Cash represents one of the University's most sensitive assets. Due to its nature, there should be clear accountability for cash in its receipt for deposit and custodianship.
The University decentralizes cash handling through extensive delegations of responsibility to facilitate operations and provide for convenience and flexibility. The cash handling function is the ultimate responsibility of the Vice President for Administration and Comptroller. Delegations are made to the Office of Business and Financial Services and to campus units not under the Vice President's direct control. Unit manager supervision is especially important for this delegation process to be effective. Adequate internal controls are also important to ensure appropriate stewardship of public funds and provide employee protection. The appropriate vice chancellor, with assistance from the Assistant Vice Presidents for Business and Finance as requested, monitors internal controls of units not organizationally responsible to the Comptroller.
The cash handling function is divided into two general areas:
Cash collections - The collection, control, and deposit of amounts due to the University from cash sales, collection of accounts receivable, credit card sales, and other sources.
Cash disbursements - The dispensing of cash (both currency and check) for expenditures for miscellaneous reasons and the control of funds set up for this purpose.
The responsibility of heads of campus units:
Develop and issue cash handling procedures for the unit
Ensure compliance with established standards
Obtain approval of these procedures from the Office of Business and Financial Services
Supervise individuals assigned responsibility for cash handling
Last Updated: November 11, 2004