Back to Top
Business and Financial Policies and Procedures

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 Student Financial Services and Cashier Operations (USFSCO).

Procedure

To deposit unit funds directly to the bank:

  1. Contact your campus USFSCO for secure transportation options available on your university.
  2. Endorse each check with the endorsement stamp indicating the unit name and its appropriate C-FOAP fund 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 university. Keep a copy for your unit records.
  5. Complete a preprinted bank deposit slip. Keep a copy for your unit records.
  6. Put together for pickup:
    • Checks and/or cash
    • Adding machine tape
    • Bank deposit slip
  7. Arrange for the deposit to be picked up and delivered to the bank.
  8. Submit the original and first copy of the deposit form to USFSCO.
  9. USFSCO receives a receipt and a copy of the deposit slip from the bank.

Forms Used in this Procedure

Department Deposit

Instructions for using the Online Department Deposit Form

NOTE: The Department Deposit Form contains interactive fields and is best viewed using Internet Explorer (IE), or downloaded for offline use with Adobe Reader/Acrobat. MAC users should install Adobe Reader for Macintosh, and then download the form.

Paper form:
    Report of Cash Sales (item #11485820) (available for purchase from the Urbana university iStores)

Related Policies and Procedures

10.3.1 Deposit Cash and Checks to USFSCO

Last Updated: February 5, 2019 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

Give us feedback about this page Submit Feedback