Ģ������Ƶ

Processing Gifts by the Dean’s Office When Receiving Checks in Person
1. The Dean’s Office writes receipts for the checks and gives the original receipt to the donor. 
2. The check is restrictively endorsed via handwritten note that states “For Deposit Only” and “Ģ������ƵFoundation” on the back of the check.
3. The same day or the next business day, the checks and the yellow copies of the receipts are taken to the Development Office.  The pink copy stays in the receipt book.
4. The same day or the next business day, the Development Office prepares the bank deposit and the Daily Cash Report.  The yellow copies of the receipt are attached to the Daily Cash Report which is turned into the Cashier’s Office, 300-F HFR.  The Development Office also sends out an acknowledgement letter.

Processing Gifts Without a Receipt Book

1. A staff member is handed checks by donors at a Western function.  The staff member does not have a receipt book.
2. The same day or the next business day, the staff member takes the checks to the Dean’s Office of his/her department.  
3. The Dean’s Office writes receipts for the checks and holds the original receipts.  
4. The check is restrictively endorsed via handwritten note that states “For Deposit Only” and “Ģ������ƵFoundation” on the back of the check. 
5. The same day or the next business day, the checks and the yellow copies of the receipts are taken to the Development Office.  The pink copy stays in the receipt book.
6. The same day or the next business day, the Development Office prepares the bank deposit and the Daily Cash Report.  The yellow copies of the receipt are attached to the Daily Cash Report which is turned into the Cashier’s Office, 300-F HFR.  The Development Office sends out an acknowledgement letter.

Processing Gifts Received in the Mail

1. The staff member opening the mail removes the check.   The check is restrictively endorsed via handwritten note that states “For Deposit Only” and “Ģ������ƵFoundation” on the back of the check.  If there is a large volume of checks, a stamp may be ordered by the Cashier’s Office.  
2. The staff member then logs the check into a mail log documenting the date of entry, date on the check; payee; amount of check; designation of donation if included on check; and initials of the staff member entering the check into the mail log.
3. The same day or the next business day, the check is forwarded to the Development Office.  A receipt does not have to be prepared for the check.
4. The same day or the next business day, the Development office prepares the bank deposit and the Daily Cash Report, which is turned into the Cashier’s Office, 300-F HFR.  The Development Office sends out an acknowledgement letter

Please note that the Dean’s office should not copy/retain copies of checks.  If copying the check is critical to the business process, all protected information on the face of the check (i.e. social security number, driver’s license number, account number and routing number) should be redacted.
All of the steps in the process should be completed as soon as possible.

Statement:

A petty cash fund is established in a department for use as a purchase fund to make minor, infrequent purchases when routine University purchasing procedures are not applicable.   A change fund is established to make change for business transactions . Establishing a petty cash/change fund requires written justification of a business need and written approval by the Associate Vice Chancellor of Fiscal Affairs. Only non-state funds may be used to establish a petty cash/change fund.  A petty cash/change fund should not be used to cash personal checks for employees or students, for any type of loan, gift, or prize for any person, or to pay a person for services rendered.  Impromptu purchases for an event should be covered by a standing purchase order requested several days in advance of the event.

Operating Procedures

Designation of Custodian

A custodian of the petty cash/change fund, who is directly responsible for the safekeeping and disbursement of the cash, must be appointed by the department head.  The original check written to establish the fund and checks written to replenish it are made payable to the custodian.  A letter stating the accountability of the petty cash/change fund to the custodian must be signed by the custodian and supervisor.

Change in Custody of Fund

Should the custodian be terminated, the existing fund should be turned in to the Controller’s Office.  When custody of a petty cash/change fund is transferred to another custodian, the existing fund should be turned in to the Controller’s Office and a new check requested for payment to the new custodian along with a signed letter of accountability.

