Procedure: 5-8

Effective: July 9, 2001

Owner: Associate Comptroller, Revenue and Collections

Latest Revision:

Scope

This procedure covers Federal Reserve Board Regulation CC which explains the proper endorsement of checks.

This procedure does not cover preparation of a deposit.

System References [Top]

5-5 "Preparation of Direct Bank Deposits"
5-6 "Preparation of Central Cashier Deposits"
5-9 "Preparation of Expenditure Credits"

Policy [Top]

Anyone preparing checks for deposit to a University account must comply with policies V.B.1 "Cashiering Activities" and II.E.4 "Controlling Cash Items".

Responsibility [Top]

The Department Cashier is responsible for restrictively endorsing all checks received for deposit to a University account.

Distribution [Top]

Department Cashier

Ownership [Top]

The Associate Comptroller for Revenue and Collections is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Activity Preface

This actvity is performed whenever checks are prepared for deposit.

This procedure continues from 5-5 "Preparation of Direct Bank Deposits"

Department Cashier

1. All University depositors must restrict the placement of all endorsements either written or stamped to within 1 1/2 inches of the trailing edge of the back of the check (see diagram below).

FRONT OF CHECK <= Trailing Edge                                                                     Leading Edge =>                                                                                     Signature

 

<= Trailing Edge   1 1/2 inches

BACK OF CHECK                                                             Leading Edge =>

 

2. Endorse all checks as follows:

For Deposit Only to Within Named Payee/Fund
of the Rector and Board of Visitors
of the University of Virginia Department of ____________________
Oracle Org:_________ Oracle Project: ___________

Note: To aid in researching returned checks, include the department's Organization Code and Project Number as part of the endorsement.

3. All University depositors must continue to use only the Direct Deposit Slips issued by the central Cashier's Office when making deposits directly to a local branch of the University's bank; even when depositing cashier's, certified, or teller's checks.

 

End of Activity