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Policy for Handling Incoming Payments
* POLICY NAME:
* POLICY TYPE:
Presidential Policy - University Administrative Policy
POLICY #:
E.2.2.
*STATUS:
Active
*CONTACT
OFFICE:
Finance
*OVERSIGHT
EXECUTIVE:
Vice President for Administration and Finance
*APPLIES TO:
Approved Cash Collection sites:
Limited Academic Departments (list maintained by Accounting), Admissions,
Alumni Executive Center, Limited Athletic programs (list maintained by
Accounting), Auxiliary Services, Bookstore, Cashiers Office, EagleOne Office,
JMM, Gary Melchers, Libraries, Office of Student Activities, Residence Life, Small
Business Development Center, Theatre Box Office, University Tennis Center,
*PURPOSE:
To establish uniform handling of all-incoming payments in compliance with
Commonwealth Accounting Policies and Procedures (CAPP) Topic 20205 and
standard banking practices
DEFINITIONS:
Incoming payments accepted by the University are U.S. currency and other
negotiable items drawn in U.S. Dollars on U.S. banks.
*POLICY
STATEMENT:
All incoming payments to the University of Mary Washington (UMW) are
recorded in BANNER, the institution’s financial reporting system. All entries
into BANNER produce a system-generated, sequentially numbered receipt. All
funds are deposited into UMW’s Revenue Clearing (RC) Account at Branch
Banking & Trust (BB&T) or into Wells Fargo if related to the Federal Perkins
Loan Program. All deposits are taken to the banks by courier each business day
by 2p.m.
UMW accepts U.S. currency and other negotiable items drawn in U.S.
Dollars on U.S. banks
Personal checks include name, address, and phone number of payer
and a check number
All payments are maintained in a secure location
Checks, cashier checks, money orders, and traveler’s checks are
endorsed, upon receipt, with minimum wording for ‘For Deposit Only’
Third-Party Checks may be endorsed over to UMW – “Payable to
University of Mary Washington” with Payee’s Signature
UMW honors the ‘legal line,’ not the courtesy box, on checks, cashier
checks, money orders, and traveler’s checks
All payments are recorded into BANNER within 24 hours of receipt
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(weekend or holiday collections are recorded by the next business day)
UMW does not cash checks
UMW does not accept post-dated checks
UMW offers Lockbox processing for student invoices paid by check
UMW accepts credit-card payments and e-transactions through a third
party processor
PROCEDURES:
* General
Procedures for
Implementation:
* Process for
Developing,
Approving, and
Amending
Procedures:
* Publication and
Communication:
* Compliance
Monitoring and
Reporting:
UMW departments request approval from the Associate Vice President for
Finance and Controller to accept payments at either their location or through
our on-line third party processor. Written procedures documenting the
department’s process for receiving, processing, reporting and reconciling
payments are required for approval.
The Associate Vice President for Finance and Controller will designate a
Finance employee to review and make changes to the procedures and policy.
The Associate Vice President for Finance and Controller will review the changes
and grant formal approval. Finance will hold appropriate annual training.
The policy is on the University website. Annual training is held for the
University community.
Compliance with the policy is reviewed annually under the University’s Agency
Risk Management and Internal Control Stands (ARMICS) review. It is subject to
review and audit by the University’s Internal Auditor and Commonwealth
agencies.
RELATED
INFORMATION:
Policy
Background:
* Policy Category:
Administration and Finance
Category Cross
Reference:
Related Policies:
HISTORY:
* Origination Date:
* Approved by:
July 1, 2006
Associate Vice President for Finance and Controller Allyson Moerman
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* Approval Date:
July 1, 2006
* Effective Date:
July 1, 2006
* Review Process:
* Next Scheduled
Review:
Revision History:
The effectiveness of this policy will be reviewed upon the conclusion of any
review by Commonwealth’s agencies, the University’s Internal Audit
Department, or annual Agency Risk Management and Internal Control
Standards (ARMICS) review.
March 1, 2014
0.
1.
2.
3.
4.
Laura Tabler-Allison, Assistant Controller – Compliance, 7/1/2010
Marta Smith, Director of Accounting, 8/1/2010
Marta Smith, Director of Accounting, 12/1/2010
Allyson Moerman, AVP for Finance & Controller, 1/5/2011
Marta Smith, Director of Accounting, 12/6/2012