Issued: July 17, 1989
Owner: University Comptroller
Latest Review: June 21, 2001
**ACTIVE BUT UNDER REVISION**
This policy is currently under revision at the University. Although the statements herein reflect enforced policy guidance, please contact the "Owner" listed above if you have questions about how this policy applies to your office. The statements herein are to be used as general guidance until the policy has been revised and added to the University Policy Directory. Thank you.
This policy describes the general guidelines for cashiering activities within departments.
2.0 Policy [Top]
The Associate Comptroller for Revenue and Collections approves departmental requests for cashiering functions. Departments designate their own cashiers.
Departmental personnel must transmit all received funds directly to a designated cashier for official receipting, coding, and depositing.
Departments must personally deliver currency and coin to the University Cashier's Office, Health Services Foundation, or approved banking locations, as appropriate. Do not send currency and coin through messenger mail or through U.S. mail. Only the Associate Comptroller can authorize individuals or departments to deposit University funds directly to a bank.
University of Virginia cashiers are responsible for the following:
- Accurate collection.
- Proper documentation.
- Judicious safekeeping.
- Timely deposit.
Restrictions on cashiering activities are:
- Appropriate internal controls must be in place at all times.
- Receipts documentation must conform in all respects to that required by University procedures.
- All checks should be restrictively endorsed when received.
- Receipts must be deposited daily and intact.
- Provision for the safekeeping of receipts must be available at the cashiering site.
The cashiering function may be performed at the department or activity level only under circumstances approved by the Associate Comptroller.
3.0 Definitions [Top]
Cashiering is defined as the collection, recording, safekeeping, and deposit of cash and other monetary receipts.
4.0 References [Top]
Policy II.E.4, "Controlling Cash Items"
Procedure 5-5, "Preparation of Direct Deposit Slip for Bank Deposits"
Procedure 5-6, "Preparation of Deposit/Receipt Form."
Procedure 5-8, "Endorsing Checks."
5.0 Approvals and Revisions [Top]