ROWAN UNIVERSITY POLICY
Title: University Advancement Cash Handling Procedures
Subject: Cash Handling Procedures
Policy No: Adv: 2014:XX
Applies: University-Wide
Issuing Authority: President
Responsible Officer: Associate Vice President for University Advancement/
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Executive Director, Rowan University Foundation
Adopted:
Last Revision: 2/25/2011
Last Reviewed: 4/14/2015
I. PURPOSE
This policy summarizes procedures to guarantee the security of cash received by University Advancement and its timely deposit to the bank. In addition, it outlines processes to ensure the integrity of gift records, cash receipt books and the financial data feed from Millennium to Banner.
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II. ACCOUNTABILITY
Under the direction of the President, the Associate Vice President for University Advancement/Executive Director of the Rowan University Foundation shall ensure compliance and implementation of this policy.
III. APPLICABILITY
This policy is applicable to all donors or department representatives who bring cash to Shpeen Hall to be deposited in a Rowan University Foundation account.
IV. POLICY
All cash to be deposited in a Foundation account must be delivered in person to Shpeen Hall. The donor or department representative must fill out a transmittal form (
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Attachment 3) and deliver the cash only to designated Advancement staff members: Peggy Veacock (2nd floor) and/or Joy Kudla (1st floor).
The visitor should not leave the office until a receipt is made. The cash should be counted in front of the donor or department representative. A triplicate receipt will be made including the following details:
- Date
- Amount
- Designation/Purpose
- Signature of staff handling the cash
The original receipt will be given to the visitor; the second copy will be attached to the transmittal form for gift processing; the third copy will be kept in the receipt book.
The cash should then be brought to the Foundation Administrator immediately to be placed in the Foundation safe to ensure its security. The transmittal form will be given to the gift processor to be entered into Millennium. When the cash transaction is recorded in the system, the gift processor should record the receipt number in the "Check Number" field for month end audit.
At the end of each day, the gift processor provides the Foundation Administrator a Batch Control Log (
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Attachment 4) generated from Millennium on all gift transactions recorded along with the transmittal forms and other gift documentations. The Foundation Administrator verifies the entries and then signs off on the Daily Transmittal Summary Report (
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Attachment 5).
The gift processor prepares the bank deposit slip. Checks and cash are processed as separate deposits. (More instructions on how to prepare bank deposits can be found in
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Attachment 6.)
The Director of Advancement Services keeps the Daily Transmittal Summary Report with appropriate bank electronic check transfer sheet and yellow copy of deposit slip attached. When the feed documents to Banner are generated on Wednesdays and at the end of the month, the Director will package one of the feed document—"Millennium to Banner Summary Report" (
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Attachment 7)—along with the documentations mentioned above and forward them to the University Controller's office to reconcile with data feed from Millennium to Banner Finance.
The Batch Control Log will be filed in a binder. Transaction documentations will be filed under the name of the donor for gifts and under the name of the event for event registration fees.
At the end of each month, the Director of Advancement Services will do a physical check on all the cash receipt books of University Advancement. The Director reconciles the receipts with "cash" tender type transactions recorded in Millennium to make sure that all the receipts issued are accounted for in the system. The Director will report to the Foundation Executive Director should discrepancies occur.
V. RESPONSIBILITIES
The Foundation Administrator is the custodian of cash received at University Advancement to ensure its security and timely deposit to the bank. The Director of Advancement Services serves as the guardian of gift records to ensure the integrity of cash receipt books and the financial data feed from Millennium to Banner.
- EXHIBITS
- EXHIBIT 1 – DEFINITIONS
None.
- EXHIBIT 2 – SPECIFIC PROCEDURES
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VI. ATTACHMENTS
A. Attachment 1, Specific Procedures
B. Attachment 2, Approval Responsibilities
C. Attachment 3, Sample of transmittal documentation to accompany cash deposits
D. Attachment 4, Batch Control Log
E. Attachment 5, Daily Transmittal Summary Report
F. Attachment 6, Instructions to Prepare Bank Deposits
G. Attachment 7, Sample of Millennium to Banner Summary Report
ATTACHMENT 1
SPECIFIC PROCEDURES
- Donor or department representative brings cash to be deposited in a Foundation account to Shpeen Hall with a completed transmittal form (Appendix AAttachment 3).
