Section: GENERAL ACCOUNTING
|Section 3000 Policies|
Policy Number: 3102.04
Policy Title: Physical Protection of Cash and Cash Equivalents
Policy Effective Date: April 1, 2011
Last Revision Date: July 10, 2012
(see revision history)
It is the policy of the CSU that physical security of cash and cash equivalents is ensured at all times. Each campus must prepare written procedures to implement this policy.
Excess cash must be removed from the cash register drawer during the business day and transferred to a secure cash handling area/vault. Excess cash can be defined by local campus practice.
At the close of business, all cash must be secured. Lockable receptacles or burglarproof/fire resistant safes to store cash and cash equivalents must be utilized (refer to CSU Safe Requirements below). Where the guideline is less restrictive than what is required as a condition of liability coverage by CSU insurance carriers, the CSU will conform to the requirements provided by the insurance carrier.
The campus CFO must establish campus-wide procedures to ensure the safety and security of deposits and personnel while in transit between campus locations. At a minimum, transport must be accomplished jointly by at least two employees. When deposits exceed $2,500, employees shall be escorted by campus police. When determined necessary, armored car service or police escort will be used. Transporting deposits between cashiering sites or to the bank will be accomplished in a secure manner in order to protect the financial assets and individuals involved in transport.
Cash and cash equivalents must be locked in a secure receptacle or safe at all times except when signed out by a cashier for working cash. If the cashier needs to leave their work area for any reason, the cash drawer must be secured.
Campuses must implement physical security systems (i.e. alarms, panic buttons, motion detectors, security cameras, etc.) to ensure the safety of funds and personnel in areas where large amounts of cash are collected. If more than $2,500 in cash and cash equivalents is regularly on hand, a manual robbery alarm system or other appropriate measure must be installed for use during business hours to alert campus police or local law enforcement in the event of a robbery or other irregularity. If more than $25,000 in cash and cash equivalents is stored overnight, an automated alarm system is required to alert campus police or local law enforcement if the storage area is entered after business hours.
Campuses must develop local written procedures so that the safe’s combination is given only to authorized personnel and records maintained as to who has access to the combination.
A safe’s combination must be changed whenever a person who knows the combination leaves the employ of a cash handling unit. Documentation must be maintained showing the date and the reason for the combination changes.
Each cashier must be provided with a separate lockable receptacle to which only that cashier has access. Duplicate keys must be safely stored away from the safe and be retrieved only under dual control.
Funds or property not related to the operation of the University must not be stored in the safe/vault.
The physical setup of all cashiering stations must be reviewed by Campus Risk Management personnel to ensure the safety of funds and personnel. Such reviews must be in writing and retained per campus fiscal records retention policy.
Benjamin F. Quillian
Executive Vice-Chancellor/Chief Financial Officer
Approved: July 10, 2012
APPLICABILITY AND AREAS OF RESPONSIBILITY
RESOURCES AND REFERENCE MATERIALS
CSU Insurance Guidelines
CSU Safe Requirements
- Up to $1,000 in a lockable receptacle
- From $1,001 to $2,500 in a safe
- From $2,501 to $25,000 in a steel-door safe, with a door thickness of not less than 1 inch and wall thickness of not less than ½ inch.
- From $25,001 to $250,000 in a class TL-15 composite safe or better.
- Over $250,000 in a class TL-30 steel or better safe.
Sound Business Practices:
Laws, State Codes, Regulations and Mandates:
COGNIZANT OFFICE(S)CO Manager:
Mr. Robert Eaton
Senior Director, Financing and Treasury
CSU Office of the Chancellor
Ms. Gay Kvilhaug
Ms. Maribeth Bradberry
Ms. Nancy Suarez
Director, Student Financial Services
Ms. Jan Burnham
Student Financial Services
Ms. Gina Curry
Director & University Bursar
Ms. Cora Wong
Director, Student Financial Operations
Ms. Caryl Vickers-Harper
Assistant Director & University Cashier
Students Accounts Receivable (SAR)