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ROWAN UNIVERSITY POLICY
Tit=
le: Management of Cash
Subject: Bursar
Policy No: Fin: 2015:14
Applies: University-Wide
Is=
suing Authority: Senior Vice =
President for Finance and CFO
Responsible Officer: Dire=
ctor for Business Affairs & Bursar
Adopted: 11/23/1=
6
Last Revision: =
11/01/2022
Last Reviewed: 11/01/2022
&n=
bsp;I. PURPOSE
This policy is to provide guidance to dep=
artments that are responsible for collecting, depositing, recording, reconc=
iling, and safeguarding cash and/or checks received from customers for good=
s or services provided.
II. ACCO=
UNTABILITY
At the direction of the Senior Vice Presi=
dent for Finance and CFO, the University=E2=80=99s Assistant Bursar shall i=
mplement this policy. Managers and Supervisor of departments who rece=
ive, deposit, and reconcile cash and/or check transactions on behalf of the=
University, are responsible for complying with this policy.
III. APPL=
ICABILITY
This policy is applicable to all individu=
als who have the responsibility, authority, and stewardship over payments t=
o the University, and who receive, deposit, and reconcile cash and/or check=
transactions on behalf of the University.
IV. DEFINITI=
ONS
- Cash Deposit Control: All deposits should be accompanied by a Transmitt=
al Form submitted in duplicate or deposit slip. These forms can be found on=
the Bursar website: http://www.rowan.ed=
u/adminfinance/bursar/forms.html
- Cash Receipts Control: All departments accepting cash (i.e. currency, c=
hecks and money orders) must have an established acceptable form of receipt=
to be issued to its constituents, acceptable recordkeeping methods for all=
transactions, established guidelines on acceptable forms of payments, and =
how cash/check is appropriately handled by designated staff.
- Cash Reconciliation Control: Cash flow activity occurring in each depar=
tment must be monitored and balanced appropriately to ensure that all money=
s received are recorded and deposited on a timely manner. All cash and chec=
ks must be accounted for and deposited to the Office of the Bursar within t=
wo business days of the transaction.
- Securing Cash and/or Checks: All departments accepting payments from co=
nstituents must adhere to the vault/safe/lockbox policy and procedure estab=
lished by the Office of the Bursar.
V. POLICY
- To minimize institutional risks, Rowan University discourages individua=
l departments from accepting cash on its behalf. However, where this practi=
ce is unavoidable, it is strongly recommended that the payments be processe=
d through the Bursar=E2=80=99s Office located in Savitz Hall.
- Rowan University expects those who accept cash and checks to safeguard =
these assets by applying appropriate internal controls, namely segregation =
of duties and securing and transporting these items appropriately.
- The supervisor of a department that accepts cash or checks for any purp=
ose is responsible for ensuring that proper procedures for handling, accoun=
ting, and reconciling cash and/or checks are followed. Cash handling requir=
es special control measures that must be monitored continually by superviso=
ry personnel in an effort to detect possible weaknesses.
- The Office of the Bursar will review the cash and check handling proced=
ures periodically for possible revisions. The Office of the Bursar will pro=
vide training on cash and check handling procedures as needed and/or upon r=
equest.
VI. ATTACHMENTS=
- Attachment 1 - Cash Management Procedures
- Attachment 2 - Cash=E2=80=90Handling And Record=E2=80=90Keeping
ATTACHMENT 1
CASH MANAGEMENT PROCEDURES
- The intent of these procedures is to:
- Provide guidance to departments and all individuals with responsibility=
, authority, and stewardship over payments to the University, and who recei=
ve, deposit, and reconcile cash or check transactions on behalf of the Univ=
ersity from customers for goods or services provided.
- Standardize documentation of daily processes in cash management to acco=
unt for future personnel and supervisory turnovers
- Educate new personnel with minimal cash handling experience on appropri=
ate procedures of cash management
- Minimize institutional risks of mishandled cash transactions (cash, che=
cks, money order, bank checks, traveler=E2=80=99s checks)
- Set a University-wide Best Practice regarding cash management
- Establish Internal Controls for security- and compliance-purposes
- The Cash Management Procedures are divided into the following major sec=
tions:
- Cash Receipt and Handling
- Acceptable Forms of Payment:
- Checks, Bank Checks, and/or Money Orders
- Credit/Debit/Rowan Cards (via Rowan Bucks)
- Currency in U.S. funds only
- Whenever cash/check is received in person, some acceptable form of rece=
ipt must be used. Examples are listed below:
- Payment Receipt Printout from the cashier terminals
- Uniquely pre=E2=80=90numbered receipts, with a duplicate copy maintaine=
d in a receipts book
- Dated receipt book
- Pre=E2=80=90numbered tickets
- Cash register tapes
- Guidelines for handling cash:
- Verify the total by counting the currency in the presence of the deposi=
tor/payer.
- Follow these steps when counting the cash on hand:
- Separate all bills based on denomination.
- Organize all bills face up and in the same direction.
- Use the hand-to-table counting technique and focus on the faces of the =
bill instead of the bill=E2=80=99s denomination.
- Count twice.
- When in doubt, count again and/or have a colleague assist in counting.<=
/li>
- Utilize the counterfeit pen for any cash denomination of $20 bills and =
above.
- Do not put away the cash received until the transaction is complete.
- When issuing a change for cash, always count the change twice. And coun=
t the change one last time as it is handed off to the customer.
- Do not walk away from the station leaving any cash unattended.
- Do not walk away from the customer with the cash if you require a colle=
ague to verify your count.
- Utilize either the email system or the telephone to contact a colleague=
for assistance if no one is around within the immediate vicinity.
