Ohio Administrative Code › Title 3337 - Ohio University › Chapter 3337-51 - Policy on Deposits › Section 3337-51-01 - Deposits of funds

Current through all regulations passed and filed through July 1, 2024
The version of this rule that includes
				live links to associated resources is online at
https://www.ohio.edu/policy/51-001.html
(A)
								Overview
This policy provides guidance for the
				depositing of funds at Ohio university. The policy is in accordance with
				section 9.38 of the Revised Code
				("Payment or deposit of public moneys") and directs prudent business practices
				for foundation funds.
For the purpose of this document,
				"public money" and "funds" include cash, checks, credit card receipts, and
				electronic transfers.
All funds must be deposited with the
				appropriate office on the business day following the day of receipt, unless, at
				the end of a business day, the amount to deposit is less than one thousand
				dollars and the funds can be safeguarded. In that case, the deposit may be
				delayed until the third business day, or when the amount on hand reaches an
				amount equal to or greater than one thousand dollars, whichever comes
				first.
Non-compliance with deposit deadlines
				will result in a notice of violation that will be copied to the appropriate
				dean or vice president, the controller, and the internal audit
				office.
Checks received at Ohio university made
				payable to "Ohio University" should be restrictively endorsed upon receipt;
				contact the assistant bursar for endorsement stamp specifications. Checks
				received at Ohio university made payable to the "Ohio University Foundation"
				should also be restrictively endorsed upon receipt; contact the foundation
				accounting office for endorsement stamp specifications.
(B)
								Deposits to
			 grants and contract accounting
Deposits for grants and contracts (fund
				types 020 and 04X) as well as matching funds (0200, 0300, 0600, 0700) should be
				forwarded to grants and contract accounting, along with any documentation that
				accompanied the check.
(C)
								Deposits to the
			 Ohio university foundation
Deposits for foundation accounts (fund
				types 100, 130 and 160) should be forwarded to the Ohio university foundation,
				along with a completed "Deposit Transmittal - OU Foundation" form.
(D)
								Deposits to plant accounting
Deposits for plant accounts (fund type
				06X) should be forwarded to plant accounting, along with any documentation that
				accompanied the check.
(E)
								Deposits for all
			 other funds received in departments
Deposits of funds other than those
				listed in parts (B), (C), and (D) of this policy should be forwarded to the
				cashier's office along with a "Deposit Form - OU." Include any other required
				documentation (such as credit card balancing reports) and any documentation
				that may serve to establish the purpose for which the funds are
				intended.
An electronic departmental deposit
				module is available that provides departments with the ability to key deposits
				into the cashiering system. The department must then provide the funds and
				deposit number assigned by the system to the cashier's office. Contact the
				assistant bursar to request training for the electronic departmental deposit
				module.
(F)
								Handling checks received for unknown reasons
Should a department receive a check,
				and the reason for the check is unknown, the department should forward the
				check, along with any documentation that accompanied the check, to "General
				Accounting, Suite 218, West Union Street Office Center."
(G)
								Accepting electronic payments
A department that wants to accept
				payments through the web or any other electronic means must coordinate the
				activity with the office of the bursar.
(H)
								Accepting credit
			 card payments
Any department that wants to accept
				credit card payments (through the internet, over the phone, in person, through
				the mail, or through a third party vendor) must coordinate the activity with
				the office of the bursar. To protect the privacy of our customers as well as
				maintain compliance with the "Graham Leach Bliley (GLB) Act" and "Payment Card
				Industry Data Security Standards" (PCI DSS), units must follow the guidelines
				described below for processing of credit card transactions. Adhering to the
				following procedures will help insure the integrity and security of all credit
				card transactions.
(1)
									Credit card transactions must be in person, by
			 telephone, by mail, or via a secure university approved internet application.
			 Do not accept credit card information via email, or send such information via
			 email.
(2)
									Printed customer receipts that are distributed outside
			 the department must show only the last four digits of the credit card
			 number.
(3)
									When storing paper records containing credit card
			 numbers, all but the last four digits should be redacted as soon as refunds or
			 disputes are no longer likely, but no more than one hundred eighty days from
			 the date of the transactions. Do not store credit card information in a
			 customer database, electronic spreadsheet, or mobile storage device. Paper
			 records must be stored in a locked room or cabinet to which only authorized
			 employees are permitted access.
(4)
									Credit card
			 processing will require annual review by the office of the bursar to confirm
			 compliance with the "Payment Card Industry Data Security Standards."
Failure to comply with the above
				standards may result in your department being required to discontinue the
				practice of accepting credit cards.
If credit card records may have been
				compromised in any way, whether through malicious intent or due to a weakness
				in the handling, processing, or storing of credit card transactions,
				immediately notify the office of the bursar, or the chief information officer
				or his or her designee, or both.
The version of this rule that includes
				live links to associated resources is online at
https://www.ohio.edu/policy/51-001.html