The Catholic University of America

Finance: Accounting
Cash Handling Policy

Archived 2/8/13

 
I. Introduction

To ensure the prompt deposit, safekeeping and proper accounting for all university funds, this Policy describes procedures for the handling of cash and other funds received by the university.

This policy applies to faculty, staff, and student organizations, which receive funds relating to revenues, services rendered, travel reimbursements, or donations made to the university.

II. Definitions
N/A

III. Deposit Requirements

All deposits must be kept in a locked and secure location at all times. All payments received by a university employee or student organization are required to be deposited to the Cashier's office on a timely basis. Deposits which total more than $500 in aggregate must be deposited within 1 business day of receipt. This includes deposits that may contain only 1 item (i.e. 1 check for $500) or deposits with several items (i.e. 5 checks for $100 each). Any deposit less than $500 must be deposited within 3 business days of receipt. All deposits to the Cashier's office must include a completed deposit slip. Detailed instructions on completing a deposit slip can be found in Campus User Practice Guide Number 9, Deposit Procedures.

Departments may accept payments by cash, check or travelers check. Credit cards can only be accepted by departments given specific authority by the Controller's office.

Payments received after regular business hours may be deposited in the drop safe located in the Cashier's office back hallway. Public Safety will provide access to the drop-safe to persons wishing to make a deposit. All deposits must be made in person at the University Cashier window located on the 1st Floor of Leahy Hall. No payments will be accepted by mail, including inter-office mail.

IV. Bank Accounts

Only the Vice President for Finance and Treasurer of the university may authorize bank accounts in the university's name. All requests for bank accounts and other banking transactions must be directed to the Vice President for Finance and Treasurer or his designee, the University Controller.

V. Written Departmental Procedures

All departments must have written procedures for the handling of cash in that department. The University Controller must approve all departmental procedures for handling of money. Departments who have new revenue generating activities must submit departmental cash handling procedures to the Controller's Office.

VI. Removal of Funds from the University

No individual is authorized to remove money from the campus for safekeeping, or to use a cash fund to cash personal checks for themselves or others. Checks made payable to the university must be endorsed immediately and may not be assigned to any other party.

VII. Starter Checks

No checks are to be accepted which do not have imprinted on them the name and address of the account holder.

VIII. Non-compliance

Evidence of non-compliance with these policies should be brought to the attention of the Vice President for Finance and Treasurer or University Internal Auditor. Non-compliance with these policies may be grounds for termination of employment. The University Internal Auditor will audit compliance with cash handling policies at unannounced intervals.