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Business and Financial Policies and Procedures

Responsibilities

The Vice President, Chief Financial Officer & Comptroller is responsible for cash handling. He or she has delegated this responsibility to the Senior Director of University Bursar. The Senior Director is further delegated the ability to approve exceptions to established cash handling policies and procedures.

The University Bursar is custodian of the Imprest/Bursar fund. They keep the supply of blank checks, maintain and safeguard currency as needed, and keep adequate records to account for each university fund. They have been delegated responsibility and authority for the following operations:

  • Developing and disseminating standards for the custody and accountability of cash
  • Developing and maintaining systems to deposit cash to the depositories and to record cash in the Banner Financial System
  • Supervising university cash handling operations
  • Helping units develop procedures for the collection, custody, and reporting of cash
  • Overseeing the day-to-day cash handling function
  • Ensuring adequate internal controls are in place for appropriate stewardship of public funds
  • Approving the use and release of checks against the Imprest/Bursar Fund

Unit heads must establish and maintain a clear accountability process for receiving, handling, depositing, and keeping records for cash or cash equivalents. Unit heads may assign or delegate a fund custodian who is responsible for the safekeeping, control, and proper use of any fund according to its approved purpose.

Last Updated: June 18, 2020 | Approved: Vice President, Chief Financial Officer & Comptroller | Effective: February 2008

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