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Business and Financial Policies and Procedures

10.3.1 Deposit Cash and Checks with University Bursar

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. Do not send cash through campus mail.

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 university police escort. Contact University Bursar Cashier Operations to obtain more information about recommended security options.

Procedure

To deposit cash and checks:

  1. Endorse each check with the endorsement stamp indicating "for deposit only",  unit name, and its appropriate C-FOAP.
  2. Create an adding machine tape, check log, or equivalent listing the amount for each check and the deposit total for the batch. Write your unit's name on the adding machine tape, check log, or equivalent.
  3. Complete either the Department Deposit form or the Report of Cash Sales/Money Received form. Keep a copy for your unit records.
  4. Prepare and submit to University Bursar Cashier Operations:
    • One of the deposit forms listed in step #3. University Bursar Cashier Operations will retain original, if you want a copy returned to you, include a second copy with your deposit.
    • Checks and/or cash
    • Adding machine tape, check log, or equivalent (for checks)

University Bursar Cashier Operations processes deposits within 72 hours. However, deposits with discrepancies will delay the process and are the unit's responsibility to resolve. University Bursar will contact the deposit preparer if there are questions.

At month-end or fiscal year-end submit deposits by 2:00 pm to ensure processing in the appropriate fiscal period.
 

  1. Reconcile the receipt from University Bursar Cashier Operations with your copy of the deposit form. Report discrepancies to University Bursar Cashier Operations immediately.

Forms Used in this Procedure

Department Deposit
Instructions for using the Online Department Deposit Form

Paper form:
    Report of Cash Sales (item #11485880) (available for purchase from the Urbana university iStores)

Additional Resources

University Bursar office locations and hours:
    Urbana-Champaign
    Chicago
    Springfield

Last Updated: June 19, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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