Chapter 4: Business & Administration04:68:00 Cash and Check Handling
This policy establishes procedures for handling all cash and check activities at Northeast State Community College, including cash acceptance, the deposit of cash, and cash fund maintenance.
DEFINITION OF CASH, CHECK, CREDIT AND DEBIT CARDS
A check is a written order instructing a bank to pay upon its presentation to the person/organization designated in it, or to the person/organization possessing it, a certain sum of money from the account of the person/organization who draws it.
Checks are personal, business, bank, and/or cashier’s checks, money orders, travelers’ checks, or foreign drafts (but not foreign currency).
Cash is U.S. currency (dollars and coins).
Debit and credit cards are plastic payments that may be used instead of cash or check.
Each time cash is received, an acceptable form of receipt must be used. An acceptable receipt may be:
- A book of pre-numbered receipts should be issued from the cashiering office and checked back in when the book is full.
- Dated cash log
- Pre-numbered tickets
- Other documentation approved by the Vice President for Finance and Information Technology
- All funds received on behalf of the College should be logged. The log should be signed by a designee and brought to the Cashiering Office to be verified and signed by the cashier.
- All funds received on behalf of the College must be promptly deposited. If funds are received, a prompt deposit must be made at least once each work week. Funds should also be deposited on any day in which the accumulated funds are $500 or higher.
- If a check is received by a designee of the College and a receipt has been issued and it is later determined that the debt is not owed, the check should be deposited by the College and refunded through the normal refund process.
- All checks received on behalf of the College should be logged. The log should be signed by a designee and brought to the Cashiering Office to be verified and signed by the cashier.
- In the case of unsigned checks, attempts will be made to contact the sender and request that the check be replaced or the sender come in and sign the check. Upon replacement of the check, the unsigned check will be returned to the sender.
- All persons collecting funds on behalf of the College must acknowledge by their signature that they understand the above policy.
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|Divisional Review Responsibilities Checklist: Finance|
Revision History: Oct. 2017; Edited Sept. 2019; Edited Feb. 2020