Cash Collections

Note: Throughout the following policies and procedures, the term “cash” may include US currency, checks, money orders, and in some authorized instances, credit cards.

Event sales, reimbursements, refunds, and registrations are just a few of the many reasons why a department might be receipting cash in their office. In order to safeguard these assets and ensure these funds are properly accounted for, the following procedures must be adhered to when handling cash:

Receipt of Cash

1. When collecting payments, a proper receipt must be issued. At a minimum, these receipts should be pre-numbered, and preferably part of a carbon book of receipts.
2. All checks, immediately upon receipt, must be restrictively endorsed “For deposit only to the University of St. Thomas.” Endorsement stamps may be purchased via the Business Office if deemed appropriate due to check volume.
3. An employee whose duties do not include any other processing or other cash handling responsibilities should be designated to list all remittances on a Deposit Receipt Form. A total for these collections must be calculated and this becomes the basis for ensuring complete deposits. Supporting documentation must be prepared and/or available prior to processing of the Deposit Receipt Form. The amount of the remittance must be clearly written on the form, and on the supporting documentation. This documentation must be kept on file and made available for auditing purposes.

Depositing Cash

1. A Deposit Receipt Form must be submitted with each deposit made at the Business Office. The Deposit Receipt Form must be properly completed; including all required FOAPAL information, the issuer of the check (if any), and a description of why the department is receiving the funds. If a copy of the form is submitted to the Business Office with the original, it will be stamped and returned after the deposit is processed. Incomplete forms will be held pending clarification and/or receipt of the appropriate information.
2. All departments and locations authorized to collect cash must make daily deposits to the Business Office. The deposits can be dropped off at the window during posted Business Office hours, or anytime at the secure drop box located just outside the Business Office. The use of inter-campus mail for routing deposits is strictly prohibited. Security escorts are available to any employee that would feel more comfortable with their assistance when transporting deposits.

Reminder:

If your department is planning for cash collections due to a ticketed event, then please visit the Tommie Central website for more information regarding their available ticketing services. The Box Office may be able to assist you with sales and publicity for your event!