Physical Security

When not in use, the fund’s currency must be placed in a locked receptacle which is kept in a properly secured area.  Physical access to the fund should be limited to as few employees as possible.  In the event of a theft or a substantial shortage, the loss must be reported to University Police, the Controller’s Office, and the Internal Auditor.  Refer to Policy 85, “Reporting Misuse of State Property”.

Internal Control Procedures

A petty cash/change fund is subject to count at any time by an authorized agent of the University. 

A petty cash/change fund verification email will be sent to each department at year end. 

Overages/Shortages

Overages and shortages in the petty cash/change fund are the responsibility of the department.  Substantial shortages must be reported to University Police, the Controller’s Office, and the Internal Auditor.

Responsibilities

The Controller’s Office is responsible for procuring the signed letter of accountability, preparing the check request for the Custodian, and disbursing the funds to the Custodian.  The Accounts Payable Office is responsible for reviewing receipt documents provided in support of requests for reimbursement of petty cash expenditures.

Petty Cash Purchase Fund Operating Procedures

• Petty Cash Log

A Petty Cash Log shall be kept for all funds disbursed to employees to make purchases.  The log shall contain the following and will be filled out when an employee receives petty cash to make a purchase and completed when the employee turns in the receipt.

 

• Petty Cash Disbursements

Supplies and materials which can be purchased through the regular purchasing procedures established by the University must be procured in that manner.  Petty cash does not replace the routine purchasing procedures. However, if the purchase meets the criteria outlined below, petty cash may be used in lieu of the regular purchasing procedures.  Expenses paid from a petty cash fund can only be made for the purpose(s) for which the fund was authorized and must be supported by acceptable paid invoices/receipts which contain the following:

Complete Description – The receipt must set forth a complete description of materials purchased.  Cash register tapes will be accepted if they itemize and clearly identify the items purchased.  The store name must be stamped on the receipt if it is not pre-printed.

Receipts must be executed by typewriter, in ink or by indelible pencil.  It is preferred that the signature of the vendor clerk be in ink; however, a legible signature in pencil is acceptable.

Original Receipts – Receipts must be originals.  The only exception is in cases when firms use standard business forms and issue their receipts on standard carbon copy forms which have imprinted thereon “Customer’s Invoice” or like designation.

Positive Evidence of Payment – The receipt must be positive evidence of payment.

• Petty cash receipts, when executed by a firm or corporation, should bear the official “Paid” stamp of the firm; or, if the name of the firm is written on the receipt, it should bear the signature of the clerk issuing the receipt or, if the name of the firm is affixed by a rubber stamp, the initials of the clerk issuing the receipt will be acceptable.  The receipt must be made out to “Ģ������Ƶ”.
• When vendor’s printed invoice forms are used as receipts, the invoice must clearly indicate that it has been paid, either by being stamped with the official “Paid” stamp of the firm that contains the name of the firm, or by being marked “Paid” and signed or initialed by the clerk.  All invoices must be made out to “Ģ������Ƶ”.

Petty Cash May Not Be Used For:

• Cashing checks
• Making loans
• Making advances
• Reimbursing travel-related expenditures or to make travel advances
• Paying wages for students or temporary employees, or pay overtime for any employee
• Paying expenses relating to the use of private motor vehicles, including mileage and fuel
• Providing floral tributes, small gifts and other tokens of appreciation or prizes and awards
• Making purchase of any food items including meals for candidates, speakers, etc.; takeout food such as pizzas, subs or deli items; beverages or beverage supplies
• Making purchase that would not be approved under normal policies and procedures
• Making purchases from vendors that accept purchase orders or P-Cards

 

• Reimbursement

Original receipts are to be submitted along with the completed Petty Cash Reimbursement form    including approval signature(s).  Accounts Payable will audit the receipts against the Petty Cash Reimbursement form, confirm appropriate fund usage and account codes and approving signatures.  The form will then be processed for payment and the check returned to the Custodian by the Controller’s office.   

