--INACTIVE HISTORICAL POLICY--
Section: GENERAL ACCOUNTING
|Section 3000 Policies|
Policy Number: 3102.03
Policy Title: Acceptance of Cash and Cash Equivalents
Policy Effective Date: April 1, 2011
Last Revision Date:
(see revision history)
It is the policy of the CSU that each campus shall establish written procedures to record and deposit cash and cash equivalents in a timely and cost-effective manner.
The Chief Financial Officer (CFS) of each campus or his/her delegate shall designate and authorize official campus cash collection points. Cash and cash equivalent collections shall only be received at official cash collection points.
A Campus may accept only U.S. currency and coins.
Each Campus must comply with Federal and State Laws and Regulatory requirements governing transactions involving currency and coin.
All checks must be payable to: “California State University”, “The Trustees of California State University”, the campus name (i.e. San Diego State University) or reasonable variations thereof. All invoices or other documents requesting payment shall clearly advise payers of this requirement.
Checks accepted by the University must contain all legally required elements including:
- Dating no earlier than 180 days prior to the day of acceptance (unless a shorter time period is clearly marked on the face of the check) and no later than the day of acceptance.
- Legible and consistent amounts, both the numeric and written.
- Valid signature by the account holder.
Checks bearing the legend “Payable/Paid in Full” are not to be accepted.
Checks drawn on foreign bank accounts that are not acceptable at face value by the depository bank must not be recorded, but must be sent to and approved by the depository bank for collection within 30 days of receipt. The CFO may approve the use of alternate, fully documented, procedures for the handling and recording of checks drawn on foreign banks.
Checks must be restrictively endorsed (endorsement stamp or its mechanical equivalent) by the close of business on the day of receipt.
Under no circumstances will checks be routed to other offices to obtain recording information. When the proper account(s) to which a check should be credited cannot be readily determined, it will be deposited and recorded as “un-cleared collections” and copies forwarded to departments to research correct recording instructions.
Reductions of recorded cash accountability, e.g., voids and reversals, must be supported by all copies of the document involved, explained, and approved in writing by the cashier's supervisor at the time of occurrence and retained per campus fiscal records retention policy.
An official CSU cash receipt shall be recorded for each collection. A collection not recorded on cash register or point of sale equipment, including mailed payments, must be recorded on a valid pre-numbered, multiple-part Cash Receipt. The receipts must be used sequentially. Receipt stock shall be kept secured, inventoried and regularly reviewed to prevent and detect alteration.
If the original receipt is lost, destroyed or otherwise unavailable as required by this policy, the campus may substitute a duplicate receipt that contains all of the elements of the original receipt and is clearly marked “duplicate”, “copy” or some other designation that indicates that this item is not the original document.
Mailed remittances shall be verified, processed, and restrictively endorsed by the close of business on the day of receipt.
All cash transfers must be documented and the documentation of accountability maintained by category (i.e., currency, checks and other forms of payment).
Electronic Based Cashier Point of Sale Equipment must meet the University security and operational standards, which are:
- All cash registers and point of sale equipment must produce a cash receipt with a unique campus identifier assigned to each customer.
- The cash-recording equipment must be controlled by unique consecutive numbers generated automatically and recorded with each transaction, as well as imprinted on the customer receipt.
- The numbering mechanism providing consecutive transaction number control must be accessible only to the manufacturer's service representative or appropriate personnel who are independent of that cashiering station.
- Each cashier shall be assigned a unique user ID, login, password, and cash fund not accessible by or shared with other individuals.
- All cash registers and point of sale equipment must produce session closeout audit totals for verification to receipts.
- All cash registers and point of sale equipment must require a supervisor approval in order to process refunds or voids after a completed sale.
Benjamin F. Quillian
Executive Vice-Chancellor/Chief Financial Officer
Approved: February 4, 2011
APPLICABILITY AND AREAS OF RESPONSIBILITY
RESOURCES AND REFERENCE MATERIALS
Sound Business Practices:
Laws, State Codes, Regulations and Mandates:
The Internal Revenue Service (IRS) requires tax-exempt education organizations to report cash transactions exceeding $10,000 (single transaction or accumulated by multiple transactions) received in the course of a trade or business, even if the income is not subject to the unrelated business income tax. The reporting requirement applies only to cash transactions. A Campus receiving a cash transaction for more than $10,000 must complete and file IRS form 8300, Report of Cash Payments over $10,000 Received in Trade or Business, with the IRS on or before the 15th day after the date of the cash transaction, or two or more related business transactions that occur within a 15-day period. Consult IRS Publication 1544, Reporting Cash Payments of over $10,000, for more information.
COGNIZANT OFFICE(S)CO Manager:
Mr. Sean Boylan
Cash Management Operations Officer, 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
Students Accounts Receivable (SAR)