| Policy Title | Cash Receipt Guidelines |
|---|---|
| Responsible Office | Business Affairs |
| Policy Type | Business Affairs |
| Policy Number | 208 |
| Last Revision Date | 10/26/2023 |
Cash systems may vary by individual office or agency, but all cash systems must meet these basic guidelines. The term "cash" as used herein includes currency, checks, money orders, etc.
- All cash receipts from University and University-related activities must be deposited into bank accounts administered by the University or one of its University-recognized affiliated organizations: Binghamton Foundation, Research Foundation, Alumni; or for student groups: the Student Association or Graduate Student Organization.
- There should be a segregation of duties and proper supervision so no one person has complete control over the revenue process.
- All cash received for an activity should be deposited in its total. Cash receipts which are pending deposit should not be used to pay activity-related expenditures; such payments should be dispersed by check following the deposit of the cash receipts.
- Whenever cash is received, a cash receipt should be issued unless there is a compensating control over the amount received (i.e., pre-numbered tickets sold). The receipts should be pre-numbered and issued in duplicate with one copy for accounting purposes. The deposits and cash on hand should be reconciled to accounting records on a monthly basis. Reconciliations, deposit records, and appropriate back-up must be maintained in accordance with SUNY records retention policy. Safeguards against counterfeit currency, as noted below, should also be observed.
- When a check is received, it must be endorsed immediately with the following inscription, "For Deposit Only — Organization" (i.e., Binghamton University). A stamp can be purchased from a local vendor to assist in this function.
- Cash receipts should be turned over to the designated cashier (Foundation or Student Accounts) for deposit at prescribed intervals. If possible, this deposit should be made at the close of each day. If daily deposit transmittal is not feasible due to the location of one collection office, or if amounts of collections are nominal, transmittals may be made less frequently, but in no case less frequently than once a week. Funds not deposited daily must be stored in a secure location, such as a safe. Any department wishing to maintain a cash balance in their office will require additional Business Office approval. See policy 222 for more information.
- Deposits should be made in person by the individual preparing the deposit. When funds are transferred to a messenger, the responsibility for the total fund also passes. The person delivering the cash must wait for the designated cashier to count the cash and issue a receipt. Each time control of cash is transferred, the funds should be verified and signed off by the receiving party.
- The cash deposit should have attached to it a transmittal indicating the total of currency and checks. A detailed listing of the checks must be included. A description of the cash receipts should be made so that the designated cashier can assign appropriate account codes for revenue accounting. This will assure the department that the proper cash accounts will be credited. Deposits to state accounts (IFR, DIFR, SUTRA) require use of the University Deposit Transmittal form and must be delivered directly to Student Accounts. Departments utilizing courier service for bank deposits must send the University Deposit Transmittal form via email to Student Accounts on the same day as courier pickup.
- The cashier should audit "each" transmittal received to assure the monies turned over are intact. Actual currency must be counted in the presence of the person delivering the money. Checks must be accounted for. The cashier should issue a receipt for the total amount (cash and number of checks if appropriate) to the employee who transmitted the funds.
- The employee in charge of the cash collection process in each office will be responsible to see that these guidelines are followed. Any deviation from these procedures should be approved by the Associate Vice President for Accounting and Budget (607-777-2143).
- Voiding Receipts: Whenever it becomes necessary to void a receipt, all copies of the voided receipt should be stapled together and maintained on file. The New York State Department of Audit and Control requires that these be maintained on file for the same period as the used receipts.
Steps to Safeguard against the Acceptance of Counterfeit Currency.
Counterfeit notes/bills are prevalent in any environment where money is exchanged. As a result, Binghamton University is vulnerable to receive these notes. Therefore, cash collecting units must be aware of counterfeit notes and detection/reporting methods. Implementing the controls noted below will help reduce our exposure to this fraud.
Best practice in terms of cash handling requires us to examine cash carefully. This includes taking time to process the transaction and inspecting notes in denominations of $20 and higher by such means as:
- Feel the paper
- Tilt the note
- Check with light
- Use a currency pen
Learn about the Feel-Tilt-Check steps:
If you suspect a counterfeit note or have information about counterfeiting activity, please report it immediately to New York State University Police at 607-777-2393, the University Student Accounts Office, and/or Risk Management.
For your personal safety... Please:
- Do Not put yourself in danger.
- Do Not return the bill to the passer.
- Do contact New York State University Police at 607-777-2393.
- Do delay the passer, if possible, until NYS University Police officers arrive.
- Do observe the passer's description — and their companions' descriptions.
- Do write your initials and date in the white border area of the suspected counterfeit note.
- Do Not handle the counterfeit note any more than necessary. Place it inside a protective cover, a plastic bag, or envelope to protect it.
- Do surrender the note or coin Only to a properly identified police officer.
Please Note: There is no financial remuneration for the return of the counterfeit bill, but it is doing the "right thing" to help combat counterfeiting.
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