- The Bursar is responsible for making this daily deposit to the State Treasurer.
- 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.
- 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.
- 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:
- Removal of funds from cash register or money tray by the designated fund custodian;
- 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
- Access to the funds be limited to the designated fund custodian.
- 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.
- All checks received are to be restrictively endorsed immediately upon receipt. The recommended endorsement is:
FOR DEPOSIT ONLY
UNIVERSITY OF OKLAHOMA
ACCOUNT NO. ___________
- 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.
- 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.
- 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.
- 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.
- 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,
- Cashier and Responsible Parties w/Cash Handling Balancing
Cashier balancing is a process usually conducted in businesses such as Banks, Bursars office, etc. That takes place at the closing of the business day or at the end of a cashier's shift. This balancing process makes the cash handler responsible for the money in his or her cash drawer.
In order to balance the cash drawer, first you will need to make sure your checks, advices, loans any transactions you had this day are totaled. Then you are ready to start balancing, you will then count your cash, starting with the largest bills first (100, 50, 20, 10, 5, 1's) subtotal, (coins) 1.00 coins, .25, .10, .05, .01.) subtotal, add next your checks, advices, (total). Roll your tape up and clear your calculator. Add the computed totals starting at the top. Once added and totaled, check both actual and computed totals to see if they match (and they should). If there is a discrepancy such as overages or shortages occur, the money will be counted again by a supervisor to insure the amount is correct. Depending on the amount of the amount of over/short and the circumstances involved disciplinary actions may vary. Cash Handlers have lost their jobs to cash overages and shortages, either for repeated violations or for large overages or shortages. Cash Handlers will be written up if they have a shortage/ overage of three in a two week period of any denomination. Overage/Shortages of $50.00 or more may result in termination.
End of Day closing all Cash Handlers will be required to turn a receipt of each transaction in at the end of the day. All cash transactions are required to have a calculator tape of the cash transaction stapled to the back of the receipt with the specified amounts of the denomination and what the bills are (Ex. $100.00(20), $50.00(10), $10.00 (5), etc). If there is a large sum of money (Ex. $8000.00 bundle the 100,s with the $2000.00 strap and do each strap in your calculator individually where it shows each $2000.00 strap and on the calculator tape just bracket them together and put 100's next to the bracket. Pink Departmental envelopes are required to have a check, cash tape and a receipt inside when turning in at the end of the day. These requirements are to be followed by all Cash Handlers.
- 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.
Remember these guidelines are only a suggested way to meet the Account Sponsor's cash handling responsibilities. If you have specific concerns about segregation of duties and want to clarify that your procedures are acceptable to the Office of Internal Auditing. That office should be contacted to request a special review of your procedures.