Registration and Approval for Cash Receipting Privileges

All departments intending to receive cash receipts as a part of their normal operation must request cash receipting privileges from the Comptroller and receive advance approval for conducting each receipting purpose.

When receipting purposes change or when there are receipting staff changes, departments must notify the Comptroller by submitting a new request for receipting privileges.

Cash receipting privileges must be renewed annually.

 

Recording of Receipts

All university departments and activities shall record all cash receipts as soon as the funds are received.

Departments and activities that receive cash receipts as a part of their normal day-to-day operations must establish an audit record. The audit record may require a log or receipt book in certain instances, as explained in the Departmental Record-Keeping Guidelines for Cash Receipting.

When the use of receipt books is appropriate, departments must use official UNCW receipt books purchased or approved for purchase through the Cashier's Office. The Cashier's Office requires departments to keep unused receipt books in the Cashier's Office for safekeeping.

 

Safeguarding of Undeposited Funds

The department head is responsible for the safekeeping of all undeposited cash receipts held by the department or activity and must ensure that such items are placed in a locked safe or other adequately secured container at all times when the items are unattended.

 

Loss or Theft of Undeposited Funds

Failure to adhere to the provisions of this policy in the event of a loss or theft of funds and other valuables could result in the department having to cover the loss from department funds. Such losses may not be charged to state or federal funds.

All losses or thefts must be reported immediately to both the University Police Department and the Comptroller.

 

Improper Use of Cash Receipting Funds

Cash receipting funds may never be used for any of the following:

1. Personal transactions, including but not limited to, loans or "borrowing" (via IOU's) and cashing of personal checks).
2. Making change.
3. Petty cash.

 

Depositing Funds with the Cashier's Office

1. Documentation

A deposit transmittal that is adequately documented to support the total amount deposited must accompany all cash receipts deposited with the Cashier's Office. Inadequate documentation will result in delays in processing receipts and making funds available for expenditures.

2. Transporting of Funds

Once the department has received funds, the funds must not be sent via campus mail or U.S. mail, and all deposits shall be hand-carried to the Cashier's Office. Upon request, the University Police will assist with escorting of funds when an appropriate safety need exists.

3. Required Frequency of Deposits

Departments are required to deposit cash receipts from any source with the Cashier's Office at least once per week. More frequent deposits are required as noted below:

1. Departments and activities with cash receipts of $250.00 or more must deposit funds that day.
2. Credit Card deposits must be made daily regardless of amount.

(Note: Not applicable to authorized petty cash and change funds.)

4. Verification of Deposit

The department remains responsible for all funds to be deposited until its cash receipts are counted and verified by the Cashier's Office. Once the deposit has been verified, an official numbered receipt is sent via e-mail to the department. If a discrepancy is found when the cash receipts are counted, the Cashier's Office will notify the department immediately by telephone.

 

Receipts Deposited by the Comptroller's Office

When cash/checks are received directly by the Comptroller's Office rather than by the department or activity, the Comptroller's Office will deposit the funds with the Cashier's Office. An official numbered receipt will be sent to the applicable department via e-mail.

 

Cash Gifts, Awards, and Grants

Departments receiving cash gifts, awards, and grants must adhere to the following, regardless of whether the department is registered and approved for cash receipting privileges:

1. Coordination through University Advancement is required for all cash gifts to the university, including funds received for the purpose of scholarships, tuition remission, or monetary awards to students where UNCW determines the recipient. All gift deposits must be made by University Advancement Services. (See ADV 1.30.)
2. Coordination through the Office of Sponsored Programs is required for all grant and contract activity, with the exception of financial aid grants administered by the Office of Financial Aid & Veterans Services. Departments must deliver funds from grant and contract activity to the Office of Sponsored Programs. The Office of Sponsored Programs will coordinate the deposit of funds with the Comptroller's Office.
3. Coordination through Financial Aid & Veterans Services is required for all funds awarded to a student for loans, scholarships, etc. by an outside entity where the outside entity determines the recipient. Departments must receipt such funds through Financial Aid & Veterans Services to ensure compliance with federal requirements.

 

Fund Numbers

Departments may not deposit funds to General Ledger fund numbers unless prior authorization is received from the Comptroller.
General ledger fund numbers are designated with use of accounts 4XXXXX and 5XXXXX (assets and liabilities).

 

Opening of Bank Accounts

No school, department, or activity of the university is allowed to open a bank account without prior written approval from the Associate Vice Chancellor for Business Affairs-Finance.

 

Subject to Audit

All funds and receipting procedures are subject to audit by the State Auditors Office and authorized university administrative staff.