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Business and Financial Policies and Procedures

What to do if...

You receive funds that are a gift
Consult 11.3 Campus Processing of Gifts.

You receive funds for another unit, for a reason you are not authorized to receive funds, or you receive funds in error
Securely deliver the money and any envelopes or materials received with the funds, to University Bursar Cashier Operations within one business day of receiving it, or as soon as possible.  Do not send cash or checks through campus mail.  University Bursar will research, and either, deliver the funds to the correct unit or deposit into a clearing fund.

You think currency might be counterfeit
Exercise reasonable care in screening cash transactions.  Counterfeit currency should not be accepted and processed as a valid payment.  If counterfeit currency is accepted and submitted for deposit, the department will be liable for the loss.  Do not put yourself in danger.  Do not return the suspicious bill to the payer. Report the incident to your department supervisor and university police.

Your Petty Cash or Change Fund

  • Is lost
    If the fund custodian failed to safeguard the fund or allowed it to be improperly used, the custodian must repay the money. If the loss was beyond the custodian's control, it is repaid from the unit's budget or other available operating funds. If you believe the funds were stolen, contact the university police and University Bursar Cashier Operations immediately. Consult Insurance FAQs #9 for information about crime insurance.
  • Is inactive because you have not been using it
    There are security risks with retaining a fund that is not being used. Close inactive funds. Consult 10.5.8 Close a Petty Cash Fund or 10.6.6 Close a Change Fund.
  • Is no longer needed for its original purpose
    Close this fund and request a new one specifically for your new purpose. Consult 10.5.8 Close a Petty Cash Fund or 10.6.6 Close a Change Fund.
  • Is for a larger amount than you need
    Reduce the amount of the fund by returning the excess to University Bursar Cashier Office. Consult 10.5.6 Change the Amount of a Petty Cash Fund or 10.6.4 Change the Amount of a Change Fund.
  • Has an overage
    Deposit overages with University Bursar Cashier Office. Credit overages to the appropriate unit fund on a Report of Cash Receipts form.
  • Has a shortage
    Report any significant shortage or theft to University Bursar as soon as you discover the shortage. If the loss appears to be due to theft or fraud, notify university police and the Office of University Audits. Any shortage should come out of the unit’s deposit or the appropriate unit fund.

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

 

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