 

Other requirements for reimbursement:

• The reimbursement amount is $75.00 or less per item with a $100.00 total purchase price. (Note:  Orders may not be split into smaller increments to avoid the $100.00 limit)
• Requests for reimbursement must be submitted for payment within thirty calendar days from the date of purchase.  Failure to submit requests within 30 days from the date of purchase may result in the custodian being personally responsible for reimbursement.

 

• Monthly Reconciliation Process

The custodian must reconcile the petty cash fund at least on a monthly basis.  The custodian will complete the Petty Cash Reconciliation Form, counting cash and receipts to verify that they equal the total amount of the petty cash fund.  At that time, any receipts should be submitted to Accounts Payable with the Petty Cash Reimbursement Form which must be signed by the employee’s supervisor.

The Petty Cash Reconciliation Form will be kept in the department to be presented to the Internal Auditor upon request.    A Petty Cash Reconciliation Form must be completed as of June 30^th of each year.  A copy of the June 30^th Form must be sent to the Controller’s Office.

If the count results in the discovery of an overage or shortage,   the Petty Cash Reconciliation Form must be approved by the supervisor.  A copy of the Form must also be sent to the Bursar for further action.  Shortages may also require the notification of the Internal Auditor and University Police. 

Overages may be an indication of revenue that has not been deposited.  All funds received should be taken to the Controller’s Office to be receipted into the appropriate fund.  They should not be stored with petty cash funds.

Withdrawals of petty cash must be documented on a log that is maintained by the custodian.  It should include amount withdrawn, purpose of the withdrawal, initials of person withdrawing the funds and the date the receipt was received indicating petty cash was spent.

Change Fund Operating Procedures

The petty cash change fund is used to make change during a business cash transaction. 

 

• Daily Reconciliation Process

 

Cash drawers should be reconciled on a daily basis using the appropriate Balance Sheet for the department which lists the amounts for the bill denomination and coin types.

 

These guidelines developed and approved by the Ģ������ƵBursar are provided to assist departments with the receipting and depositing processes to meet their requirements, while complying with University and State policies and procedures.

Definition of Cash: For the purpose of these Guidelines, cash is defined as currency, coin, and checks received for any program or purpose at Ģ������Ƶregardless of the source of funding for the program or the collected monies intended purpose.

Cash should not be used for petty cash disbursements, check cashing, making change, loaning (IOUs) or for any personal purposes.

Receiving Funds

1. Accept funds in person, by mail or electronically.
2. Provide a RECEIPT to any person presenting the funds in person through use of the a Ģ������ƵReceipt Book or point of sale system generated receipt. (Follow Receipt Books instructions below.)
3. For checks or cash received by a third party given to the department to deposit, departments must attach copies of the deposit slips issued by the third party and a copy of the deposit slip issued to the third party for the total amount of cash and/or checks.
4. For checks received by mail, departments must use a mail log documenting the date of entry, check number, date on the check, payee, amount of check, and initials of the staff member entering the check onto the mail log. (Use of Ģ������Ƶreceipt book is not required for mailed checks). A mail log is included in the Daily Cash Report excel file.
5. Endorse any check items Ģ������Ƶendorsement stamp (if an endorsement stamp has been purchased) or via handwritten note that states “For Deposit Only”.
6. Store funds securely and neatly.
7. Complete the Daily Cash Report. At least one deposit must be made weekly for any funds received. More frequent deposit, daily if necessary, must be made at any time cumulative receipts exceed $10.00.  (Follow Deposit Process instructions below).

 

 

Receipt Books

Departments must use pre-numbered, official Ģ������Ƶreceipt books when taking payments from customers/participants unless they can provide a copy of a receipt or a batch report from a point of sale payment system. The Cashier's Office maintains a log of all receipt books issued to each department. Departments must have a responsible party to maintain the location of the receipt book at all times.

