Indiana State University: Bursar Operations

Cash handling procedure statement

Indiana State University’s cash handling procedures require each area receiving cash to be approved by the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller, and to be verified as an authorized cash collection site. A cash collection site is defined as a department which handles cash on a regular basis. While there are departments or entities with collections of cash that are not recognized as official cash collection sites (e.g., agencies), they must follow the same cash handling procedures that apply to the cash collection sites. All cash collection sites that accept payment of any type, (cash, check, VISA/MasterCard, etc.) must comply with the guidelines and procedures issued by the Associate Vice President for Finance and Assistant Treasurer division.

Basic procedures required for cash collection sites follow. Please note that detailed requirements can be found in the Indiana State University Cash Collection Site Procedural Requirements document maintained in the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller.

Perform a daily cash count of funds
Funds include: cash, checks, money orders, Visa/MasterCard, etc.
Acceptance of Visa/MasterCard for payment requires pre-approval by the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller. No other credit card types may be accepted.
Credit card receipts must total the batch total from the credit card machine.
Checks must be restrictively endorsed immediately upon receipt; all checks must be endorsed prior to being transported.
Provide sequential numbered receipts for each cash transaction (cash register receipt or hand written receipt) to customer; one copy must be included with the deposit and one copy must be kept with the department/agency files for audit purposes.
Provide for supervisor approval of identified voided transactions and include in the reconciliation.
Provide for adequate separation of duties.
Provide a secure locking location for handling of cash inclusive of locked storage capability.
Complete daily deposits and deliver the deposit to the Account Analyst area in the Office of the Controller within one business day. Deposits should be transported in a secure locked bag.
Departmental Checking Accounts are not permitted
Document any discrepancies (short or long) on deposit form.
Immediately report any balancing discrepancies in the amount of $50.00 or more, to the Fiscal Operations Director and Internal Audit.
Reconcile the deposit to your BANNER financial account at least weekly to ensure that your deposit was accurately recorded.
Notify the Fiscal Operations Director of changes in personnel that are associated with your cash handling activities.
The personal use of cash from the fund is prohibited in all circumstances.

Who Should Know These Procedures?

Any university employee entrusted with the responsibility of receipt, deposit and/or reconciliation of cash for university related activities.

Responsibilities

A department or agency that desires the privilege of becoming a cash collection site must submit a written request asking for authority to be established as a new cash collection site. Each department must abide by the Indiana State University Cash Collection Site Procedural Requirements which addresses cash handling responsibilities. Each cash collection site is responsible for the reconciliation of all deposits. For departments who wish to take payments via credit card, written requests must be approved by the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller. All processing equipment* will be obtained by the Associate Vice President for Finance and Assistant Treasurer division at the requesting department’s expense. VISA and MasterCard
are the only two authorized credit cards accepted by Indiana State University. Departments that obtain the processing equipment accept the responsibility of ensuring the safeguarding of all sensitive information.

*Processing equipment includes credit card readers/printers and point of sale terminals. In addition, any cash register system that is used to process any payment made to the university, should be brought to the attention of the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller and the Office of Information Technology prior to purchase commitment.

Review and Approval of cash collections sites

Review and approval of new cash collection sites are conducted by the Associate Vice President for Finance and Assistant Treasurer division of the Office of the Controller.

Periodic reviews of cash collection sites will be conducted by the Office of Internal Audit and the State Board of Accounts. Departments not complying with approved procedures may lose the right to function as a cash collection site. Requests to become a cash collection site should be submitted as indicated below.

Associate Vice President for Finance and Assistant Treasurer Division
Contact Information

Office of the Controller Account Analyst Area
Fiscal Operations Director, or
Accounting Services Supervisor
812-237-3511

The University Board of Trustees reserves the right to change fees at any time in the future. The right to correct errors is also reserved.