Receiving Funds

Any department (i.e., an area of the University that does not relate to the Bursar or auxiliary unit) or student organization that wishes to accept payment must consult our office prior to receiving any form of payment (including any credit card processing). We retain the right to determine what forms of payment (including forms of cash and credit card devices) a given department or student organization can accept.

If you plan to accept payments or handle payment, contact our office first. You will also need to provide salient details (e.g., departmental contact information, the purpose for collecting funds, general ledger funds to be posted).

Please note: All departments who collect funds may be subject to periodic, unannounced audits by the University's Internal Audit and Consulting Services staff. Instituting and following proper cash handling procedures will help you ensure the integrity and security of all cash transactions.

Cash handling duties fall into one of three functional areas:

• Receiving funds
• Depositing funds
• Reconciling funds

Ideally, different individuals within a department or student organization will oversee each category. When this is not possible (e.g., in cases of small departments), the goal should be the separation of the cash-receiving responsibility from the depositing and reconciliation functions.