klahoma statutes require that all money collected in the name of the University be deposited daily with the State Treasurer. Title 62, O.S. Supp. 986, 7.1 states that:

"There is hereby created in the official depository in the State Treasury an agency clearing account for each state officer, department, board, commission, institution or agency of the State, hereafter referred to collectively as state agencies.

It shall be the duty of each state agency, officer or employee, to deposit daily in the agency clearing account or agency special account, established under Section 7.2 of this title, all monies of every kind, including, but not limited to:

1. Tax revenues;

2. Receipts from licenses, examinations, per diem and all other reimbursements, fees, permits, fines, forfeitures and penalties, and;

3. Income from money and property, grants and contracts, refunds, receipts, reimbursements, judgments, sales of materials and services of employees, and non-revenue receipts, received by a state agency, officer or employee by reason of the existence of and/or operation of a state agency."

1. The Bursar is responsible for making this daily deposit to the State Treasurer.

2. It is University policy that all cash (checks, currency, and coin) collected by University departments and student organizations should be deposited on a daily basis with the Bursar utilizing a deposit transmittal envelope (available in the University storeroom). The deposit certification on the deposit transmittal envelope MUST be signed by the individual preparing the deposit. If the deposit does not comply with University policy, a letter explaining the reasons must be enclosed in the transmittal envelope. Daily deposits are required unless exempted under category 5 of these guidelines.

   In addition, all University departments and student organizations collecting cash (currency, and coin) should utilize a cash receipts log or pre-numbered cash receipts in order to maintain control of cash receipts.

3. The Bursar's office closes its books each day at 5:00 p.m. For those departments or student organizations which consistently receive cash each business day, a daily cut-off time must be established in order to allow time for the department/organization to prepare the deposit and deliver it to the Bursar before 5:00 p.m.

4. Funds received in the departments after the cut-off time each day shall be deposited with the collections received the following business day. Each department and student organization is responsible for ensuring adequate procedures and controls over the temporary safekeeping of funds prior to their deposit with the Bursar. Such procedures and controls should include at minimum:
   1. Removal of funds from cash register or money tray by the designated fund custodian;
      
   2. Placement of funds in a locked bank bag (or locked metal container) and securement of the bag in a safe or locked cabinet or locked desk; and
      
   3. Access to the funds be limited to the designated fund custodian.

5. For those departments or student organizations which receive small amounts of cash on an irregular basis, while the daily deposit of cash is desirable, such daily deposit may not be practical or cost effective. In those cases where the amount of cash receipts are small and an adequate safekeeping facility is available, an aggregate amount of cash receipts not to exceed $100.00 may be retained in the departmental safekeeping facility for a period not to exceed five workdays. Within this five workday period the monies must be deposited with the Bursar.

6. All checks received are to be restrictively endorsed immediately upon receipt. The recommended endorsement is:
   FOR DEPOSIT ONLY UNIVERSITY OF OKLAHOMA ACCOUNT NO. ______

7. Under no circumstances will employees or students make disbursements from the department's or student organization's cash receipts. All cash receipts must be deposited with the Bursar.

8. Departments receiving checks should encourage the makers of the check(s) to make them payable to THE UNIVERSITY OF OKLAHOMA and NOT to the department. However, the following PAYEE format is acceptable:
   The University of Oklahoma / (Name of department)

   DEPARTMENTS SHOULD NOT REQUEST CHECKS TO BE MADE PAYABLE TO THE DEPARTMENT OR INDIVIDUAL.

9. It will be the explicit responsibility of each Budget Unit Director and student organization faculty sponsor to ensure that adequate procedures are in place to comply with these University-wide guidelines.

10. Cash Handling/Segregation of Duties.

    The receipt and collection of funds by a department carries with it certain responsibilities for cash handling, reconciliation, and the segregation of these duties. Occasionally, an Internal Audit report will indicate that some departments are having problems in complying with these responsibilities. The following is a guide that should help in this regard.

