Cash Collections and Deposits Policy

General

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 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 the 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.

Purpose

To ensure that an adequate system of internal control over cash handling, cash collections, and deposits is maintained.

Scope

These policies and procedures are applicable to all University employees and students who collect funds.

Objectives

• To safeguard McNeese State University accounts against waste, fraud, and inefficiency;
• To ensure a high level of accuracy and reliability in accounting records; and
• To minimize the risk of error or loss without excessive internal control costs.

Audit

University funds are subject to an audit at any time by the Office of Internal Audit.

Cash Collection

Units Authorized to Collect Money

Only campus units approved by the vice president for business affairs may collect or receive funds, whether from cash sales or other sources. Each authorized unit must maintain a signed cash collection authorization form on file with the Office of Business Affairs. Unit heads are responsible for designating and training employees authorized to handle cash.

Units Not Authorized to Collect Money

Units without approval must direct payments to the Cashier’s Office. Payments for events or conferences should be mailed or delivered in person to the Cashier’s Office. Any funds received by mail must be immediately forwarded to the Cashier’s Office.

Shortages and Counterfeit Currency

Significant cash shortages must be reported immediately to the comptroller and McNeese Police. Authorized units must screen cash transactions carefully for counterfeit currency and report suspicious activity promptly to the comptroller and McNeese Police.

Cash Collection After Hours

McNeese Police will provide escort/transport services of University funds only by a commissioned officer. Only secure 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 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 McNeese Police and immediately placed into the safe located near the front desk. The Money Escort Form shall be placed in the duty box. The following business day, the police lieutenant (designated key custodian), shall retrieve the 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 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.

Departmental Deposits

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 the “For Deposit Only” stamp.

All campus deposits in excess of $1,000 in cash should be delivered by McNeese Police to the Cashier’s Office via locked bank bags. Departments are allowed to transfer cash collection amounts up to $1,000 and checks in any amount to the Cashier’s Office without the assistance of McNeese Police. All funds received in campus units are to be sent to the Cashier’s Office within 24 hours of receipt for processing (not including weekends and University holidays). 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’s Office 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.

Student Payments

Payments on student accounts may be received in person, by drop box, by mail, and online by credit/debit card or electronic check.

• In Person: Cash, checks, and money orders accepted at the Cashier’s Office. Checks must include the payer’s name, address, driver’s license number, phone number, and McNeese ID, payable to McNeese State University, and endorsed at receipt.
• Drop Box: Located on the north side of Smith Hall, emptied daily or as needed.
• By Mail: Processed within 24 hours, logged daily with student information and payment details.
• Online: Payments accepted via Visa, MasterCard, Discover, and electronic checks on a secure University website.

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 close of business 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’s Office employees. Deposits are delivered daily to the bank via McNeese Police. All deposits are logged and signed by the McNeese Police officer and the cashier. 

Cash

Cash is deposited daily with an original pre-printed 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 pre-printed 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 Office of Administrative Accounting employee other than the Cashier’s 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

This policy is distributed via the University Policies webpage.