University System of New Hampshire
Financial and Administrative Procedures
RECEIPT AND DEPOSIT OF CASH ITEMS
Issued By: Controller
(As accepted by Board of Trustees Financial Affairs Committee
Issued Date: 02/07/91 Revised 08/14/97, 06/17/98
A. SUMMARY OF ADMINISTRATIVE PROCEDURE
This statement outlines procedures for proper receipt and depositing
of currency, checks, bank card charge slips and other cash equivalents
(collectively hereinafter referred to as "cash" or "cash
- Timeliness of cash deposits. In order to optimize investment
earnings and reduce the possibility of theft and loss, all receipts of
checks and currency are to be deposited in tact with the campus Cashier/Bursar
within two business days (48 hours) from the time of receipt by the department.
Checks and currency totaling $500 or more must be deposited within 24
hours of receipt. Checks and cash should never be held by a department
awaiting accounting information. Bank card charge slips are to be deposited
directly to the appropriate bank within 48 hours of receipt by the department.
- Responsibility for safeguarding the receipt of cash items. At
the departmental cash collection locations, the dean, director or department
head is responsible for safeguarding cash items by employing appropriate
internal controls. Such controls include:
- Clearly define and document delegated responsibility for cash items
from time of receipt to time of deposit. Responsibility for the billing,
cash handling, record-keeping and reconciliation functions should be assigned
to separate individuals, to the extent possible.
- Open and process mail on a timely basis and in the presence of coworkers,
if possible. Maintain a log book of all cash items received. Restrictively
endorse checks immediately upon receipt using an endorsement stamp approved
by the USNH Controller.
- Provide security over cash items awaiting deposit at all times through
the use of locked fireproof safes, strong boxes, and file cabinets. Never
leave cash items in or on desks or unattended at any time.
- All cash receipts are to be deposited intact. Do not commingle cash
receipts with any other personal or business cash funds and do not reduce
cash receipts by amounts needed for petty cash transactions. Use standard
campus deposit forms. Reconcile all cash deposits to CUFS on a regular,
- Cash receipts of more than $10,000 must be reported to the Controller's Office
within 5 days with specific identification of the paying individual (i.e.,
social security number), for subsequent reporting to the IRS. For purposes of this
paragraph, cash is defined as coins and currency of the U.S. or any other country.
- Cash receipts and deposits are subject to periodic surprise audits by
USNH internal and external auditors.
B. DETAILED OPERATING PROCEDURES
Detailed USNH cash receipt and deposit operating procedures are the
responsibility of each campus administration.
The official version
of this information will only be maintained in an on-line web format.
Any and all printed copies of this material are dated as of the print date.
Please make certain
to review the material on-line prior to placing reliance on a dated printed