    1. Responsibilities as an Account Sponsor

       It is the account sponsor's duty to see that all monies collected are deposited into the appropriate University account with the proper deposit codes. The account sponsor must also verify that the amount deposited per the University's financial system agrees with the amount actually received and deposited through the Bursar.

    2. Segregation of Duties

       To the extent staffing levels permit, the responsibility to receipt, deposit, and verify monies collected should be segregated among different individuals. Of course, in one or two person offices, this is not possible. Therefore, it is even more important that a one or two person office comply with the cash handling procedures as outlined in this section. If assistance in establishing office procedures that are in compliance is needed, please contact the Bursar's Office for assistance.

OU form #1126, storeroom stock No. 58064 is required for all deposits and should be completed in the following manner:

1. Envelope Number - optional - This is for the department to place any internal designation for the deposit. If the department wants this number to appear in the description column on the monthly statement, it must also be referenced in the description on the deposit slip.

2. Date the deposit is prepared and forwarded to the Bursar.

3. Optional.

4. Name of the current sponsor.

5. Department name.

6. Account number into which this line item amount is to be credited.

7. Amount of deposit to be placed in the identified account number.

8. To be completed by the Department.

9. Optional.

10. Balance Sheet Accounts are to be used when the revenue has been previously recorded, i.e., Accounts Receivable. Account type is required for this type of deposit. Requests for more information or clarification should be made to Financial Support Services at 325-3021.

11. Account Type and Revenue Codes are required. See the Orientation and Basic Accounting Workshop Manual for the University's Financial system for a list of account types, page 26, and revenue codes, Appendix D. The sub-revenue code is not used at this time.

12. Optional.

13. Description - optional - The department may place any descriptive term to aid internal identification, as this will appear on the monthly reports.

14. Total dollar value of all currency and coin.

15. Total dollar value of all checks. Please include tape.

16. Total dollar value of deposit.

Deposits must be placed in a sealed deposit transmittal envelope. The envelopes are available from the University Storeroom and are available in two sizes - 1) OU 557-169 -- 9" x 12" (storeroom stock No. 58099) and 2) OU 500-169-9-B -- 9" x 4" (storeroom stock No. 58098).

The deposit transmittal envelope must have the following information:

1. Department - Name of department preparing the deposit.

2. Account into which the deposit is to be credited. If multiple accounts or deposits are contained, write each account and the total of each deposit using the top of the envelope.

3. Date the envelope is prepared.

4. Total dollar value of currency and coin contained within the envelope.

5. Total dollar value of checks within the envelope.

6. Total of 4 and 5.

7. Optional line to be used if the department has need.

8. Optional line to be used if the department has need.

9. Signature of the person preparing the deposit, certifying the deposit was prepared and made in accordance with State policy and University procedure as outlined in this section.

10. If the deposit does not comply with the policy and procedure described herein, a letter outlining the reason(s) for non-compliance must be enclosed.

CHANGE FUND CASH CONTROL PROCEDURES

1. Pre-numbered sales tickets or cash register receipts should be utilized for all transactions.

2. Access to the change fund should be restricted.

3. Deposits and sales will be made in compliance with University policies and procedures when change funds are utilized.

4. All change funds should be located in a locked or secure area.

5. Change funds should be reconciled on a daily basis to sales and/or deposits.

6. A supervisor should make an unannounced reconciliation of the change fund at least monthly.

7. ALL discrepancies should be documented and reported to supervisory personnel.

8. The transfer of accountability of cash between the change fund custodian and any other personnel should include a receipt acknowledging the receipt number and dollar amount of the money.

POLICY

Current or retired Faculty and Staff may cash personal checks limited to $20.00 in the Office of the Bursar. Exceptions to the $20.00 limit must be authorized by the Bursar (or designee). Two-party checks or State and Federal payroll checks can not be cashed in this office. OU Credit Union checks, up to $20.00, may be cashed.

1. Faculty and Staff ID must be presented in person.

2. Employee's social security number must be on the check.

3. Employee must sign the back of the check for receipt of cash.

4. A representative of the employee may cash a check by presenting the following:
   1. The required ID of the employee.

   2. The representative must sign the back of the check for receipt of cash.

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