| Effective Date: |
April 30, 1991
|
|---|---|
| Last Revised Date: |
May 21, 2025
|
| Responsible Unit(s): | |
| Responsible Unit Email(s): | |
| Manual: | |
| Status: |
Active
|
Purpose and Summary
To provide policies and procedures for receiving and depositing monies on behalf of the University of Arizona.
Scope
This policy applies to all University locations and units, including all University extensions, satellite locations, and off-site campus units, both domestic and international, for the collection of monies in connection with University activities.
This policy applies to any University employee (faculty, staff, student, docent/volunteer) who is performing any part of the cashiering function (receiving, receipting, depositing and reconciling of funds).
Definitions
- Cashier/teller: Any employee who is responsible for receiving funds, handling cash or receipting funds for the department. Types of funds received are checks, cash/coin or credit card payments.
- Change Fund: A Change Fund is a cash advance used to provide operating funds to authorized individuals for the purpose of exchanging cash in a cash transaction.
- Custodian: The Custodian of Change Fund is the University employee, designated and authorized by a dean or department head, responsible for ensuring that the Department’s cash is secured, audited and supporting documentation is maintained
- Direct Deposit Department: A department that has been assigned a unique outlet/location number and has daily or twice a week deposits which are picked up by contracted guard services or deposited directly to our partnering bank.
- Negotiable item: A negotiable item is a document guaranteeing the payment of a specific amount of money with the payer named on the document. Examples of negotiable items are demand drafts, checks or promissory notes.
- University Activity: University activities include, but are not limited to:
- Revenue producing activities using University of Arizona facilities or personnel acting on behalf of the University
- Research or research related activities, both government and private, including:
- Grants, contracts, and/or drug studies
- Fixed price contracts and/or indirect cost recovery funds
- Restricted and unrestricted gifts.
- Income from investments
Policy
- Responsibility for the collection of monies in connection with University activities is delegated to the Vice President, Financial Services, who, in turn, delegates this responsibility to the University Bursar. The Bursar should be contacted regarding any deviations from policies and procedures stated herein. All funds received from any source, for any University activity, must be deposited with the University Bursar.
- The University Vice President, Financial Services is authorized by the Arizona Board of Regents to conduct business with approved banks and to provide authorization for the opening and closing of all bank accounts.
- Any University employee (Petty Cash/Change Fund Custodian, Staff or Student, Docent/Volunteer) who is performing any part of the cashiering function (receiving, receipting, depositing and reconciling of funds in the UAccess Financial accounts) is required to complete Cash Handling and Receiving training every 2 years. Staff/Students can register for the training through EDGE Learning. Special arrangements can be made for large groups within a department by contacting the Campus Banking Coordinator.
- Money losses resulting from fraudulent or dishonest acts committed by a University employee are covered under a Board of Regents blanket bond. However, responsibility for such acts rests with the department head who will be looked to with regard to the proper following of the herein set procedures. Criminal charges may be filed depending on the severity of the offense.
- Departments that are authorized to perform cashiering functions and require a Change Fund must have approval from the department head and their Financial Services Fund Accountant. To establish a Change Fund, a UAccess Financials Disbursement Voucher and promissory note must be completed. The custodian's signature indicates intent to comply with the policies and procedures set forth in this section. Change Fund promissory notes expire April 30 each year and must be renewed by the custodian of the fund if the activity is to continue. Never establish a change fund by withholding receipts from deposits to University accounts.
- Each department is required to maintain supporting documentation when operating a Change Fund. Forms required include: Over and Short Ledger; Cash register tapes; Daily Balance Sheets; Monthly Verification of Cashier's Money (surprise cash count); and a Record of Deposit Log, with a validated University Cash Receipt copy attached. (Sample Forms and Logs). For retention information, refer to the University of Arizona’s Common Records Retention and Disposition Schedule, Financial Records Section
- Request exceptions to this policy in writing and forward to Financial Services for approval.