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1. The intent of these procedures is to—
   1. Provide guidance to departments and all individuals with responsibility, authority, and stewardship over payments to the University, and who receive, deposit, and reconcile cash or check transactions on behalf of the University from customers for goods or services provided.
   2. Standardize documentation of daily processes in cash management to account for future personnel and supervisory turnovers
   3. Educate new personnel with minimal cash handling experience on appropriate procedures of cash management
   4. Minimize institutional risks of mishandled cash transactions (cash, checks, money order, bank checks, traveler’s checks)
   5. Set a University-wide Best Practice regarding cash management
   6. Establish Internal Controls for security- and compliance-purposes
2. The Cash Management Procedures are divided into the following major sections:
   1. Cash Receipt and Handling
      1. Acceptable Forms of Payment:
         1. Checks, Bank Checks, and/or Money Orders
         2. Credit/Debit/Rowan Cards (via Rowan Bucks)
         3. Currency in U.S. funds only
   2. Whenever cash/check is received in person, some acceptable form of receipt must be used. Examples are listed below:
   1. Payment Receipt Printout from the cashier terminals
   2. Uniquely pre‐numbered receipts, with a duplicate copy maintained in a receipts book
   3. Dated receipt book
   4. Pre‐numbered tickets
   5. Cash register tapes
   3. Guidelines for handling cash:
      1. Verify the total by counting the currency in the presence of the depositor/payer.
         1. Follow these steps when counting the cash on hand:
            1. Separate all bills based on denomination.
            2. Organize all bills face up and in the same direction
            3. Use the hand-to-table counting technique and focus on the faces of the bill instead of the bill’s denomination.
            4. Count twice.
            5. When in doubt, count again and/or have a colleague assist in counting.
         2. Utilize the counterfeit pen for any cash denomination of $20 bills and above.
         3. Do not put away the cash received until the transaction is complete.
            1. When issuing a change for cash, always count the change twice. And count the change one last time as it is handed off to the customer.
            2. Do not walk away from the station leaving any cash unattended.
            3. Do not walk away from the customer with the cash if you require a colleague to verify your count.
               1. Utilize either the email system or the telephone to contact a colleague for assistance if no one is around within the immediate vicinity.
               2. Ensure that the cash given to you by the customer is always in their sight until the transaction is complete and a receipt has been given to the customer.
               3. Print two receipts. Hand one receipt to the customer and have the customer sign the other one to keep for end-of-day closeout.
            4. If utilizing a data-entry system such as the Banner AR system to update a student’s account, ensure that the amount entered as payment is accurately entered prior to saving and updating the transaction.
            5. Once the transaction is complete, secure the cash immediately in a locked cash register, point-of-sale terminal, safe, cash box, or deposit bag.
            6. Give sequentially numbered receipts for all deposits and forms of payment (if applicable)
            7. Indicate on a computerized transaction record, payment stub, or register tape, if any, that the payment was made as cash
   4. Guidelines for receiving checks:
   1. Examine check(s) to determine the following:
      1. Has it been altered? Any signs of discrepancies between the amount in number and the number spelled out must be addressed. (NOTE: Checks must always be detailed with both numerical values and written value.
      2. Do the numeric and written dollar amounts match? The legal amount is the written amount.
      3. Has it been signed? If a signature is not present, you cannot process/accept the payment. (NOTE: Some bank checks and business checks have two-party signature requirements. Ensure that both lines are signed appropriately.)
      4. Does the preprinted name agree with the signature?
      5. Is a payable bank and address printed on the check?
      6. Is the check postdated (future-dated)? Do not accept a post-dated check!
      7. Is the check dated more than 30 days old? (Oftentimes, checks will have a notation somewhere indicating when a check is considered stale-dated. This can vary between 30 days and 120 days.)
      8. Check must be made payable to “Rowan University”
      9. Is the check a third‐party check? Third‐party checks should not be accepted!
      10. Most of the time, you’ll find that checks have a perforated edge 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.
      11. When in doubt, checks have built-in counterfeit watermarks that can become 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).
   5. Departmental Receipt Book must be maintained for the purpose of documenting 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.
      1. Receipt books must be organized by sequence.
      2. Receipt books (both used and new) must be secured for future reference (ideally in a safe)
   6. At the end of each business day, a physical count of all cash and checks received must be completed and those amounts must be reconciled to the receipt book and, if applicable, the data entry system.
   7. The receipt book must be signed and dated by a departmental designee, other than the individual who performed the physical count and reconciliation to the receipt book and verified by the supervisor.
      1. All receipts must be stored in a locked safe, lockbox, or locked filing cabinet at the end of each day.
      2. All receipts must be deposited with the Bursar’s Office or the Armored Car Service within three business days of receipt or in accordance with the Armored Car pick up schedule.

ATTACHMENT 2

CASH‐HANDLING AND RECORD‐KEEPING

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