ROWAN UNIVERSITY POLICY 

Title: Management of Cash
Subject: Bursar  
Policy No: Fin: 2015:14
Applies: University-Wide
Issuing Authority: Senior Vice President for Finance and CFO
Responsible Officer: Director for Business Affairs & Bursar
Adopted: 11/23/16
Last Revision:

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11/

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01/

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2022
Last Reviewed:

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11/

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01/

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2022

 
 I.    PURPOSE

This policy is to provide guidance to departments that are responsible for collecting, depositing, recording, reconciling, and safeguarding cash and/or checks received from customers for goods or services provided.

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At the direction of the Senior Vice President for Finance and CFO, the University’s Director for Business Affairs & Assistant Bursar shall implement this policy.  Managers and Supervisor of departments who receive, deposit, and reconcile cash and/or check transactions on behalf of the University, are responsible for complying with this policy.

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This policy is applicable to all individuals who have the responsibility, authority, and stewardship over payments to the University, and who receivesreceive, depositsdeposit, and reconciles reconcile cash and/or check transactions on behalf of the University.

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1. Cash Deposit Control: All deposits should be accompanied by a Transmittal Form submitted in duplicate or deposit slip. These forms can be found on the Bursar website: http://www.rowan.edu/adminfinance/bursar/forms.html
2. Cash Receipts Control: All departments accepting cash (i.e. currency, checks and money orders) must have an established acceptable form of receipt to be issued to its constituents, acceptable recordkeeping method of transactionmethods for all transactions, established guidelines on acceptable forms of payments, and how cash/check is appropriately handled by a designated staff.
3. Cash Reconciliation Control: Cash flow activity occurring in each department must be monitored and balanced appropriately to ensure that all moneys received are recorded and deposited on a timely manner. All cash and checks must be accounted for and deposited to the Office of the Bursar within two business days of the transaction.
4. Securing Cash and/or Checks: All departments accepting payments from constituents must adhere to the vault/safe/lockbox policy and procedure established by the Office of the Bursar.

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1. It is important to make sure that the cash‐handling and record‐keeping functions are kept separate. In the case of smaller departments where separation of duties is impractical, the supervisory personnel who do not handle cash should perform specific verification for reasonable and sound internal controls.
2. Securing Cash and/or Checks
   1. All departmental receipts of cash or checks should be safely secured using the following guidelines:
      1. All cash and checks should be secured in a safe or lockbox that has limited access.
      2. If receipts are secured in a lockbox, the lockbox should be kept in a locked office or other secure area.
      3. Access to safe combinations or lockbox key should be limited to appropriate personnel.
      4. Safe combinations should be changed in accordance with the Safe Changing Policy. (See Safe Policy and Procedure)
3. Cash Deposits Control
   1. All deposits should be accompanied with a transmittal submitted in duplicate paper, or deposit slip. These forms can be found on the Bursar’s Office website.
   2. Deposits are to be made at the Bursar’s Office (Either Cashier window if not busy or within the office to see designated officers).
      1. All deposits should be personally handed to the cashier. Note: All efforts should be made to avoid end-of-day & lunch-hour drop-offs. Additionally, prior notice of large volumes of cash deposits is appreciated and will allow for a more efficient transfer & receipt of deposit.
      2. Do not leave a deposit at an unattended window or on the counter if the cashier is busy with another customer.
      3. Do not leave the Bursar’s Office until all cash deposits are confirmed, processed and acknowledgement receipt(s) are generated.
   3. Deposits should always be in a sealed envelope or locked bag.
   4. A calculator tape listing the cash total for each denomination and each check along with a grand total for each must accompany deposits.
   5. As documentation for the daily transmittal, please provide detailed check listing, detailed credit card listing and information on the source of cash.
4. Cash Reconciliation Control
   1. Upon completion of a deposit made at the Bursar’s Office, an acknowledgement receipt should be given to the depositor.
   2. It is the responsibility of each department to reconcile all deposit receipts against their own departmental receipt book and Banner account(s).
   3. This reconciliation process should be done no less than once a month and approved by the departmental supervisor