CASH BALANCES

This policy has been migrated to the standardized format.
See  https://policy.itc.virginia.edu/policy/policydisplay?id=FIN-033

• 1.0 Purpose
• 2.0 Policy
  • 2.1 Responsibility
  • 2.2 Negative Cash Balances (Cash Deficits)
  • 2.3 Working Capital Advances
• 3.0 Definitions
• 4.0 References
• 5.0 Approvals and Revisions

1.0 Purpose

This policy describes the general guidelines for managing University cash balances.

2.0 Policy [Top]

2.1 Responsibility

It is the responsibility of Accounting Services:

• To maintain control over cash and cash items.
• To optimize the cash available for investment.
• To identify and correct delays in the receipt, deposit, or transfer of funds.
• To estimate cash flows.

2.2 Negative Cash Balances (Cash Deficits)

The department head must request authorization for cash deficits from the Director of Accounting Services.

2.3 Working Capital Advances

Funds may be transferred from school or departmental accounts not restricted as to purpose to function as working capital advances to local support service centers. Application to make such a transfer should be by memorandum to the Director of Accounting Services.

3.0 Definitions [Top]

The term 'cash balance' shall be defined to include any cash position, either positive or negative, in a University account or University-controlled bank account.

4.0 References [Top]

5.0 Approvals and Revisions [Top]

       Previous version in effect from 6/15/87 to 3/3/00 available in policy archive.