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6-3-1 Funds, Receipt and Deposit

 

NUMBER:  6-3-1          APPROVED DATE:  04-28-1999

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

  1. RECEIPT OF MONEY
    1. 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.
      1. Business Offices (including Continuing Education) - 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. Any shortages exceeding $50 must also be reported to the Public Safety Department. The armored car courier will transport cash deposits to the bank.
      2. 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.  Finance department staff will process checks via remote express deposit.  The Finance department will not accept cash deposits.  In addition, the Finance department will notify accounts receivable staff when ACH or electronic deposits post to the bank. Cashiers and/or accounts receivable staff should post these deposits within five business days of the notification. 
      3. Bookstores - Bookstore personnel must submit accounting information (i.e., POS register totals and backup) to Finance within three (3) working days of the date of the deposit.
      4. 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.
    2. 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.  In addition, no cashier at any location may cash checks under any circumstances.
    3. Supervisors should audit change funds prior to a cashier vacating his/her position.
  2. RECEIPT OF FEDERAL FUNDS
    1. 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 program’s contract.

Updated: 01-06-2003

Updated: 08-17-2011

Updated: 02-22-2016

Updated: 06-21-2017