negotiable instrument be sent via campus mail without being placed in a tamper evident sealed bag with the appropriate location coded deposit slip.
- The Cash and Check Receipt/Deposit Handling Log or system report become the control document in the monthly reconciliation process to ensure funds were deposited by relating the location coded bank entry to the enterprise reporting system journal entry.
- Cash and checks must be secured in a locked environment until the depository function occurs. Cash must be deposited timely, in most cases within one business day from receipt. Cash receipts of less than $100 may be accumulated for up to three (3) business days. In all circumstances, cash and/or checks must be deposited once $100 has been received or three (3) business (banking) days have lapsed, whichever comes first. Controller’s Office may randomly audit department’s Receipt/Deposit Log. Failure to maintain such log will be subject to punitive action. The ULFO acts as key custodian ensuring safe storage. The Cash Receipt/Deposit Handling Log must be retained with the safekeeping of cash and checks and notated when deposit action occurs.