HANDLING OF UNIVERSITY FUNDS
1. Cash should be kept in a secured device or location at all times until deposited. During
hours of university operation, access to areas where cash is handled must be restricted.
Unauthorized persons are not allowed in areas where cash is handled. Under no
circumstances should university cash be kept with personal funds.
2. Funds must be deposited at the Business Office when $200 or more has accumulated or
every three days, whichever comes first.
3. Receipt books should be used to record the receipt of all funds coming into any university
department. Receipt books issued by the Business Office, must be used in numerical
order, and must be stored in a secured area. Receipt books contain four copies of each
receipt. The original (white copy) is the customer receipt. The second (pink copy) is
turned into the Business Office with the deposit. The third (golden copy) is for the
department use. The fourth (yellow copy) should remain in the receipt book for reference
purposes. Voided receipts should be clearly marked “VOID” and the pink and white
copy should be turned in with the deposit. Missing copies of a voided receipt will require
a written explanation.
4. It is the responsibility of the department to accurately total all currency and checks
collected. When filling out a receipt, cash and check should be listed separately. All
receipted checks must be totaled with an adding machine tape attached. All checks must
be endorsed immediately upon receipt (“FOR DEPOSIT ONLY” with the university’s
account number).
5. The Business Office will verify the deposit and write a sundry (internal university)
receipt for each deposit. The departmental copy of the sundry receipt will be attached to
the last receipt (golden copy) in the book.
6. Where working cash funds are available, funds will be used only for making change in
the acceptance of payments for university goods and services. Use of a working fund for
the purpose of cashing checks and/or IOU’s is strictly prohibited. At the end of each
day’s close of business, working funds should be reconciled and the total should equal
the beginning working fund amount. Any outages calculated, should be noted, applied to
the deposits a “Cash Over or Short”, and should not change the working fund balance.
7. A balancing form will be prepared and used by departments handling working cash funds
in order to reconcile the receipt with check and cash actually deposited. The balancing
form and receipt book must be brought to the Business Office when making a deposit.
8. All sales of goods and services shall be for cash or a bankable equivalent except those
that cannot be predetermined, such as sponsored programs conducted under cost
reimbursement arrangements. In the event that extenuating circumstances prevent
compliance with these regulations, the department or similar administrative unit
extending credit must fully justify and document the prevailing facts and circumstances.
Approval of the chief fiscal officer must be obtained by the department prior to entering
into transaction or establishing methods of operation that require the extension of credit.
Any extension of credit may carry with it personal liability to the State for any resulting
losses to the State.
Acknowledgement:
I acknowledge that I have received and read the policy for handling cash for the University
and agree to follow the requirements of the policy.
__________________________________
Signature
__________________________________
Department
For Business Affairs:
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Receipt Book #
__________________________________
Signature