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Business and Financial Policies and Procedures

10.1.3 Comply with Cash Handling Unit Head Responsibilities

Policy Statement

All money received on behalf of the University from any source must be deposited with University Student Financial Services and Cashier Operations (USFSCO). Cash handling units are subject to an audit by the Office of University Audits and/or a review by USFSCO at any time.

Unit heads are responsible for all cash handling activities engaged in by their units.

Procedure

To comply with cash handling responsibilities of unit heads, unit heads must:

  • Ensure their unit complies with University policies and procedures regarding cash handling.
  • Establish and maintain written procedures that provide a clear accountability process for receiving, depositing, and protecting cash and checks.
  • Provide supervision and training for all their staff assigned responsibility for cash handling.
  • Provide USFSCO with the names, titles, and contact information of the supervisor(s) responsible for overall cash collection operations.
  • Ensure compliance with IRS requirements for cash receipts. If your unit receives more than $10,000 in cash from the same individual in any consecutive 12-month period, you must report the transaction by submitting Form 8300 to University Tax within 10 calendar days. University Tax is required to file Form 8300 electronically with the IRS within 15 calendar days of the transaction(s). For more information, contact University Tax at 217-244-8359.

Forms Used in this Procedure

Form 8300

Related Policies and Procedures

10.1.1 Obtain Approval as a Cash Handling Unit

Additional Resources

Reporting Cash Payments of Over $10,000

Last Updated: November 7, 2013 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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