51吃瓜网视频

Policy 3.1.3

Policy 3.1.3

SUBJECT: RECEIPT, CUSTODY, AND DEPOSIT OF REVENUES

A full and true accounting of all funds collected shall be maintained by 51吃瓜网视频 Baptist University. Accountability for such collections shall be maintained from the origin of collection until final deposit in an approved depository bank.

Receipts - An official receipt or certification of payment, in a form approved by the chief financial officer, shall be issued to each student or other payer for all payments and to each purchaser for all cash sales. The receipt document shall be issued by the employee collecting payment.

Pre-printed receipt forms shall be pre-numbered. Computer generated receipts will have program assigned numbers, but cash register receipts are not necessarily numbered. Receipts will be generated with sufficient copies to provide a copy to the payer, a copy to be filed in logical sequence by the issuing department or unit, and a copy for submission to the university's cashier office with funds deposited.

Receipt forms shall record the amount received, the name of the payer, source of funds, if not a personal payment, purpose of the payment, and relevant account numbers to facilitate the proper accounting for funds deposited. Departments or units submitting receipts recording erroneous account numbers will be notified by the university cashier of the correct account number. Receipts for student payments will include the student PowerCampus and WBU identification numbers. Cash sales tabulated by cash registers and those at admission ticket windows do not require identification of the payer.

Custody - For the purpose of defining cash control procedures, working funds shall be classified as: (1) large funds requiring the use of a vault; (2) working or petty cash funds, which are generally small amounts used to pay for items or incidental expenditures that cannot be handled expeditiously through regular disbursement procedures and for making change.

Administrative and academic departments shall provide adequate and proper facilities for the securing of funds. The chief financial officer shall advise the departments on appropriate facilities for such protection.

Generally, cash funds must always be the specific responsibility of a particular individual, and that individual should retain custody and control over the cash funds for which he/she is responsible. Secondary responsibility shall be assigned to another specific individual when the regular custodian is absent. In the case of departmental funds, the department head should be given the secondary, if not primary, responsibility.

In the case of funds kept in the vault, the primary person should be the only person to access the funds. However, in the absence of the primary person, the employee with secondary responsibility may perform that function.

When possible, knowledge of lock combinations and key custody should be such that, in the event of the disappearance of cash funds, the appropriate person will be responsible for the loss. For funds larger than $100, combinations and keys shall always be kept "on the person," and never stored in a desk drawer or other such place. For funds less than $100, combinations shall always be kept "on the person" and keys may be stored in a desk drawer or other such place as long as access to the keys is limited to the people having primary and secondary responsibility for the fund.

A listing of individuals having responsibility for the fund should be submitted to the chief financial officer and changes in responsibility will be reported as they occur. The listing will be reviewed for accuracy, and the fund will be audited by the chief financial officer as a part of the fiscal year end cash verification process for annual external audit purposes. Copies of combinations and keys shall be put in a sealed envelope and stored by the chief financial officer or his/her designee, for use in emergencies or absence of the custodian. Lock combinations and keys should be changed periodically, particularly when custody changes hands.

On occasion, petty cash for making change is needed on a temporary basis. Athletic or other events involving gate of door receipts are examples of such occasions. The individual having primary responsibility for the collection of such event receipts shall be the primary custodian for requested petty cash funds. Such funds shall be requested using a requisition form which details the purpose of the fund and the name of the primary custodian. Petty cash funds shall be returned along with collected funds immediately after the event. Special arrangements with the university cashier to facilitate a deposit of funds collected over the weekend is desirable if collected funds will be of significant amounts or the primary custodian is unable to provide adequate security until the next workday.

The procedures outlined provide the elements necessary for a workable, yet controlled, cash-handling environment. Requests for exceptions to these procedures should be submitted to the chief financial officer for approval. A copy of approved alternative procedures should be kept in the department at all times for verification and review by university auditors.

Deposit of Collected Funds with the University Cashier Office - Immediately upon receipt, checks shall be endorsed "For Deposit Only - 51吃瓜网视频 Baptist University." There is no authorization for any department or administrative unit to utilize fees or other charges collected or the proceeds of cash sales for any purpose other than for deposit in the university cashier office. Personal check cashing services is limited to the university cashier. Purchases shall not be made from collected funds.

Proceeds from all sources shall normally be deposited daily in the university cashier office. Those departments and units which collect nominal amounts of local income are exempt from this daily deposit requirement, but must make deposits whenever the amount on hand reaches $200 and at least once each week regardless of the amount.

The deposit of funds shall be accompanied by copies of receipts and, if appropriate, a summary report prepared by the responsible department or unit. This report shall reconcile collections with register readings and/or receipts, identify overages and shortages, and document the total of funds deposited. The content and format of this report shall be approved by the chief financial officer.

In all possible circumstances, the university cashier will issue a business office receipt to the individual submitting funds when the deposit is made. Discrepancies must be resolved with the responsible individual and the amount receipted must be reconciled to documentation accompanying the deposited funds. If immediate reconciliation is impractical, amounts may be reconciled and receipts issued soon after the submission of the deposit. This circumstance may occur when large numbers of deposits are made during a particularly short period of time. As an example, during registration, the bookstore may submit deposits which are secured in the vault until reconciliation can be completed.

Alternative Procedures - When appropriate, the chief financial officer of the university may authorize alternative receipts or deposit procedures for the purpose of increasing operating efficiency while maintaining prudent control and accountability for funds received. Authorized documentation of such alternatives must be kept in the department or administrative unit.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-   08/14/2017 - Reviewed


-   03/29/2007 - Reviewed

-   10/01/2004 - Reviewed

-   09/01/2003 - Reviewed

-   09/15/2001 - Reissued as policy 3.1.3

-   12/12/1995 - Revised

-   05/26/1992 - Inception of policy 3.1.1

Printable Policy 3.1.3

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