If the deposit does not comply with University policy, a letter explaining the reasons must be enclosed in the transmittal envelope. Daily deposits are required unless exempted under category 5 of these guidelines. Each department and student organization is responsible for ensuring adequate procedures and controls over the temporary safekeeping of funds prior to their deposit with the Bursar. For those departments or student organizations which receive small amounts of cash on an irregular basis, while the daily deposit of cash is desirable, such daily deposit may not be practical or cost effective. Within this five workday period the monies must be deposited with the Bursar.
All checks received are to be restrictively endorsed immediately upon receipt.
Under no circumstances will employees or students make disbursements from the department's or student organization's cash receipts. All cash receipts must be deposited with the Bursar. It will be the explicit responsibility of each Budget Unit Director and student organization faculty sponsor to ensure that adequate procedures are in place to comply with these University-wide guidelines. The receipt and collection of funds by a department carries with it certain responsibilities for cash handling, reconciliation, and the segregation of these duties. Occasionally, an Internal Audit report will indicate that some departments are having problems in complying with these responsibilities.