Cash and Cash Equivalent Handling Procedures

 

Purpose

To provide direction for campus departments and any cash-handling employee in collection, custody, and reporting of monies to the Business Office for recording in Banner, and to outline specific cash-handling procedures. Provide timely depositing of monies for improved control of funds, which reduces the risk of loss due to errors, carelessness, or theft.

 

Statement

Cash Handling General Policy

1. Persons/Areas Affected
   1. All campus departments and any employee receiving cash and cash equivalent payments will be affected.
2. Policy
   1. All incoming monies will be acknowledged by receipt when accepted or received by mail and forwarded to the Business Office (the exception is Centers that deposit directly with the bank) for processing within one business day or at a longer interval if approved by the Business Office, using a CR05 Receipts form to indicate where the funds will be deposited.
   2. Cash or cash equivalent will never be unattended. This applies to cash registers, desktops, and cash drawers. If an employee leaves their workstation for any reason, regardless of how briefly, cash must be appropriately secured in a locked place.
   3. Unauthorized persons are not allowed where cash or cash equivalent is handled.
   4. Large sums of cash or cash equivalent will be counted and handled out of sight of the general public.
   5. Individuals will keep working cash funds to a minimum at all times. Excess funds will be in a locked device or deposited in the Business Office.
   6. Cash received must not be used for making changes or petty cash.
   7. Expenditures or refunds cannot be made from cash receipts.
   8. For overnight storage and during other periods when cash is not being used, it will be kept in a safekeeping device, either a safe or locked container.
   9. Under no circumstances will an individual keep college cash with their own personal funds, deposit college funds in a personal bank account, or take college funds to their home for safekeeping.

 

 

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