Section: GENERAL ACCOUNTING
|Section 3000 Policies|
Policy Number: 3102.11
Policy Title: Deposits and Transfers to the Bank
Policy Effective Date: May 23, 2013
Last Revision Date: May 23, 2013
(see revision history)
It is the policy of the CSU that bank deposits be made on a timely and secure basis and are supported with appropriate documentation. Accountability for and documentation of the custody of cash must be continuously maintained when preparing and transferring deposits to the bank. Campuses must prepare written procedures to implement this policy.
The campus procedures must incorporate the following operational controls, or define mitigating controls if campus circumstances do not allow for all of these distinct steps:
- Collections made by cashiering locations depositing directly to the bank are deposited the same day as they are received, or at a minimum, on the following business day.
- Collections at other cashiering locations and departments are deposited at the designated main cashiering station at least weekly or whenever collections exceed $500(1).
- The depositing location is able to reconstruct transmitted deposits if necessary.
Hard or electronic scans of checks and other cash equivalents will facilitate this.
- All bank deposits are accompanied by appropriate documentation, such as a numbered deposit slip, system generated counts, or other bank requirements.
- Deposits are validated and prepared under dual custody so that all cash counts are confirmed by a second count performed by a different employee. The validation and preparation of cash deposits is conducted discretely in a safe and secure area.
- Before a daily bank deposit is finalized, cashiers reconcile receipts to deposits.
- Documentation signed by the preparer and recipient is maintained for each deposit to a main cashiering station from a cash-handling department or sub-cashiering station.
- If cash transfers after business hours are necessary, a secure, locked receptacle is provided by the main cashiering station to allow for passive acceptance of deposits. Documentation is provided back to satellite stations confirming the amount of the deposit received after a count under dual control is conducted.
- The main cashiering station records each deposit from a cash handling department
or sub-cashiering station. A record of cash recorded and any overages or shortages is reported daily to the campus designated cash reconciliation unit(2) . Supporting documentation is maintained (i.e., cash register audit tapes).
- If electronic-mechanical or electronic cash registers are not in use, a report of account distribution of cash collections is sent daily to the campus’ cash reconciliation unit.
(1) Refer to Physical Protection of Cash and Cash Equivalents for policy guidance regarding security requirements for physical transportation of cash and cash equivalents.
(2) The cash reconciliation personnel should not be anyone from the cashiering unit. Refer to ICSUAM policy Segregation for Cash Handling for policy direction regarding appropriate separation of duties.
Benjamin F. Quillian
Executive Vice-Chancellor/Chief Financial Officer
Approved: May 23, 2013
APPLICABILITY AND AREAS OF RESPONSIBILITY
RESOURCES AND REFERENCE MATERIALS
Sound Business Practices:
Laws, State Codes, Regulations and Mandates:
COGNIZANT OFFICE(S)CO Manager:
Ms. Colleen Zenger
Senior Financial Manager, Treasury Operations
CSU Office of the Chancellor
Mr. Oliver Ravela
Banking Services Analyst, Resource Management Office
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
Student Accounts Receivable (SAR)