University departments that regularly collect cash, cash equivalents, and checks are responsible for ensuring that adequate control procedures have been put in place in order to safeguard such collections and that the funds are timely deposited with the University Cashier. Departments authorized to accept credit and debit card payments for the purchase of University goods or services or the acceptance of contributions must also ensure that adequate data security procedures have been implemented.
All departments responsible for the collection of cash, cash equivalents, and checks and/or the processing of credit and debit card transactions are subject to the standards set forth in this Policy.
REASON FOR POLICY
This Policy establishes the standards for the handling of cash, cash equivalents, and checks and the processing of credit and debit card payments received by the University. In addition, the Policy defines the roles and responsibilities related to the receipt, safeguarding, and deposit of cash, cash equivalents, and other payments received by the University in compliance with applicable state and federal laws and industry standards for the protection of such assets.
WHO SHOULD READ THIS POLICY
Any employee who performs cash handling duties; the President, Vice Presidents, Vice Provosts, and Deans, as well as supervisors and Business Managers who supervise an employee with such responsibilities.
Depository Bank Account
All cash, cash equivalents, and checks collected by departments must be transferred to the University Cashier for deposit in the University’s depository bank account, in accordance with the procedures set forth in this Policy.
The authority to establish or make changes to the University’s banking and investment accounts is limited to the Vice President for Business and Finance, or his designee. No other person is authorized to open or make changes to a University banking or investment account.Obtaining Approval to Accept Credit and Debit Card Payments
Departments must seek prior approval from the Associate Vice President for Accounting and Business Services to accept credit or debit card payments in connection with the sale of goods or services. Departments seeking such approval must submit a written request to the Office of Accounting and Business Services that responds to the questions contained in Appendix A
Contributions and donations made with credit or debit cards are processed only by Development Services in the Office of Development.
Departments granted approval to accept credit and debit card payments will be provided with access to Commerce Manager or iModules, the University’s third-party e-commerce systems used for the processing of on-line credit and debit card transactions. Employees authorized to access Commerce Manager or iModules, however, must attend training prior to receiving access to the systems. See Appendix A
.Employee Background Checks
New employees must undergo a pre-employment background check prior to assuming any cash handling responsibilities. Departments must arrange with Human Resources to schedule a background check, which will be conducted by the University’s third-party service provider. See Background Check Policy
.Petty Cash Funds
Departments shall not establish or maintain a petty cash fund. Employees incurring out-of-pocket expenses for business-related purchases may be reimbursed by submitting an Expense Report and original receipts within 60 days of the transaction date through the Concur Reporting System. See Forms.
For a student who is not an employee, the preferred method of expense reimbursement is a Payment Request processed by a student's department through the Concur Reporting System. Reimbursements made through Concur may be paid by check or electronically directed into a student's bank account.
As an alternative, students may request reimbursements of up to $50 by submitting a completed Petty Cash Voucher and original receipts, approved by their applicable Business Manager, to the University Cashier. Such reimbursements are limited to three per fiscal year. When picking up cash, the student must sign the Voucher in the presence of the Cashier after providing his or her campus-wide identification. Cash pickups are subject to the Cashier's hours of operation.
Reimbursements processed through Concur are not subject to the dollar and frequency limits applicable to cash reimbursements.
||The enterprise information system used to record the business activities of the University. The core system suite is made up of the Advancement, Finance, Financial Aid, Human Resources, and Student modules, and includes additional functionality in document management, job scheduling, reporting, and workflow.
||Includes only U.S. currency and coins (except for purposes of Form 8300 reporting to the IRS).
||Includes assets that are readily convertible into cash such as money orders, traveler’s checks, cashier’s checks, and certified checks.
||A negotiable instrument instructing a financial institution to pay a specific amount from an account held in the drawer's name with that institution.
||The University’s web-based system for processing on-line credit and debit card payments.
||A card issued by a commercial bank or financial institution under the Visa or MasterCard brand or by an independent company (e.g., American Express, Discover, etc.) that permits the holder to pay for goods and services by drawing against a line of credit granted by the card issuer.
||A card issued by a bank or financial institution under the Visa or MasterCard brand that permits the holder to pay for goods and services by drawing against available funds resident in the payer’s checking or savings account at the time of payment. Debit card transactions are processed either on-line (i.e., PIN debit) or off-line (i.e., signature debit)
||A task performed or an asset held in the control of two people.
||The acronym representing each element of the University’s Charts of Accounts, including Fund, Organization, Account, Program, Activity, and Location.
||The University’s web-based system for event registration and processing of on-line credit and debit card payments.
- Prepares documentation to substantiate a request to pay an employee additional compensation for an activity authorized under this Policy.
- Reviews and approves requests to authorize the payment of additional pay for employees under his or her supervision.
- Secures the services of a temporary worker using the University’s preferred employment agency.
Assistant Vice President, Human Resources
- Processes additional pay through the payroll system and reports such payments and applicable withholding in accordance with IRS regulations.
President, Vice Presidents, Vice Provosts, and Deans
- Reviews departmental requests to pay out-of-classification pay or other additional pay as an exception to this Policy.
- Ensures that additional pay disbursed to his or her employees is in compliance with this Policy.
FREQUENTLY ASKED QUESTIONS
- 06/01/2015 - Updated to establish new limit for petty cash reimbursements made to students.
- 04/12/2013 - First publication of Policy.
Appendix A Requests to Accept Credit and Debit Card Payments
Appendix B Physical Security of Cash