CASH HANDLING REQUIREMENTS
Collection and Deposit of Coin Operations
The University Controller is responsible for the collection of all coin operation funds. The Central Cashiering office has been designated as the official collection site for all University funds. Exceptions may be made to this policy by the University Controller Officer, or by that person to whom he has delegated authority, for collections in campus units other than Central Cashiering based on the need of that unit and their ability for that money to be safeguarded, deposited, reconciled, and remitted to Central Cashiering in a timely manner. Requests for exceptions should be directed in writing to the University Controller.
Collection and deposit of approved coin operations shall be subject to the same controls and safeguards for handling of all change funds outside of the Central Cashiering office. The following internal controls and security must be in place for any coin operations that exist outside of the Central Cashiering office:
- The coin operation fund must be counted daily unless it has not been removed from the collection dispenser or vault.
- Collection of coin and currency from dispensers and other coin operations and transportation of those funds to the Central Cashiering office shall be done by contracted security escort or in the presence of proper campus security. In the case of parking dispenser collections, two uniformed parking officers shall be present when the dispenser canisters are emptied into a locked cart. All funds not transferred into a locked cart shall be sealed in a tamper-free bag or in a locked deposit bag.
- Proper identification of the coin operation funds, including date, amount and account, when applicable, shall be logged and attached to coin bags or cart and shall accompany the transportation of all coin operation funds to the Central Cashiering office.
- Upon delivery of coin funds to Central Cashiering, transfer receipts shall be used to verify transfer of coin bags, with amount and date or number of bags and date, whichever is applicable. For coin funds that are transferred to Central Cashiering without being counted, bag numbers or other appropriate form of identification shall be used to verify the transfer. For bags delivered by contracted security service, the bags shall be counted in the presence of the security guard and the transfer log shall be verified and signed by the Head Cashier.
- Coin and currency received by Central Cashiering from the coin operation funds shall be logged, counted and receipted into the Cashiering system. Duplicate copies of system numbered receipts shall be transferred to the appropriate department for all collections of coin and currency.
- Once received by the Central Cashiering office, all coin operation funds shall be receipted and deposited into the University's depository bank in compliance with the same policies and procedures as is applied to all other funds received by the University, with the following possible exceptions: if bank messengers are used, the agency may be required to prepare a separate deposit slip for the coin portion only if the coin portion is greater than $50 (other currency will be submitted with a separate deposit slip). Bank messengers are restricted from picking up any deposit that includes coin and currency.
- Coin shall be counted and placed unrolled into a deposit bag and sealed in the presence of two agency employees who will sign an agency copy of the deposit slip indicating that they have verified the coin and currency amount of the deposit. The armored car carrier shall sign a receipt indicating the receipt of the sealed deposit bag to be delivered.
- The State of California does not maintain a master fidelity bond for state employees' dishonesty. Therefore, the State is uninsured for losses caused by employee dishonesty. Strict internal control and security over coin operations are vital to the protection of the State from loss.
