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Business and Financial Policies and Procedures

Definitions

Cash Collections
The collection, control, and deposit of money due (payable) to the University from cash sales, collection of accounts receivable, etc.

Cash Handling Unit (CHU)
Any approved University of Illinois department/entity which receives and deposits cash, cash equivalents, and/or checks on behalf of the University.

Cash Disbursements
The dispensing of cash (both currency and check) to pay for expenditures for miscellaneous reasons and the control of funds set up for this purpose.

Imprest/Bursar Fund
Each campus maintains an Imprest or Bursar Fund to make small emergency payments and reimbursements for:

  • Change funds
  • Payments to vendors or individuals
  • Unit petty cash funds
  • Travel advances
  • Cash in the form of currency or check as may be needed for day-to-day operations
  • Other purposes that may require readily available cash

Reconciliation
Reconciliation is the process of comparing two sets of financial records to ensure the balances match. It is similar to balancing a checking account. For a petty cash fund, the cash on hand and receipts must equal the total amount of the fund.

Postdated Check
Refers to any check that has a future date written upon it by the payer.

Stale Dated Check
Refers to a check that has not been processed through the payer’s account within a 180 days. After 180 days most banks consider checks to be stale dated and will return the check unpaid.

Unredeemed Check
An unredeemed check is one returned to the University because the payor's bank has refused to pay it. OBFS pursues a vigorous program of follow-up and collection of unredeemed checks and may impose penalties to check writers. Habitual offenders may have their check writing privileges revoked, be required to pay through guaranteed remittance such as money order or bank check, and may be reported to the County State's Attorney for appropriate action.

Last Updated: April 28, 2017 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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