- Designated Advancement staff member (Peggy Veacock or Joy Kudla) counts the cash in front of the individual and completes a triplicate receipt.
- The cash is brought to the Foundational Administrator to be placed in the Foundation safe.
- The transmittal form is given to the Gift Processor to be entered into Millennium; the receipt number is then recorded in the "Check Number" field for the month-end audit.
- The Gift Processor provides the Foundation Administrator a Batch Control Log each day (Appendix BAttachment 4) generated from Millennium of all gift transactions recorded along with the transmittal forms and other gift documentations. The Foundation Administrator verifies the entries and then signs off on the Daily Transmittal Summary Report (Appendix CAttachment 5).
- The Gift Processor prepares the bank deposit slip. Checks and cash are processed as separate deposits.
Anchor _GoBack _GoBack - The Director of Advancement Services keeps the Daily Transmittal Summary Report with appropriate bank electronic check transfer sheet and yellow copy of deposit slip attached. When the feed documents to Banner are generated on Wednesdays and at the end of the month, the Director packages one of the feed document—"Millennium to Banner Summary Report" (Appendix EAttachment 7)—along with the documentations mentioned above and forwards them to the University Controller's office to reconcile with data feed from Millennium to Banner Finance.
- The Batch Control Log is filed in a binder. Transaction documentations are filed under the name of the donor for gifts and under the name of the event for event registration fees.
- At the end of each month, the Director of Advancement Services does a physical check on all the cash receipt books of University Advancement. The Director reconciles the receipts with "cash" tender type transactions recorded in Millennium to make sure that all the receipts issued are accounted for in the system. The Director reports to the Foundation Executive Director if and when discrepancies occur.
ATTACHMENT 2
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APPROVAL RESPONSIBILITIES
No specialized approvals required. APPENDIX A
Sample of transmittal documentation to accompany cash deposits
ATTACHMENT 3
SAMPLE OF TRANSMITTAL DOCUMENTATION TO ACCOMPANY CASH DEPOSITS
ROWAN UNIVERSITY FOUNDATION
TRANSMITTAL OF RECEIPTS
Date__________________________________________ Department__________________________________________ Submitted By__________________________________________
To be deposited to Fund #__________________________________________ Org #__________________________________________ Program #__________________________________________
| Name | Address | Check # / Cash | Amt |
|---|
Date
Department
Submitted by
To be deposited to Fund #
Org #
Program #
Name
Address
Check # / Cash
Amt
| Non-Tax Deductible Amt | ||||
|---|---|---|---|---|
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ATTACHMENT 4
BATCH CONTROL LOG
ATTACHMENT 5
DAILY TRANSMITTAL SUMMARY REPORT
ATTACHMENT 6
INSTRUCTIONS TO PREPARE BANK DEPOSITS
- After the Foundation Administrator reviewed the batch and signed off on the Daily Transmittal Summary Report, a deposit needs to be made out to the bank.
- Fill out a bank deposit slip.
- Date
- cash amount
- Total Amount
- The Foundation Administrator will deposit the cash, no bag is needed.
- Attach the deposit slip (yellow copy) to the Daily Transmittal Summary Report. Give the documentations to the Director of Advancement Services to be forwarded to Accounting Services.
APPENDIX E
Sample of Millennium to Banner Summary Report
ATTACHMENT 7
SAMPLE OF MILLENNIUM TO BANNER SUMMARY REPORT
Batch #: 732 Millennium to Banner Summary Report for 95001293
January 31, 2011 Debit Amount Credit AmountNet
Debit Amount Credit Amount Net Amount
------------- ------------- ------------- 6
6,809.00000 0.00 00 6,809.00 00