Policy 1-3
Cash Receipts - Other College Departments

• Issued: 6-1-73
• Revised: 11-00
• Approved:
  
  

I. TIMELY DEPOSITS WITH THE COLLEGE CASHIER

Departments that receive funds on a daily basis are to make daily deposits to the State Treasurer's bank account, through the College cashier. Departments that make sporadic collections may allow funds to accumulate up to $100 before depositing them with the College cashier. All collections, however, must be deposited on the last working day of each month.

Deposits are remitted to the College cashier with a Cash Transmittal Slip that includes the proper general ledger accounts to be credited. When cash is deposited with the College cashier the cash is verified at the time of deposit.

II. RECEIPTING SYSTEM

Departments must account for all collections with the use of a receipting system which may include pre-numbered receipts or tickets, or log records. Departments are to maintain a log of receipting documents that includes, as a minimum, beginning and ending numbers, and voided documents.

Departments must reconcile receipts used on a monthly basis, or more frequently, to ascertain that all collections have been deposited with the College cashier. Variances must be resolved with the College cashier and logs must be made available for periodic review by the Controller's Office Staff.

III. CHECK PAYMENTS RECEIVED

A. Amount of Payment - Checks will only be accepted for the amount due. The only exception is the Bookstore, which can cash checks for students, faculty and staff.

B. Restrictive Endorsement - All checks will be endorsed with a "For Deposit Only" stamp when received.

C. Post-Dated Checks - The College will not accept post-dated checks for payment.