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Cash Collections and Deposits Policy

Authority: Business Affairs
Date Enacted or Revised: Revised February 2016; March 17, 2022

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 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 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 reduce the opportunity for errors or losses without incurring unreasonable additional costs for the internal controls established.

Audit

University funds are subject to an audit anytime by the Office of Internal Audit.

Cash Collection

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 that 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 Office. If, by chance, money is received by mail, it is to be immediately delivered to the Cashier’s Office.

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 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 University 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 $100 in cash should be delivered by University Police to the Cashier’s Office via locked bank bags. Departments are allowed to transfer cash collection amounts up to $100 and checks in any amount to the Cashier’s Office without the assistance of University 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

Only cash, checks, or money orders are accepted at the Cashier’s Office. Checks must have name, physical address, driver’s license number, telephone number, and student identification number. All checks must be made payable to McNeese State University and 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. 

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 online via 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 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 University Police. All deposits are logged and signed by the University 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 Administrative Advisory Council and the University Policies webpage.

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