Policy: Cash Handling

I. Policy

To ensure the prompt deposit, safekeeping and proper accounting for all College funds, this Policy describes procedures for the handling of cash and other funds received by the College.

II. Scope

This policy applies to faculty, staff, and student organizations, which receive funds relating to revenues, services rendered, travel reimbursements, or donations made to the College.

III. Procedures and Regulations

A. Deposit Requirements
All payments received by a College employee or student organization are required to be deposited daily to the Cashier’s office. All deposits to the Cashier’s office must include a completed deposit slip. The Cashier’s office must make daily deposits to the bank.

Departments may accept payments by cash or check. Credit cards can only be accepted by departments given specific authority by the controller’s office. All deposits must be made in person daily at the College Cashier window located on the 1st Floor. No payments should be sent by mail, including inter-office mail.

B. Bank Accounts
Only the Vice President for Finance and Administration of the College may authorize bank accounts in the College’s name. All requests for bank accounts and other banking transactions must be directed to the Vice President for Finance and Administration or his or her designee.

C. Written Departmental Procedures
All departments must have written procedures for the handling of cash in that department. The College Controller must approve all departmental procedures for handling of money. Departments who have new revenue generating activities must submit departmental cash handling procedures to the Controller’s Office.

D. Removal of Funds from the University
No individual is authorized to remove money from the campus for safekeeping, or to use a cash fund to cash personal checks for themselves or others. Checks made payable to the college must be endorsed immediately and may not be assigned to any other party.

E. Starter Checks
No checks are to be accepted which do not have imprinted on them the name and address of the account holder.

F. Non-compliance
Evidence of non-compliance with these policies should be brought to the attention of the Vice President for Finance and Administration. Non-compliance with these policies may be grounds for termination of employment.