Receipt and Deposit of Funds
04:27:00 Receipt and Deposit of Funds
- Procedures for the handling of cash receipts are designed to provide accountability for funds received in accordance with accepted standards of internal controls.
- Each campus site, department, and activity will comply with these procedures for receiving all college funds. Only full-time or part-time employees of the college who have received approval of the Executive Vice President of Business and Finance may receive funds. Students working through the College Work-Study or Academic Work Scholarship programs may not receive funds. As necessary, the Bursar's Office will aid in establishing proper methods for receiving and recording funds.
Guidelines for Receiving Funds
- Currency will be accepted only when the payer can be provided an official receipt at the time of payment. Departments or activities which do not have receipting facilities or General Cash Receipts (GCR) issued by the Bursar, will not accept currency under any circumstance; payers will be directed to the Bursar's Office.
- All packaged or strapped currency should be removed from the package or straps and counted. During counting, each bill should be handled separately.
- All checks should be payable to Chattanooga State Community College, not to departments, department heads or other parties.
- Immediately upon receipt, each check will be affixed with the College's restricted endorsement. The exceptions are Point of Purchase checks (POP checks) and Accounts Receivable Conversion Checks (ARC checks) receipted in the TouchNet Cashiering System (TouchNet), see Section 3.2.4, below.
- Checks payable to Chattanooga State Community College and another party jointly must be negotiated only by the Bursar's Office.
- Depending on circumstances when processing checks in TouchNet, checks will be processed as a Point-of-Purchase (POP), Accounts Receivable Entry (ARC) or Paper Checks.
- POP Check Payments-When a check is presented in person by a signer on the account, it is treated as a POP check. After processing, it is immediately voided and returned to the customer along with the ACH agreement.
- ARC Check Payments-When a personal check is received without the signer present, for instance, through the mail or a drop box, it is treated as an ARC check. These checks will be destroyed within 14 business days by a designated person in the Bursar's office or campus site.
- Telephone Check Payments (TEL Checks)-No checks will be accepted via telephone by the College.
- Paper Check Payments-When a corporate or third-party check is received, it is treated as a paper check. Money orders, credit card checks and cashier checks are processed as paper checks.
- Post-dated checks will not be accepted. Post dated checks received via mail are returned to the payer.
- Students issuing checks to the College should include their Student Identification Number (Banner ID number) on the check.
- Employees issuing checks to the College should include their Employee Identification Number (Banner ID number) on the check.
Credit /Debit Cards
- Credit/Debit cards are to be processed at the point of purchase.
- For departments (Cafeteria, Print Shop) with credit card terminals outside of the TouchNet cashiering system, amounts will be entered into the cashiering system as a "pre-authorized" credit transaction.
- Upon acceptance of any payment, a receipt will be issued immediately by the Bursar's Office (either through the TouchNet or by a pre-numbered GCR). Instructions for using the TouchNet are maintained in the Bursar's Office.
- Underno circumstances will a receipt or GCR be altered. If any type of change is necessary, the receipt issued through TouchNet will clearly be marked "void." Voided receipts will have the original receipt attached to the back of the void and placed with the batch sheet. Voided GCR's should have "voided" denoted on top of the form and returned to the Bursar's Office
- GCR's issued by the Bursar's office must be secured and accounted for by the Bursar's office.
- GCR forms must contain the date issued, name of the payer, the department name or revenue source, account, the net amount received, and sufficient data to identify the purpose of the payment. The receipt forms should contain all available identifying numbers, invoice numbers, Banner ID, and other pertinent descriptive information, including the designated Chattanooga State Employee's signature and the type of payment (currency, check or credit card).
- GCR's must be adequately secured. GCR's must be used and the pink copy returned to the Bursar's Office in sequential order. In the event that a receipt is missing, a memo must be addressed to the Bursar explaining the circumstances resulting in the missing receipt.
Cash Shortages/Overages, Theft of Funds
- All cash overages and shortages will be reported with the related cash transmittal.
- In the event of a shortage of funds, the Bursar's office should be notified immediately.
- In the event a theft of funds occurs, notify the Bursar's Office and Security Office immediately.
- The Bursar's Office will follow current TBR guidelines to report cash shortages, overages and loss of funds.
Deposit of Funds
- Funds must be deposited with a financial institution or the Bursar's office each day when $500 in funds has accumulated. All funds must be adequately secured. In all cases, a deposit must be made at least once each workweek (Monday-Friday) or more frequently if directed by the Executive Vice President of Business and Finance.
Receipt of Checks via Mail
- All checks received via mail are sent to the Business Office. A list of checks by mail is prepared by the Information Receptionist in the Business Office and is received by the designated Bursar's Office employee who enters those into the TouchNet cashiering system. All checks are immediately restrictively endorsed by personnel opening the mail.
- The cashier ensures that the checks are properly endorsed, assigns an appropriate detail code (and enters a BANNER FOAPAL if required) and prints a receipt.
- The cashier records the receipt number on the checks by mail report.
- A copy of both the receipt and check is sent to the appropriate campus contact.
- The original checks by mail report is sent back to the Business Office. The report total is verified and filed in date order by the Information Receptionist.
- The number of persons in each activity required to actually handle funds should be kept to the very minimum.
- Individual accountability should always exist in handling funds. All exchanges of funds, receipts, etc. must be documented.
- If possible, the persons who actually receive funds should not also be assigned the responsibility for determining amounts due or owed.
- Personal transactions are strictly prohibited. Funds may never be loaned from cash funds, nor may personal checks be cashed.
- When funds are received by mail, a list is prepared by the Information Receptionist in the Business Office, indicating the payee and the amount of the check or cash. The Bursar's office then prepares a receipt for the amount of money received.
- Generally, checks are accepted only in the amount of the fees. Refunds are issued to payer for payment amounts that exceed fees.
- It is the College's position that no employee should endanger themselves or others by attempting to resist robbery. Generally, the instructions issued by persons attempting robbery should be followed as precisely as possible. No more action than specified should be followed, nor should any less action be followed, particularly in the case of armed robbery.
- Activities and employees having funds in their custody should take responsible precautions to prevent losses. Funds are to be secured at all times. The amounts of funds retained should be the minimum necessary for that activity.
Approved: Executive Staff, 05/20/09
Approved: President's Cabinet, 05/20/09
Approved: President, 05/20/09
Revised: Business and Finance, January 28, 2009