University System of New Hampshire
Financial and Administrative Procedures

RECEIPT AND DEPOSIT OF CASH ITEMS
Procedure 10-004
Issued By: Controller
(As accepted by Board of Trustees Financial Affairs Committee on 02/07/91)
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 items").

1. 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.

2. 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:
   1. 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.

   2. 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.

   3. 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.

   4. 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, timely basis.

   5. 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.

   6. 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.