| Policy Title | Reporting Cash Transactions over $10,000 |
|---|---|
| Responsible Office | Senior Associate Vice President for Budget and Business Affairs |
| Policy Type | Business Affairs |
| Policy Number | 217 |
| Last Revision Date | 12/13/2023 |
The University is required to report to the IRS and Financial Crimes Enforcement Network (FinCEN) the receipt of cash in excess of $10,000 in a single transaction, or two or more related transactions, from the same person (or agent) received in the course of the University’s trade or business within a twelve-month period.
IRS Form 8300, Reporting of Cash Payments Over $10,000 Received in a Trade or Business, must be filed by the 15th day subsequent to the transaction which causes the total cash payments received from that person (or agent) to exceed $10,000. The following procedures have been established to ensure the University’s compliance with Form 8300 reporting requirements.
| Timeline | Action Required | By Whom |
| At the time of the transaction | Complete Form 8300: —Obtain the most recent version of Form 8300 from the IRS website at http://www.irs.gov/pub/irs-pdf/f8300.pdf |
University department representative that received the cash |
| By the end of the day during which the transaction takes place |
Send an email to the Accounting Office at business@binghamton.edu that a reportable transaction has taken place and Form 8300 has been completed. Include a phone number at which the department administrator can be reached if there are any questions. |
University department representative that received the cash |
| By the end of the following business day | Email the completed Form 8300 to the Accounting Office | University department representative that received the cash |
| By the 15th day subsequent to the transaction | Review and file Form 8300 with the IRS and the FinCEN —If the form appears to be incomplete or incorrect, contact the department which received the cash to obtain additional information relating to the reportable transaction |
Accounting Office |
| By January 31st of each year | Prepare and furnish Notice to Payer of Reportable Cash Transaction (ATTACHMENT A below) to all payers who were identified on Form 8300 and reported to the IRS during the immediately preceding calendar year | Student Accounts Office |
| For at least five years from the date of filing Form 8300 | Maintain a copy of the completed Form 8300 | Accounting Office |
If you would like more information, please reference the following websites:
Bank Secrecy Act: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Bank-Secrecy-Act
Reporting Cash Payments: https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000
Publications 1544: http://www.irs.gov/pub/irs-pdf/p1544.pdf
If you have any questions regarding these procedures or any of the referenced documents, please contact the Accounting Office at 607-777-3073.
Attachment A
(Office Letterhead)
(date)
To the Payer of Cash to Binghamton University,
Pursuant to Internal Revenue Service (IRS) rules and regulations as described in Publication 1544, Binghamton University is required to report to the IRS and the Financial Crimes Enforcement Network (FinCEN) each transaction in which more than $10,000 in cash is received by the University. When the University receives in excess of $10,000 in cash in a single transaction, or in two or more related transactions, it is required to obtain the following information regarding the payer and provide it to the IRS and FinCEN via IRS Form 8300:
- Payer’s name, address, date of birth, occupation, Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN),
- Identification of the document used to verify payer identification (for example, passport or driver’s license) including the document number, and
- If the transaction is conducted on behalf of another person, that person’s name, address, occupation, and SSN or ITIN.
The above information is required by law and expedites the processing of your transaction(s). You are receiving this statement from Binghamton University because we received cash totaling $10,001 from you within a 12-month period and have reported this information to the IRS.
This letter is to inform you of our reporting requirement and no action is required from you at this time.
Sincerely,
Student Accounts Staff