- Ensure that the cash given to you by the customer is always in their si=
ght until the transaction is complete and a receipt has been given to the c=
ustomer.
- Print two receipts. Hand one receipt to the customer and have the custo=
mer sign the other one to keep for end-of-day closeout.
- If utilizing a data-entry system such as the Banner AR system to update=
a student=E2=80=99s account, ensure that the amount entered as payment is =
accurately entered prior to saving and updating the transaction.
- Once the transaction is complete, secure the cash immediately in a lock=
ed cash register, point-of-sale terminal, safe, cash box, or deposit bag.=
li>
- Give sequentially numbered receipts for all deposits and forms of payme=
nt (if applicable)
- Indicate on a computerized transaction record, payment stub, or registe=
r tape, if any, that the payment was made as cash
- Guidelines for receiving checks:
- Examine check(s) to determine the following:
- Has it been altered? Any signs of discrepancies between the amount in n=
umber and the number spelled out must be addressed. (NOTE: Checks must alwa=
ys be detailed with both numerical values and written value.
- Do the numeric and written dollar amounts match? The legal amount is th=
e written amount.
- Has it been signed? If a signature is not present, you cannot process/a=
ccept the payment. (NOTE: Some bank checks and business checks have two-par=
ty signature requirements. Ensure that both lines are signed appropriately.=
)
- Does the preprinted name agree with the signature?
- Is a payable bank and address printed on the check?
- Is the check postdated (future-dated)? Do not accept a post-dated check=
!
- Is the check dated more than 30 days old? (Oftentimes, checks will have=
a notation somewhere indicating when a check is considered stale-dated. Th=
is can vary between 30 days and 120 days.)
- Check must be made payable to =E2=80=9CRowan University=E2=80=9D
- Is the check a third=E2=80=90party check? Third=E2=80=90party checks sh=
ould not be accepted!
- Most of the time, you=E2=80=99ll find that checks have a perforated edg=
e as if it came from a check book or an accompanied stub. If all edges are =
smooth, please verify the validity of the check again.
- When in doubt, checks have built-in counterfeit watermarks that can bec=
ome visible by making a black-and-white copy. (Please note that some newer =
black-and-white photo copiers utilize an image-capture software similar to =
a camera and this will not work in making the watermark visible).
- Departmental Receipt Book must be maintained for the purpose of documen=
ting a permanent record of incoming cash, checks or money orders for three =
years. The departmental supervisor is responsible for reviewing the receipt=
book on a regular basis and ensuring all cash receipts have been deposited=
to the proper account.
- Receipt books must be organized by sequence.
- Receipt books (both used and new) must be secured for future reference =
(ideally in a safe).
- At the end of each business day, a physical count of all cash and check=
s received must be completed and those amounts must be reconciled to the re=
ceipt book and, if applicable, the data entry system.
- The receipt book must be signed and dated by a departmental designee, o=
ther than the individual who performed the physical count and reconciliatio=
n to the receipt book and verified by the supervisor.
- All receipts must be stored in a locked safe, lockbox, or locked filing=
cabinet at the end of each day.
- All receipts must be deposited with the Bursar=E2=80=99s Office or the =
Armored Car Service within two business days of receipt or in accordance wi=
th the Armored Car pick up schedule.
ATTACHMENT 2
CASH=E2=80=90HANDLING AND RECORD=E2=80=90KEE=
PING
- It is important to make sure that the cash=E2=80=90handling and record=
=E2=80=90keeping functions are kept separate. In the case of smaller depart=
ments where separation of duties is impractical, the supervisory personnel =
who do not handle cash should perform specific verification for reasonable =
and sound internal controls.
- Securing Cash and/or Checks
- All departmental receipts of cash or checks should be safely secured us=
ing the following guidelines:
- All cash and checks should be secured in a safe or lockbox that has lim=
ited access.
- If receipts are secured in a lockbox, the lockbox should be kept in a l=
ocked office or other secure area.
- Access to safe combinations or lockbox key should be limited to appropr=
iate personnel.
- Safe combinations should be changed in accordance with the Safe Changin=
g Policy. (See Safe Policy and Procedure)
- Cash Deposits Control
- All deposits should be accompanied with a transmittal submitted in dupl=
icate paper, or deposit slip. These forms can be found on the Bursar=E2=80=
=99s Office website.
- Deposits are to be made at the Bursar=E2=80=99s Office (Either Cashier =
window if not busy or within the office to see designated officers).
- All deposits should be personally handed to the cashier. Note: All effo=
rts should be made to avoid end-of-day & lunch-hour drop-offs. Addition=
ally, prior notice of large volumes of cash deposits is appreciated and wil=
l allow for a more efficient transfer & receipt of deposit.
- Do not leave a deposit at an unattended window or on the counter if the=
cashier is busy with another customer.
- Do not leave the Bursar=E2=80=99s Office until all cash deposits are co=
nfirmed, processed and acknowledgement receipt(s) are generated.
- Deposits should always be in a sealed envelope or locked bag.
- A calculator tape listing the cash total for each denomination and each=
check along with a grand total for each must accompany deposits.
- As documentation for the daily transmittal, please provide detailed che=
ck listing, detailed credit card listing and information on the source of c=
ash.
- Cash Reconciliation Control
- Upon completion of a deposit made at the Bursar=E2=80=99s Office, an ac=
knowledgement receipt should be given to the depositor.
- It is the responsibility of each department to reconcile all deposit re=
ceipts against their own departmental receipt book and Banner account(s).=
li>
- This reconciliation process should be done no less than once a month an=
d approved by the departmental supervisor.
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