TTC's Policies and Procedures > Financial Affairs > 6- 3-1 Funds, Receipt and Deposit
6- 3-1 Funds, Receipt and Deposit

 

 

TITLE NUMBER APPROVED DATE
FUNDS, RECEIPT AND DEPOSIT 6-3-1 4-28-99
 
BASED ON POLICY NUMBER AND TITLE
2-13-0 EP 5: ASSET PROTECTION


PURPOSE: To establish procedures enabling Trident to account for all revenue received in accordance with generally accepted accounting principles.

I.  RECEIPT OF MONEY

    A.  Departments receiving payments on behalf of the College are responsible for ensuring that adequate control  
          procedures are in place to secure the collection and proper receipt of monies.  For purpose of this procedure,
          the term 'monies' includes coin, currency, check, money order and credit card information.

          Amounts due the college may be paid in cash, by check or with currently accepted charge cards.

 a.  Business Offices - Cashiers will issue receipts  for all payments received in person.  Cashiers must prepare  
      funds for deposit daily, or weekly when cumulative receipts total less than $500. Cashiers will be responsible
      for their collections and will balance their intake to system generated transactional reports. Cashiers 
      should report outages to the Accounts Receivable Manager who will determine resolution procedures. 
      The armored car courier  will transport cash deposits to the bank.

 b.  Finance Department - The Finance Department (Central Office) will maintain a check log for funds received in
     the Finance Department. This log will be compared to validated bank deposits.  The armored courier service 
     will transport cash deposits to the bank.  Finance department staff will process checks via remote express
     deposit.
 c.  Bookstores - Bookstore personnel should submit accounting information (i.e., POS register totals and backup)
      to Finance within three (3) working days of the date of the deposit.

d.  Academic Departments and College Center - Departments that are authorized and approved as receipting 
     areas must total amounts collected, prepare a bank deposit and deliver the funds to the campus Business
     Office within the calendar week.  The deposits will be transported to the bank by armored car or by 
     public safety escort. Undeposited funds must be kept under lock and key at all times.

    B.  In no case is money to be withheld from daily receipts to create a miscellaneous fund.  All petty cash
         or change funds must be approved for a specific use through the Vice President for Finance and 
         Administration's office.  See Petty Cash Procedure 6-1-3 for additional information.  

II. RECEIPT OF FEDERAL FUNDS

    A. The Finance Department will deposit federal funds in the operational bank account. Each receipt of funds from federal
          sources will be recorded in compliance with the requirements of that programís contractual requirements.

 

   


Updated January 06, 2003
Updated August 17, 2011

 

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