 

Instructions for Using Campus Receipt Books

1. Receipt books are issued by the University Cashiers in the Controller's Office in 300-F HFR Administration Building. Departmental employees are required to sign a form indicating that they have assumed full responsibility and/or accountability for the receipt book.  They must turn the receipt book back in to the Controller's Office if they leave WCU or change positions.
2. Receipts for all funds must be written on the date they were received in the official three-part campus receipt book.
3. Receipt Distribution - The receipts are to be used in strict numerical order, copies distributed in the following order:

1. The original or first copy of the receipt is given to the payer.
2. The second copy of the receipt should be maintained in numerical order and turned in to the Cashier's Office with the funds collected.
3. The third copy of the receipt is maintained in numerical order in the receipt book in the department until all receipts are used.

4. Before removing file copies, record the date of the Daily Cash Report on the last pink and yellow receipt issued.
5. When the three-part campus receipt book is filled; the project for which collecting receipts is over; or the responsibility for the receipts is transferred to another person, the receipt book should be turned in to the Controller's Office to release the departmental employee from the responsibility for the receipt book. Books are not to be held unless they are being used on a regular basis.
6. Departmental employees should be prepared for an audit by an internal auditor at all times.
7. Receipts should not be altered. If an error is made, all three copies of the receipt must be voided and the white copy stapled to the pink copy. The voided yellow receipt should be put in with the deposit to be kept on file in the Controller's Office. DO NOT DESTROY ANY PORTION OF A VOIDED RECEIPT.

 

Verification and Return of University Receipt Books

Each year, the Controller’s Office will send a receipt book verification form to individuals who have receipt book(s) that are still outstanding. The individual who has signed out the receipt book(s) is responsible for verifying the location of the receipt book(s). That person should sign the receipt book verification form and return it to Controller’s Office by the date stated on the form. If a receipt book(s) cannot be located, the responsible person is required to attach a memo to the receipt book verification form stating that the receipt book(s) is missing.

 

When a receipt book is completed, the receipt book must be returned to the Controller’s Office in person with pink copies intact. Do not mail receipt books. Also, full or partially used receipt books no longer needed by a department must be returned to the Controller’s Office.  The Bursar’s office will retain a log of all receipt books and designated custodians.

 

 

Deposit Process

1. Complete the Daily Cash Report. (See Daily Cash Report Instructions below)

1. Attach yellow receipt book copies intact to the back of the original Daily Cash Report with two copies of the adding machine tape which should total the amount of the deposit.  If the white receipt book copy is not distributed to the customer/participant, it should also be attached to the Daily Cash Report with the yellow copy.
2. Attach unaltered point of sale system/Banner Session report supporting cash and checks deposited.
3. Attach copy of the mail log showing the entries for received checks.

2. For departments preparing bank deposit slip:

1. Any checks received must also be scanned (front side only), saving the file to the S drive in the Reconstruction folder for your department. The completed deposit slip should be included in the scan.
2. Put the depositor's name and phone number on the deposit slip.
3. A second employee (NO students) MUST recount and verify the deposit and initial the bank deposit slip verifying that the total of cash and checks in the deposit is equal to the total amount on the Daily Cash Report.
4. The yellow copy of the deposit slip must be attached to the Daily Cash Report.

3. For those departments not preparing their own bank deposits:

1. A second employee (NO students) MUST recount and verify that the amount of cash/checks brought to the University Cashier is equal to the amount on the Daily Cash Report. Both employees must initial the Daily Cash Report verifying that the count has been performed twice.

4. A separate Daily Cash Report must be prepared for credit cards. Mastercard, VISA and Discover may be reported on one Daily Cash Report. American Express must be reported on a separate Daily Cash Report.
5. All departments MUST take their deposits to the cashier counter in 300-F HFR in a sealed envelope, regardless of whether a bank deposit has been prepared. They will complete a Deposit Log for cash deposits.
6. If cash/checks are received and it is not possible to take the deposit to the University Cashier by 5:00 p.m., store cash/checks in a safe or a vault if a safe or a vault is not available, store the cash/checks in a locked drawer or filing cabinet.
7. Reconciliation-the final step to the deposit process.

