Title: Management of Cash
Policy No: Fin: 2015:14
Issuing Authority: Senior Vice President for Finance and CFO
Responsible Officer: Director for Business Affairs & Bursar
Last Revision: 10/30/2017
Last Reviewed: 11/0120/20192020
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.
II. ACCOUNTABILITY ACCOUNTABILITY
At the direction of the Senior Vice President for Finance and CFO, the University’s Director for Business Affairs & 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.
This policy is applicable to all individuals who have the responsibility, authority, and stewardship over payments to the University, and who receives, deposits, and reconciles cash and/or check transactions on behalf of the University.
- 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
- 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 transaction, established guidelines on acceptable forms of payments, and how cash/check is appropriately handled by a designated staff.
- 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 24 hours of the transaction.
- 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.
- To minimize institutional risks, Rowan University discourages individual departments from accepting cash on its behalf. However, where this practice is unavoidable, it is strongly recommended that the payments be processed through the Bursar’s 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 purpose is responsible for ensuring that proper procedures for handling, accounting, and reconciling cash and/or checks are followed. Cash handling requires special control measures that must be monitored continually by supervisory personnel in an effort to detect possible weaknesses.
- The Office of the Bursar will review the cash and check handling procedures periodically for possible revisions. The Office of the Bursar will provide training on cash and check handling procedures as needed and/or upon request.