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The Bulldog - For the SWOSU Family

Handling of Cash Receipts/Cash Deposits Policy

Section I

Purpose

To provide guidelines for cash receipts and cash deposits.

Section II

Procedure

Statutory Reference

Oklahoma Statutes require that all money collected in the name of the University be deposited daily with the State Treasurer (Title 62, O.S. Supp. 986, 7.1).

University Policy

  1. The Bursar's Office is responsible for making this daily deposit to the State Treasurer.
  2. It is University policy that all cash (checks, currency, and coin) collected by University departments and student organizations should be deposited on a daily basis with the Bursar's Office.

    Note: At no time should any deposit be sent through Campus or Inter-office mail.

    University departments and student organizations collecting cash (currency and coin) should utilize a cash receipt log or pre-numbered cash receipts in order to maintain control of cash receipts.
  3. Under no circumstances will employees or students make disbursements from the department's or student organization's cash receipts. Personal checks may not be cashed from these receipts. All cash receipts must be deposited with the Bursar's Office.
  4. The Bursar’s Office Cashiers will count and verify the cash and checks received while the depositor is present at the cashier’s window; once verified, the depositor will receive a receipt which will include identifiers such as the date and amount deposited and department or account credited.
    Departmental deposits generally have two signatures verifying the amount to be deposited prior to arriving at the Bursar’s office. The Bursar’s office retains the departmental checkup sheet with the receipt number for future reference.
  5. The Cashier's window closes each day at 4 p.m. Those departments or student organizations that consistently receive cash each business day, a daily cut-off time must be established in order to allow time for the department or organization to prepare the deposit and deliver it to a Bursar's Office cashier before 4 p.m.
  6. Funds received in the department after the cut-off time each day shall be deposited with the collections received the following business day. Departments and student organizations are responsible for ensuring adequate procedures and control over the temporary safekeeping of funds prior to their deposit with the Bursar. Such procedures and controls should include at minimum:
    • Removal of funds from cash register of money tray by the designated fund custodian;
    • Placement of funds in a locked bag (or locked metal container) and the securing of the bag in a safe or locked cabinet or locked desk; and
    • Access to the funds be limited to the designated fund custodian.
  7. For those departments or student organizations that receive small amounts of cash on an irregular basis, while the daily deposit of cash is desirable, such daily deposit may not be or cost effective. When the event involves less then $25.00 of cash receipts and an adequate safekeeping facility is available, cash may be retained in the departmental safekeeping facility for not more than five working days. Within this five day period, the moneys must be deposited with the Bursar regardless of the dollar amount.
  8. All checks received are to be restrictively endorsed immediately upon receipt. The recommended endorsement is:

    FOR DEPOSIT ONLY
    SOUTHWESTERN OKLAHOMA STATE UNIVERSITY
    ACCOUNT NO._______
    [DEPARTMENT NAME]

  9. Departments receiving checks must:
    • Instruct the makers of the check(s) to make them payable to:

      SOUTHWESTERN OKLAHOMA STATE UNIVERSITY

      and NOT to the department. The following PAYEE format is also acceptable:

      SWOSU/[Name of department]

      Departments Should Not Request Checks To Be Made Payable To them.
    • Include the appropriate ID number (SSN, FEI, etc.) of the make of the check in the upper left corner of the check.
    • Obtain current address and telephone number of the maker of the check.
  10. Occasionally checks are received without adequate deposit information. If the department has not obtained sufficient information to deposit the check within three (3) days, the check must be delivered to the Bursar.
  11. It will be the explicit responsibility of each administrative supervisor, budget manager and student organization faculty sponsor to ensure that adequate procedures are in place to comply with these University guidelines.