 

Reconciliation should be performed prior to depositing with the University Cashiers as follows:

The total of the receipt book transactions (or the report detailing sales from a point of sale system) should be the same as the total on the Ģ������ƵDaily Cash Report which should also match the amount of the deposit. When these amounts do not agree, they must be researched and corrected prior to depositing the funds. Missing payments must be reported to the Controller’s Office and University Police.

 

Exceptions

The Bursar must approve any request for exceptions to outlined procedures. The Bursar will retain evidence that exceptions have been approved.

 

Recertification

The Bursar will require each work unit collecting funds to sign an agreement acknowledging that they have received the most recent Guidelines and that they will agree to comply with the requirements. Each year the Bursar will ask these work units to recertify that they are in compliance with the Guidelines. The Bursar will retain a log and evidence that recertification has occurred. The log will be utilized to issue new Guidelines annually or after changes occur.

 

Daily Cash Report Instructions

Daily Cash Reports must be completed and turned in with the deposit at the Controller’s Office in 300-F HFR Administration Building. Please contact Janet Cabe at 828.227.2736 if you have questions.

 

 

Ģ������Ƶ Receipting and Depositing Agreement

 

I hereby acknowledge that I have received, read, and understand the procedures within the Departmental Guidelines for Cash Receipting.  We will comply with the outlined processes as stated and understand we are subject for audit at any time. 

 

Department/Work Unit: ______________________________________________________

 

 Ģ������ƵEmployee Responsible for Preparing Deposits:

 ___________________________________________________________________________

Printed Name                                                              Signature

Date: ____________________________________________________________________

 

Ģ������ƵEmployee Responsible for Maintaining a Receipt Book:

 ___________________________________________________________________________

Printed Name                                                              Signature

Date: ____________________________________________________________________

 

  O       We have receipt book #__________ .

 

 

  O        We don’t use a receipt book.

 

Wireless credit card terminals may be rented from the Controller’s Office for Western Carolina University affiliated events.  Supply is limited and rented on a first come, first serve basis. Please follow the steps below to rent available terminals, renting multiple terminals is only allowable when there is an available supply.

Before the Event

1. Complete the Wireless Credit Card Machine Rental Agreement.

2. Submit the form to Janet Cabe in the Controller’s Office.

3. Reserve the credit card terminal by calling Janet Cabe in the Controller’s Office at 828.227.2736 or emailing cabe@wcu.edu.

Day(s) of the Event

Pick up the credit card terminal from the Cashier in the Controller’s Office. The terminal will be in a box along with instructions for use. If your reserved day is on a weekend, you must pick up the terminal on Friday before 3:00 p.m. Otherwise, pick up the terminal on the reserved day.

1. Proceed with your event using the wireless credit card terminal.

2. If your event lasts for more than one day, and you are keeping the terminal overnight, it must be kept in a secure and locked location.

3. After all transactions have been entered each day, settle the batch and keep a copy of the settlement. Instructions for settlement are included in the box with the terminal. If you do not settle the batch, the bank will not process the payments. You must perform the batch settlement to get your money.

4. You must run the batch settlement at the end of each day and bring the credit card receipts, the settlement report and a Daily Cash Report to the Cashier in the Controller’s Office the next morning.

After the Event

1. Return the terminal to the Cashier in the Controller’s Office.

2. Please ensure that everything that was in the box when you picked it up is returned.

3. The proceeds of the event, less a service fee of 4%, will be deposited in the fund indicated on the Wireless Credit Card Machine Rental Agreement within 10 business days after the terminal is returned to the Controller’s Office. Any discrepancies must be submitted to the Controller’s Office within 5 business days of the deposit date.