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Business and Financial Policies and Procedures

10.1.1 Obtain Approval as a Cash Handling Unit

Policy Statement

Units with a business need to receive and deposit cash, cash equivalent, and/or checks must first obtain written approval from University Bursar to become a Cash Handling Unit.

Cash Handling Units are subject to audit by the Office of University Audits and/or review by University Bursar at any time.

Reason for the Policy

Units with a business need to receive and deposit cash, cash equivalent, and/or checks must obtain approval from University Bursar to become a Cash Handling Unit to protect the units, manage risk, and ensure units comply with policies and procedures.

Applicability of the Policy

This policy applies to all University of Illinois units that have a business need to receive and deposit cash, cash equivalent, and/or checks. For information regarding credit card or debit card payments, refer to Treasury Operations Merchant Card Services.

Procedure

To obtain approval as a cash handling unit:

  1. Contact University Bursar Cashier Operations and provide a summary that explains why the unit needs to be a cash handling unit. University Bursar Cashier Operations will help determine the best way to meet the unit’s needs, which may or may not be to become a cash handling unit. If University Bursar recommends that the unit become a cash handling unit, the unit should contact University Accounting and Financial Reporting (UAFR) to obtain a C-FOAP. Refer to UAFR Who to Ask for additional information.
  2. Submit written cash handling procedures to University Bursar Cashier Operations. For guidance see Unit Cash Handling Procedures - Sample Template in Additional Resources below.
  3. Complete Level 1 – Cash Handling Fundamentals Course.
  4. When University Bursar Cashier Operations has approved the unit’s cash handling procedures, the unit may begin operations as a cash handling unit.

Related Policies and Procedures

10.1.2 Implement Internal Controls for Handling Cash and/or Checks

Additional Resources

Unit Cash Handling Procedures - Sample Template
Unit Cash Handling Procedures - Sample Template Instructions
Cash Handling Training
University Bursar Office locations and hours:
    Urbana-Champaign
    Chicago
    Springfield

 

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023

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