Cash Collections and Deposits
Authority: Business Affairs
Date Enacted or Revised: Revised February, 2016
Cash represents one of the University’s most sensitive assets. Due to its nature, there should be clear accountability for cash, both in its receipt for deposit and custodianship.
The University decentralizes cash handling through extensive delegations of responsibility to facilitate operations and provide for convenience and flexibility. The cash handling function is the ultimate responsibility of the Vice President for Business Affairs and the Comptroller, and only those departments with approval are authorized to collect or receive funds for the University.
All money collected for the University from any source must be deposited with Cashier’s office daily. All receipts must be deposited intact. No part of any monies collected may be used to pay bills or expenses of any kind, nor may the monies be deposited elsewhere unless authorization has been received for the use of a bank depository other than a University bank account.
To ensure that an adequate system of internal control over cash handling, cash collections and deposits is maintained.
These policies and procedures are applicable to all McNeese employees and students who collect funds.
- To safeguard McNeese State University accounts against waste, fraud, and inefficiency.
- To ensure a high level of accuracy and reliability in the accounting records.
- To reduce the opportunity for errors or losses without incurring unreasonable additional costs for the internal controls established.
University funds are subject to an audit anytime by the Internal Auditor.
Units authorized to collect money – Only those campus units approved by the Vice President for Business Affairs are authorized to collect or receive money for the University whether from cash sales or from other sources. Each campus unit must have a signed cash collection authorization form which is kept on file in the Office of Business Affairs. Once the authorization is received, it is the unit head’s responsibility to designate employees who are authorized to handle money, and to see that they are properly instructed in the procedures to be followed.
Units Not authorized to collect money – These units should direct all individuals making payments to the Cashier’s Office. All efforts should be made to have payments for events, conferences, etc. mailed or paid in person at the Cashier’s window. If by chance money is received by mail it is to be immediately delivered to the Cashier.
Shortages – Any significant cash shortages in collections must be reported immediately to the Comptroller and University Police.
Counterfeit Currency – It is the responsibility of all units authorized to receive cash to exercise reasonable care in screening cash transactions for counterfeit currency. All suspicious transactions should be reported immediately to the Comptroller and University Police.
Cash Collection After Hours – University Police will provide escort/transport services of university funds only by a commissioned officer according to University Police Policy and Procedure O-3. Only secured packages will be accepted. All transports will be documented on the dispatcher’s daily log to include the time of pickup and the officer assigned to perform the task. The assigned officer will complete a “McNeese Money Escort Form” entry on each transport and obtain the initials of the submitting personnel. Officers are not to answer routine calls for service while conducting money transports nor are they to leave bags unattended or locked in a vehicle for any reason. Bags shall be brought to the University Police Department and immediately placed into the safe located near the front desk. The McNeese Money Escort Form shall be placed in the duty box. The following business day, the Police Lieutenant (designated key custodian), shall retrieve the McNeese Money Escort Form from the duty box to determine the number of bags expected in the safe. The Lieutenant shall retrieve all bags from the safe and document each on a new McNeese Money Escort Form. The form and all bags shall then be transported by a commissioned officer to the cashier’s office for processing. Any discrepancies in the number of bags placed into and retrieved from the safe (over or under) shall be immediately brought to the attention of the assigned transport officer and the Chief for further investigation.
Fidelity bond – All employees of the University are covered by a blanket fidelity bond.
Only the approved campus units are authorized to collect money. All money received on campus is sent to the Cashier’s Office for posting and processing for deposit. All authorized campus units are required to have a receipt log book, a locked bank bag issued by the Cashier’s Office, the approved deposit cover sheet that is submitted with all money collected and an official University “For Deposit Only” stamp. All locked bags must use the standard cover sheet which has been approved by the Cashier’s Office. The deposit cover sheet accounts for all cash, checks and credit cards separately, and includes contact information, fund/index and account. All deposits should have a double tape of the funds enclosed. All checks must be endorsed with an official University “For Deposit Only” stamp.
All campus deposits in excess of $100.00 in cash should be delivered by campus police to the Cashier window via locked bank bags. Departments are allowed to transfer cash collection amounts up to $100.00 and checks in any amount to the Cashier’s office without the assistance of campus police. All funds received in campus units are to be sent to the cashier office within 24 hours (not including weekends and University holidays) of receipt for processing. Departments may elect to keep the key to their bag and send a representative to be present when the bag is processed. If a department elects to do this, a representative must come to the cashier window within 24 hours to process and receive receipts. Departments that elect to leave their key at the cashier’s office will have receipts sent back to them via the locked bag.
Payments on student accounts may be received in person, by drop box, by mail, and online by credit/debit card and electronic check.
In Person – Only cash, checks, or money orders only are accepted at the Cashier’s office. Checks must have name, physical address, driver license number, telephone number and student identification number. All checks must be made payable to McNeese State University. All checks are endorsed with the official “For Deposit Only” stamp at time of receipt.
Drop Box – The drop box is located on the north side of Smith Hall. The drop box is emptied once every day, and more as needed during peak times.
Payments received by mail – All payments are processed within 24 hours of receipt. All payments received by mail must be recorded in a daily control log which includes the student name, ID number, postmark date, receipt date, amount and check number.
Online – Visa, MasterCard, Discover and electronic check payments are accepted via the internet through the University website on a secured server.
Deposit Processing and Delivery to Bank
All funds received through the Cashier’s office are reconciled before deposit. Cash is sent to the bank at the end of business daily for that day’s receipts. Checks are sent the next business day after additional reconciliation/reporting is done by a separate employee other than cashier office employees. Deposits are delivered daily to the bank via University police. All deposits are logged and signed by the University officer and the Cashier.
Cash – Cash is deposited daily with an original preprinted Bank One Deposit slip. All cash is counted by each cashier and verified by the supervisor who initials the deposit slip.
Checks – Checks are deposited daily with an original preprinted Bank One deposit slip. A double adding machine tape listing the amount and total of all checks is included with the deposit slip.
Reconciliation – The Cashier’s Deposit Recap form is completed daily and reconciled to the appropriate Banner, Core and Nelnet reports. The reconciliation is prepared by an Administrative Accounting employee other than the cashier office employees. Any changes made to deposits by the bank are researched and corrections are made as necessary. Reconciliation reports are submitted to the Comptroller.
Communication of this policy is done via the Administrative Advisory Council, the University Listserv, the Student Listserv and is available on the McNeese website.