Cash and Cash Equivalents
This policy is designed to ensure that cash and checks are protected from loss or theft and are deposited and recorded in the university’s records on a timely basis. All money received in authorized locations should be deposited at the Cashier’s Office weekly or daily if the amount exceeds $50.
A “Change Fund” is money advanced to a responsible individual for the purpose of providing change for business transactions made within a department. Normally, the department requesting a change fund is engaged in the selling of merchandise or services to others.
A “Petty Cash Fund” is used by departments for small purchases, reimbursements and other transactions for which the use of university CPOs, POs, or purchasing cards would be inefficient or impractical. Such transactions typically include off-campus purchases of small supplies, refreshments or employee reimbursement for such expenses. Petty cash funds are not to be used to make temporary loans to employees, cashing checks, paying wages or any form of non-university business.
The Cashier’s Office in Financial Services handles department collections and deposits, provides check cashing services, provides change funds and petty cash funds for department use, distributes student refund checks issued by the university, and processes funds for student club organizations. The handling of cash and checks should only be done at the Cashier’s Office in Financial Services, unless the department has been approved by the Financial Services Controller or Assistant Controller.
If approved, all persons handling money must contact the Cashier’s Office to attend the Cash Handling Training. Only the Financial Services Cashier office may provide the Cash Handling Training to all those approved to handle money on campus. All points of cash or payment collection must first receive authorization from the Controller or Assistant Controller.
To obtain authorization to collect money directly from the students or others, the request must be in writing to the Controller at least two weeks prior to the expected date cash collection is to begin. No money should be collected without this authorization. The Cashier’s Office maintains the use of “Change Funds” and “Petty Cash Funds”, which are used by various departments on campus. Funds from one type of account should not be commingled with funds from another type. Approval from the Financial Services Controller or Assistant Controller must be obtained before the funds can be issued. Departments should not maintain any additional unauthorized cash funds.
4. RELATED POLICIES AND PROCEDURES
Executive Sponsor: Administrative Vice President
Approved by President’s Council: 02/17/2012
Full revision history maintained by the Office of Compliance & Ethics.