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Business and Financial Policies and Procedures

10.3.1 Deposit Cash and Checks with USFSCO

Policy Statement

Checks are a form of cash and should be handled with the same level of security and deposited with the same frequency as cash. You must deposit cash and checks whenever you have collected $200, or at least once a week.

Units should take steps to ensure the safety of their employees and the deposit. This may include having two people transport the deposit or making arrangements for armored car services or campus police escort. Contact your campus University Student Financial Services and Cashier Operations (USFSCO) to obtain more information about recommended security options.

Procedure

To deposit cash and checks:

  1. Do not send deposits containing cash through campus mail. Send deposits from your unit to USFSCO using one of these preferred methods:
    • Drop boxes (depositories)
    • Armored car services -- contact USFSCO to arrange for armored car pick-up
    • Campus police escort or courier
    • In person
  2. Endorse each check with the endorsement stamp indicating the unit name and its appropriate C-FOAP number.
  3. Create an adding machine tape listing the amount for each check and the deposit total for the batch. Write your unit's name on the tape.
  4. Complete either a Report of Cash Sales/Money Received form or one of the paper forms available on each campus. Keep a copy for your unit records.
  5. Put together and submit to USFSCO:
    • Original and first copy of the Report of Cash Sales/Money Received form
    • Checks and/or cash
    • Adding machine tape
    USFSCO makes every effort to process deposits within 72 hours. However, deposits with discrepancies will delay the process and are the unit's responsibility to resolve.
    To ensure processing for the month or fiscal year, submit deposits on the last business day of the month or fiscal year by 2:00 pm.
  6. Reconcile the receipt from USFSCO with your copy of the Report of Cash Sales/Money Received form. Report discrepancies to USFSCO immediately by phone, email, or in-person.

Forms Used in this Procedure

Department Deposit
Paper forms:
    Report of Cash Sales (item #11485880) (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: November 15, 2017 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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