10.3.3 Deposit Unit Funds Directly to the Bank

Policy Statement

If your unit has been authorized to deposit funds directly to the bank, you must deposit whenever you have collected $200, or at least once a week. Deposit all foreign checks with University Bursar.

Procedure

To deposit unit funds directly to the bank:

1. Contact University Bursar Cashier Operations for secure transportation options available on your university.
2. Endorse each check with the endorsement stamp indicating "for deposit only", unit name, and its appropriate C-FOAP .
3. 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 tape.
4. Complete either the Department Deposit form or the Report of Cash Sales/Money Received form and submit it to University Bursar. Keep a copy for your unit records.
5. Complete a preprinted bank deposit slip. Keep a copy for your unit records.
6. Compile the information for the scheduled bank pickup:
   • Checks and/or cash
   • Adding machine tape, check log, or equivalent (for checks)
   • Bank deposit slip
7. Submit the original and a copy of the deposit form to University Bursar Cashier Operations.
8. University Bursar receives a receipt and a copy of the deposit slip from the bank and reconciles the transaction.

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)

Related Policies and Procedures

10.3.1 Deposit Cash and Checks to University Bursar

10.3.2 Deposit Foreign Checks with University Bursar

Last Updated: April 19, 2022 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008