a. SUMMARY OF ADMINISTRATIVE PROCEDURE
This statement outlines procedures for proper receipt and depositing of currency, checks, bank card charge slips and other cash equivalents (collectively hereinafter referred to as "cash" or "cash items").
1. Timeliness of cash deposits. In order to optimize investment earnings and reduce the possibility of theft and loss, all receipts of checks and currency are to be deposited in tact to the campus Cashier or local depository bank no less than once per week.
Checks and currency totaling $800 or more must be deposited within 48 hours of receipt. Checks and cash should never be held by a department awaiting accounting information. Credit card charge slips are to be deposited directly to the appropriate bank within 72 hours of receipt by the department.
2. Responsibility for safeguarding the receipt of cash items. At the departmental cash collection locations, the dean, director or department head is responsible for safeguarding cash items by employing appropriate internal controls. Such controls include:
a. Clearly define and document delegated responsibility for cash items from time of receipt to time of deposit. Responsibility for the billing, cash handling, record-keeping and reconciliation functions should be assigned to separate individuals, to the extent possible.
b. Open and process mail on a timely basis and in the presence of coworkers, if possible. Maintain a log of all cash items received. Restrictively endorse checks immediately upon receipt using an endorsement stamp approved by the USNH Controller.
c. Provide security over cash items awaiting deposit at all times through the use of locked, fireproof safes, strong boxes or file cabinets. Never leave cash items in or on desks or unattended at any time.
d. All cash receipts are to be deposited intact. Do not commingle cash receipts with any other personal or business cash funds and do not reduce cash receipts by amounts needed for petty cash transactions. Use standard campus deposit forms. Reconcile all cash deposits to Banner on a regular, timely basis.
e. Cash Receipts of more than $10,000 must be reported to the IRS by each campus. This requires solicitation and proper storage of personal identification information including remitter's social security number. For purposes of this paragraph, cash is defined as coins and currency of the U.S. or any other country, cashier's checks, bank drafts, travelers checks or money orders.
f. Checks deposited using remote deposit devices must be kept in a locked, fireproof safe. After 45 days from the date of the deposit, checks must be destroyed using cross-cut shredding or an approved shredding/disposal service for paper documents.
g. Cash receipts and deposits are subject to periodic surprise audits by USNH internal and external auditors.
b. DETAILED OPERATING PROCEDURES
Detailed USNH cash receipt and deposit operating procedures are the responsibility of each campus administration.
The official version of this information will only be maintained in an on-line web format. Any and all printed copies of this material are dated as of the print date. Please make certain to review the material on-line prior to placing reliance on a dated printed version.