Cash

Handling

ControlsCash Controls, Deposits,

& Petty Cash

Allesanda GriffittBudget & Analytics

How cash is handled securely at UNT

Are you confident you and your team are handling day to day monetary transactions in

the best possible way?

Do you have written department procedures for cash handling?

Policy

10.006

Cash Handling Controls - Policy 10.006

• Policy Statement:

– UNT is committed to establishing strong internal controls for handling cash to ensure these assets are protected, processed in an accurate and timely manner, and properly reported.

– All cash transactions involving UNT are subject to all applicable state law and university policies.

Cash Handling Controls - Policy 10.006

• Departments, employees, and student organizations may not maintain bank accounts on behalf of UNT.

• Only bank accounts operated by UNT System Treasury are authorized.

Important Definitions• “Cash” - currency/coin, checks, bank drafts, Automatic

Clearing House (ACH) transactions, Electronic Funds Transfers (EFTs), money orders, traveler’s checks, cashier’s checks, or credit/debit card transactions

• “Authorized Employee” - an employee who has attended Cash Control Training and whose supervisor has completed a Cash Authorization Form authorizing the employee to collect cash

• “Authorized Student” - a student who is a member of a sponsored student organization who has attended Cash Control Training, whose Sponsored Student Organization Advisor has completed a Cash Authorization Form authorizing the student to collect cash

Important Definitions• “Change Fund” - a fund used for the sole purpose of carrying

on a sales operation, or change-making operation involving receipts (sales, fees, deposits, etc), and should always contain currency/coin or currency/coin-in-transit

• “Petty Cash Fund” - a fund issued to a principal investigator to pay participants for completing surveys or participating in research for UNT as set forth in Policy 10.017

• “Custodian” - the employee specifically authorized to manage monies in the petty cash fund or in the change fund as set forth in UNT Policy 10.017

• “Secured Location” - a safe secured to a fixture

Student Organizations

• Registered vs Sponsored

• Any registered organization that elects to maintain a university bank account will be subject to compliance with all university cash handling policies.

Authorization

• Only authorized employees or authorized students

• Must attend Cash Control Training annually

• Internal Audit and the VP of Finance & Administration responsible for performing spot audits

• Failure to comply = revocation of privileges

• Disciplinary action up to and including termination or registration declined

Responsibilities

• It is the responsibility of the fund custodian, OrgDeptholder, or SSOA to ensure that cash on hand and cash deposited equal actual receipts at all times.

Cash

Handling

Authorization

Form

Cash Handling Authorization Form

• Budget.unt.edu

• “Resources” tab under “Forms”

• Only required to have custodian signature if petty cash/change fund is assigned

• Keep on file in department

Departmental

Procedures

Requirements

& Template

Written Procedures

• Must develop written procedures for separation of duties

• Review procedures annually

• Maintained in accordance with UNT Policy 04.008, Records Management and Retention

– US+3 for procedures (until superseded)

Cash Handling Procedures Template

• Budget.unt.edu

• “Resources” tab under “Documents”

• Keep on file in department

• Example

Cash Handling Procedures Template• Should include:

– Authorization of persons to collect cash

– Off-site cash collection procedures (if applicable)

– Maintenance of receipt logs

– Security and reconciliation of cash

– Delivery of approved cash deposits to SAUCS

– Office over/short procedures

– Event of fraud procedures

– Record retention office procedures

Separation of Duties

• Collecting cash

• Maintaining documentation

• Preparing deposits

• Reconciling records

Secured Location

• Safe attached to a fixture

• Combinations

– Changed periodically

– Always changed when permanent custody changes

– Restricted to a minimum number of employees

Checks

&

Deposits

Checks• Must be made payable to the University of North

Texas

• Must be endorsed upon receipt using an approved stamp

PAY TO THE ORDER OF WELLS FARGO BANK

FOR DEPOSIT ONLY

UNIVERSITY OF NORTH TEXAS

• Verify date is current and not post dated

• Written line and the numbered amount must match

• Check must be signed

Deposits

• Only US currency and coins are accepted.

• All cash received must be turned into SAUCS for processing within three (3) business days.

– If not depositing the cash on the day received, it must be kept in a designated secured location.

