Cash Collection, Handling, & Deposit Procedures
For control purposes there should be at least two people involved in the collection and depositing of cash. Therefore, all activity fund accounts will have a sponsor separate from the bookkeeper.
All monies collected will be deposited promptly into the activity funds account. Cash is NEVER to be held and spent on expenses. All disbursements must be made through the Business Services Office with a check as a result of a Purchase Order.
All money collected must be submitted in the same form as collected. A staff member is not to substitute his/her personal check for cash collected. No personal checks are to be cashed from the funds collected.
Staff should not take the money home or store it in classrooms after hours. Funds should be counted by the recipient, secured in the provided envelope, and transferred to the bookkeeper or secretary (using the following procedures) for storage in a locked safe until deposited at the bank. Deposits should be made promptly adhering to the following procedures:
1. The sponsor should count the money, record the money amounts on the Money Tabulation Form, place the money and the Money Tabulation Form in the provided envelope, then lock the envelope in a desk drawer or cabinet until transferring the money to the bookkeeper's custody. Money should not be held overnight by the sponsor.
2. Upon delivery, campus bookkeeper should verify the count in the presence of the sponsor. Any discrepancy should be resolved at this time.
3. Once the count is verified, both the sponsor and bookkeeper sign the Money Tabulation Form. The sponsor receives a copy of the signed Money Tabulation Form and the money is transferring into the bookkeeper's custody/control with the original Money Tabulation Form.
4. Bookkeeper will record the deposit bag number on the deposit slip.
5. The bookkeeper will write the organization name, organization account number, and purpose (fundraiser, membership, entry fee, etc.) on the deposit slip.
6. The campus bookkeeper will place the cash and coins in the top portion of the deposit bag and place the checks, all related, signed original Money Tabulation Form(s), and the white deposit slip in the bottom portion of the deposit bag.
7. The bookkeeper will retain a carbon copy of the deposit in the deposit slip book. If the bookkeeper has triplicate deposit slips, the extra carbon copy slip will be placed in the deposit bag.
8. The bank will keep the white copy of the deposit slip to forward to the Business Office once the bank processes the deposit.
9. All money collected must have some type of backup. The sponsor must provide a listing to the campus secretary/bookkeeper when receiving collections from multiple individuals. It is necessary to maintain a record of who has paid. The backup listing should state for what purpose the money was collected. This can be maintained on the Money Tabulation Form if names of persons paying with cash are recorded. A different form can be used at the discretion of campus/departmental administration.
10. Receipts with support will be filed to facilitate auditing.