Section:††††††††† 6 - Administration

DIXIE STATE COLLEGE OF UTAH

POLICIES AND PROCEDURES MANUAL

Policy No:††††† 1

 

Approved:††††† 06/03/94

Revised:†††††††† 10/21/04

Policy:††† CASH HANDLING

 

6-1†††††† CASH HANDLING

 

1.1†††††† PURPOSE

 

Because of the sensitive nature of cash and near cash items, special attention must be given to safeguard and record it in the accounting system.In order to safeguard the financial position of the college as well as the individual cash handlers certain tried and proven accounting and auditing rules must be followed.These procedures must be adopted by every authorized cash collection point and they will be subject to periodic audit by the Cashier, Director of Financial Accounting, and Independent Auditors.

 

1.2†††††† GENERAL POLICY

 

1.2.1††† The central collection point is the Cashier's office located in the Student Support Services Building.

1.2.2††† This office is under the supervision of the Director of Revenue and it must comply with accounting and audit principles and procedures.

 

1.2.3††† Secondary collection points (receipting centers) are authorized by the Director of Revenue's office and comply with the same policies and procedures as the Cashier's office except as modified and approved for special circumstances.

 

1.2.3.1††† These secondary points make their deposits to the Cashier's office on a daily basis either over the counter or by the night deposit box.

 

1.2.3.2††† The secondary point personnel shall be trained by the Cashier to ensure proper control over cash collection for the college.

 

1.2.4††† As departments feel the need for additional collection points they will need to receive official authorization from the Director of Financial Accountingís office to initiate that activity.

 


1.2.5††† Personal, third party, and payroll checks will not be cashed by the College.Financial Aid checks of $500 or less can be cashed when associated with the purchase of campus related services or products.An exception to this policy is allowed for large group travel checks if advance notice is given to the cashier and sufficient cash is on hand.

 

1.2.6††† Faculty, staff, and administrators should be restricted from receiving any funds directly, unless prior arrangements have been made with the Business Services office to establish a receipting center with appropriate procedural controls and monitoring.

 

1.2.7††† Change funds checked out from the Cashier must be returned within 48 hours of the completion of the event or they should be requested via check request to establish them on the accounting records.A full-time employee must request and sign for all temporary change funds.The person receiving the funds is personally liable for the monies received.The request for change funds must be submitted seven days in advance to receiving funds.If the amount requested is more than $1,000, approval for the request must be received from the Director of Revenue.If the amount requested is more than $3,000, approval must be received from the Director of Financial Accounting.

 

1.2.8††† Business office reviews of receipting centers should be completed on a cycle basis to assure conformity to control requirements.

 

1.2.9††† Amounts due to the college not expected to be collected within one week should be billed via a college invoice and recorded through the college Accounts Receivable office.

 

1.2.10Personal reimbursement for items paid by an individual may be received up to $75 with the original receipts and the account administratorís signature.Receipts for amounts over $75 must have the account administratorís signature and also the Purchasing Directorís signature.