Cash Receipts Policy
Responsibility of Campus Representatives
The University Controller, under the direction of the Vice President for Administration, shall be responsible for the performance of those functions related to the receipt, deposit, management, investment and disbursement of cash and other financial assets; operation and maintenance of financial data processing systems; recording and disclosure of financial transactions, results of operations and related data; establishment and maintenance of adequate and appropriate internal controls, in conformance with applicable rules and laws without unnecessary exposure to liability and/or risk.
The Director of Accounting Services and/or his designee shall be responsible for assuring the preparation and implementation of operating procedures, reviewing and approving any exceptions; maintaining cash receipts and deposit procedures to assure that cash receipts are deposited in a timely manner; and assuring that fee reconciliations, refunds and waivers are performed and reported in the appropriate period.
Central Cashiering shall be responsible for cash collections (receiving of and issuing of receipts for money offered as payment to the University) and deposit of money to the depository bank.
Go to Cash Receipt Policy Context
Definition of Terms
Accounting Services
The University Accounting Services Office where all financial records are maintained.
Cash Collections
The receiving of and issuing of receipt for money offered as payment to the University.
Cashier
A person who collects payments for the University.
Cashiering Stations
Collection stations that deposit funds directly to Central Cashiering. The stations are established for student convenience and are located on and off the campus facilities.
Census Date
The point in an instructional sessions/term when students can no longer add classes, no longer receive full fee refunds, and no longer drop classes without special permission, and the date by which all fees have been paid or waived. It is also the point at which official enrollment counts for the term are captured.
Central Cashiering
The official cashiering operation for the University, where deposits are made directly to the bank.
Collection Sheet
The official accounting form utilized by satellite cashiers to record payments, student names and student identification numbers.
FISMA
Financial Integrity and State Manager's Accountability Act. This Act, which was passed in 1983, requires state agencies to establish and maintain a system of internal accounting and administrative control. To ensure that the requirements are fully complied with, the head of each agency is required to prepare and submit a report on the adequacy of the systems of internal control following the end of each odd-numbered fiscal year.
Money
Forms of payment which include cash, checks, coins, currency, credit cards, traveler's checks, registered checks, bank notes and money orders.
Satellite Cashier Designee
A person authorized to collect fees at a satellite cashiering station.
