Funds Handling
University departments in a funds handling capacity should be committed to strong internal controls of cash receipts to prevent the mishandling of funds and safeguarding against loss. Internal controls related to cash receipts are the business practices established to ensure all funds received are actually deposited in the bank and recorded in the Banner Finance System. Establishing and following written procedures that include separation of duties and month-end reconciliations are the key business processes used to ensure the safeguarding of cash receipts. Strong internal controls also protect employees from being falsely accused of mishandling funds (theft, embezzlement) by defining crosschecking rolls for funds handling responsibilities. Criminal history checks should be performed for all employees involved in the cash handling function.
Areas accepting funds on a regular basis (three or more days per week) are required to obtain written approval from the Office of the University Bursar before becoming a cash collection point. To begin this process, please submit a ‘Funds Handling Plan’ request form. For those departments collecting funds on a regular basis, deposits must be made daily.
Cash/Over Short Log
A cash ‘Over/Short Log’ should be kept for each cash collection area. This log is to be used for any differences between the total of funds and receipts. The supervisor should investigate and document outages that have a minimum value of $5.00 or that are recurring.