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Overview
Occasionally, departments receive cash, checks and /or credit card payments. All monies collected must be deposited in the University Cashier's Office. This procedure describes how departmental personnel are to deposit funds with the Cashier's Office.

Guidelines
Funds must be deposited no later than 1-2 business days to the Cashier’s Office.  Do not send cash through the mail (including campus mail).

If a department is authorized as a Collection Area, an armored car will pick up the deposit from either the department or one of the drop safes.  Collection Areas must make deposits within the time specified below:

a.      When accumulated amounts receipted total $50 or more, the deposit must be made no later than the following business day.

b.      When accumulated amounts receipted are less than $50, deposit within a one week period of time.

c.      Due to the risk of loss or theft, funds should not be retained by any department unnecessarily.

Collection Areas must be authorized by the Cashier’s Office before collection begins.  (See policy/procedure number 1-7.02)

Safeguarding receipts prior to deposit is the responsibility of the department.  Cash, checks and credit card charges must be kept in a safe place at all times.  An office safe or vault with restricted access is required.

Separation of duties is an important part of internal control.  The ideal separation of duties has three distinct employees performing the tasks of collections, deposits, and reconciliation.  The three-way separation is the safest and most accepted internal control measure.  If there are insufficient personnel, a two-way separation can be used.  In the two-way separation the same individual can perform the tasks of both collections and deposits; however, the reconciliation task must be completed by a separate individual.

When delivering deposits to the Cashier’s Office or drop safes, individuals should take adequate precautions for their personal security and safety.  MUSC Public Safety Office provides escort services.

The Controller’s Office will notify Departments if an overage or shortage greater than $25 exists with your deposit.

When delivering deposits to the Cashier’s Office, request a receipt.  If you do not receive a receipt or see your deposit recorded within 3-5 days from the date of deposit, notify the Cashier’s Office Manager at 792-2718.  Receipts should be compared against original deposit and attached to the departmental copy of the Remittance Advice Form.

Foreign money – The Cashier’s Office does not accept foreign currency or coins.  It is the responsibility of the person who accepts the payment to exchange it for US dollars.  The Cashier’s Office will accept foreign checks.  The checks will be entered for collection at Wachovia bank.  The amount collected by Wachovia less collection fees will be credited to the requested UDAK.

Departmental management should perform unannounced reviews of their cash handling areas.  The reviews should verify the adequacy of controls and the validity of information recorded by the cash handlers.  Periodic surprise cash counts should be performed by someone who is not responsible for custody of the funds.  The department should designate an employee to routinely reconcile the amount collected by the department and the amount deposited and recorded in the cash receipts system. 

The following points could be addressed during reviews of the cash handling areas:

• Count the change fund and cash receipts if applicable for the area.
• Observe the physical safeguards for cash receipts such as the use of a safe.
• Reconcile the latest deposit with the cash handler.
• Are checks stamped immediately “for deposit”?
• Does the cash handler collect for checks that are returned due to insufficient funds?
• Review the receipt process and timeliness of deposits.
• Are cash handling duties separated?
• If payments are received via the mail, who opens the mail?
• Does the cash handler have access to applicable policies?

Areas not authorized as Collection Areas:

1.        Complete a Remittance Advice Form (See policy/procedure 1-7.03).  Forms are available in the Cashier’s Office or on-line at http://www.musc.edu/findiv/faforms/formsdirectory.htm.  For your records, be sure to maintain a copy of the completed remittance advice, checks and receipts your department issued to customers.

2.        Make the deposit by taking the completed Remittance Advice form and funds to the Cashier’s Office located at 19 Hagood Avenue, Suite 303 Harborview Office Towers.

Collection Areas:

1.       Complete a Remittance Advice Form (See policy/procedure 1-7.03).  Forms are available in the Cashier’s Office or on-line at http://www.musc.edu/findiv/faforms/formsdirectory.htm. 

2.       Using the MUSC endorsement stamp showing your department name, endorse the back of each check.  Keep copies of checks and receipts issued to customers.

3.       Complete bank deposit ticket information.  Write the bag number at the top of the deposit slip.

4.       Follow instructions on tamper proof bank bag for depositing funds.

a.      Remove tear-off receipt and keep with copy of deposit                     documentation.

b.      Seal the bag by removing the release liner to expose adhesive.  Press down and smooth closed.

c.      Record the bank bag number on the Armored Car Log.

5.       The deposit will be collected by the Armored Car Service either from your department or the drop safe.  The Cashier’s Office will inform each department if it is required to drop it’s deposit in one of the depository safe.  The deposit bag can also be delivered to the Cashier’s Office located at 19 Hagood Avenue, Suite 303, Harborview Office Towers.