| Approved by: | Board of Trustees | |
| History: | Issued -- March 14, 2002 | |
| Revised -- February 8, 2013 | ||
| Last Reviewed -- | ||
| Related Policies: | Petty Cash Policy; Reporting Financial Irregularities Policy | |
| Additional References: | Deposit Form | |
| Responsible Official: | Director of Treasury Services, tel. (202) 319-6445 | |
I. Introduction
To ensure the prompt deposit, safekeeping and proper accounting for University funds, this policy describes procedures for the handling of cash, checks, credit and debit cards, and other tendered payments received by the University.
This policy applies to faculty, staff, and student organizations for all types of payments received.
II. Deposit Requirements
Deposits should be kept in a locked and secure location at all times. Payments received by a University employee or student organization are required to be deposited to the Cashier's Office on a timely basis. Checks made payable to the University should be endorsed immediately and may not be assigned to any other party. Deposits which total more than $500 in aggregate should be deposited within 1 business day of receipt. This includes deposits that may contain only 1 item (i.e. 1 check for $500) or deposits with several items (i.e. 5 checks for $100 each). Any deposit less than $500 should be deposited within 3 business days of receipt. Deposits to the Cashier's Office should include a completed deposit slip. The department should complete the deposit slip, including relevant accounting information, before coming to the Cashier's Office.
Departments may accept payments by cash, check, travelers check or money order. Checks should be made payable to "CUA" or "The Catholic University of America" and should be no older than ninety days. Post-dated checks will not be accepted for deposit. Credit card payments can only be accepted by schools or departments given specific authority by the Treasury Services Office. Anyone depositing cash is required to wait for a receipt from the Cashier.
Payments received after regular business hours may be deposited in the drop safe located in the Cashier's Office back hallway. Public Safety will provide access to the drop-safe to persons wishing to make a deposit. No payments will be accepted by inter-office mail.
III. Returned Checks
The Cashier's Office will reverse the revenue in the originating department's org for the amount of the returned check. Returned checks are mailed to the originating department for collection. It is the originating department's responsibility to notify the check writer and use due diligence to collect the amount of the check. Repayment of funds for returned checks should be in the form of cash, money order, cashier's check or certified check. The department should charge a returned check fee, and Treasury Services can provide the appropriate amount for that fee.
IV. Bank Accounts
No school, department or other University unit, including student organizations, may open a bank account in the name of the University or a University department/school. Only the Vice President for Finance and Treasurer of the University may authorize opening bank accounts in the University's name. Requests for bank accounts and other banking transactions should be directed to the Director of Treasury Services. Please note that an approved request will need to include a business reason strong enough to outweigh the additional administrative requirements.
V. Written Departmental Procedures
Departments should have written procedures for the handling of cash in that department. The Director of Treasury Services must approve all departmental procedures for handling of money. Departments who have new revenue generating activities should submit departmental cash handling procedures to the Treasury Services Office.
VI. Removal of Funds from the University
No individual is authorized to remove money from the campus for safekeeping, or to use a cash fund to cash personal checks for themselves or others. If an individual does use University cash for personal reasons, the situation will be brought to Public Safety and Human Resources, Student Life or the Provost for appropriate disciplinary action.
VII. Starter Checks
Checks cannot be accepted if they do not have the name and address of the account holder imprinted on them. No exceptions will be made to this policy.
VIII. Non-compliance
Evidence of non-compliance with this policy should be brought to the attention of the Vice President for Finance and Treasurer or the Chief Ethics and Compliance Officer (tel. 202-319-6170, CUA-COMPLIANCE@CUA.EDU) in accordance with the Reporting Financial Irregularities Policy. Non-compliance may be grounds for termination of employment. Compliance with this policy is subject to audit by the University's external and internal auditors.