Deposits

• The cash must be accompanied by a Departmental Deposit Slip (DDS).

• The deposit must be transported in a lock bag or a plastic tamper evident bag and inside of another bag. SAUCS should have the key.

Deposit Slip• Department Name

• Date: Date the deposit slip is completed

• Item Description: Reference such as receipt number or suite number, type of payment

• GL Business Unit: NT752

• Account: 5 digit number explaining what the funds are for; contact Financial Reporting

• OrgDept through Site: Chart String for which the money will be deposited to

Deposit Slip

• Amount

• Currency & Coins: breakdown by bill and coin type

• Prepared By: person who prepared the deposit slip even if they will not be depositing

• Verified By: preparer’s supervisor

Deposit Slip

• Checks can be broken up into separate chart strings

• Checks may be batched

– Must be accompanied with a 10-key tape or spreadsheet

• Sales amount and tax amount must be split on the DDS

Deposit Slip

• Two copies

– One returned to the department with a receipt once the deposit is processed

– Matched and kept for record retention.

• FE+3 for receipt logs (fiscal year end)

• Errors will not be returned for correction

– Contact person (preparer) required to go to SAUCS or verbally instruct the cashier

SAUCS

• SAUCS Hours are 8:15am – 5:00pm, Monday through Friday.

– If the deposit needs to be worked immediately, bring to SAUCS prior to 3:30pm.

– Delays should be expected during peak periods such as fee payment, registration, etc.

– “Express” window offered for drop off during peak periods.

• Robyn Larabee, Head Cashier, at extension 3220

Receipts

Sales & Receipt of Funds - Policy 10.024• Departments that sell goods or services as part of

their regular operations, such as dining services, must issue a receipt for every payment.

• Departments with periodic or non-recurring sales must issue a receipt for every payment OR must maintain sufficient transaction detail so as to be able to issue a receipt upon request.

• All receipts must be approved by SAUCS as to form and content and departments must maintain documentation indicating SAUCS approval.

Sales & Receipt of Funds - Policy 10.024

• Receipts should include the following:

– Payer’s name

– Form of payment (if check, check # should be included)

– Amount paid

– Date of payment

– Service/product rendered

– Initials of persons processing the transaction

Counterfeit

Money

Counterfeit

• When accepting cash, the following should be reviewed:

– Paper

– Portrait

– Watermark

– Security Strip

• A counterfeit pen is highly encouraged

• Note: Any counterfeit items turned in with deposits will be recorded on OrgDept/ProjID.

Overages

&

Shortages

Overages & Shortages

• Any overage or shortage must be reported to the supervisor and/or department head at daily closing.

• Overage or shortage of $25 in a single incident or in aggregate during a one-month period while under the control of a single student or employee must be investigated.

Overages & Shortages

• Written record of overages/shortages must be maintained.

• Situations involving possible fraud, theft, or a serious breach of fiduciary duty are to be reported on the date of the occurrence to UNT Police and to Internal Audit, and investigated in accordance with UNT Policy 04.007.

Petty Cash

& Change

Funds

Petty Cash, Demand Deposits, & Working Funds - Policy 10.017

• Must be kept in a safe, not a locked drawer

• Must be reconciled at the close of each day funds are used

• Must maintain written documentation, such as a cash log, indicating that the fund was reconciled

• Must be balanced at all times

Refunds

Refunds - Policy 10.029

• Under no circumstances may disbursements be made from cash receipts, petty cash funds, change funds, or any other university cash for any purpose other than specified in UNT Policy 10.017.

• Tuition = SAUCS

• Non-student refunds = Purchasing and Payment Services/BSC/Procurement

More

Information

Contacts & More Information

• Robyn Larabee, Head Cashier, ext 3220

• www.moneyfactory.com U.S. Bureau of Engraving

• www.publictreasuryinstitute.com Association of Public Treasurers

• www.newmoney.gov Information on currency features

• http://policy.unt.edu

• http://records.unt.edu

• https://studentaccounting.unt.edu/information-university-departments

• http://budget.unt.edu

Thank

You!

Allesanda GriffittAdministrative Coordinator I

Budget & Analytics

940-565-3231