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Business and Financial Policies and Procedures

10.2.1 Accept Checks as Payment

Policy Statement

Before units can engage in cash handling activities, they must develop and implement detailed, written internal operating procedures that must be approved by University Student Financial Services and Cashier Operations (USFSCO).

Procedure

To accept checks as payment:

  1. Verify that each check meets all these conditions:
    • Payable to "University of Illinois"
    • Includes name, local address, and telephone number
    • Signed by checking account owner
    • Written text and numeric amounts match
    • Current date. Do not accept post-dated checks, or checks dated more than 30 days before today's date.
  2. If the check is presented in person, verify the check writer's identity:
    • If the check is for a student account, put the student's UIN on the front of the check.
    • Examine an unexpired University or state-issued photo ID of the checking account owner.
    • Initial the check to confirm a photo ID was presented and that you have verified the accuracy of the information on the check.
    • Do not accept checks from anyone on the Returned Check List available, upon request, from USFSCO.
  3. Stamp the back of the check with your unit's approved "for deposit only" endorsement stamp.
  4. Complete a control log entry for the check that includes the date, check number, payor name, and amount. Retain a control log for all checks received.
  5. Prepare and submit a Report of Cash Sales/Money Received form or one of the paper forms available on each campus. Deposit whenever you have collected $200, or at least once a week.
  6. Units with sponsored projects may need to retain photocopies of checks for accountability purposes unique to their project.

Forms Used in this Procedure

Department Deposit
Paper forms:
    Report of Cash Sales (item #11485820) (available for purchase from the Urbana campus iStores)
    Report of Cash Receipts (available for purchase from the UIC Medical Bookstore at 312-413-0429)

Additional Resources

Campus USFSCO Office locations and hours:
    Urbana
    Chicago
    Springfield

Last Updated: January 9, 2017 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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