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Handling Cash and Making Deposits

Revenue Collection Point Form

All money received must be deposited into the bank within 24 business hours of receipt unless the total on hand is under $1000 and the money can be safeguarded.  The deposit must then be made no late than 3 business days after receipt or when the amount on hand reaches $1000. This is a requirement of Ohio state law. (Please see OU Policy 51.001) You should prepare and deliver all deposits to the Cashier promptly. This decreases the chances of theft, loss, or forgetting the deposit, and it substantially decreases the chances of a check bouncing. This is simply good business. There is no minimum deposit; therefore, there is no reason to hold deposits. The Cashier's Office hours and other information can be found by accessing their web site at http://www.finance.ohiou.edu/bursar.

Please follow these rules when mailing your deposit:

1. Do not mail cash
   
2. Use the University deposit slip and keep a copy for later confirmation in ORACLE. If your deposit does not appear in ORACLE, contact the Cashier's Office immediately.

If your department collects "deposit checks" for a future event, these also must be deposited when received. The exception to this policy would be key deposits for summer camps and conferences, the vast majority of which are returned to the depositor. All other deposit checks should be deposited immediately. If the deposit is always refundable, you might consider whether the deposit serves any purpose to the University. Refunds for cancelled events are best handled through check requests.

Whenever feasible, procedures should be in place so that the same person does not control the deposit transaction from beginning to end. In practice, this means that the person who makes the deposits should not be the same person who keeps records or reconciles the monthly printouts. This reduces errors, and ensures good control over funds.

Do not make any payments from the funds you collect; deposit all collected funds and request checks for payments. Other than official petty cash funds, there are no exceptions to this policy.

If you maintain a petty cash fund, please be sure it is an "official" fund, rather than one created from receipts you have held back for this purpose. If petty cash is lost or stolen and Finance has no record of the account, reimbursement is not possible. Making the fund "official" helps protect both you and the University. DO NOT allow open access to petty cash; one person must be responsible for the fund.

To learn more about cash funds, access the Accounting Manual on Finance’s web site at http://www.finance.ohiou.edu/accounting/index.htm.

Except for certain events and accounts, all checks should be made payable to Ohio University and stamped "For Deposit Ohio University" as soon as received. Use of this stamp is our best defense against check fraud. 

All cash and checks should be locked up and out of sight during the brief time before the deposit is taken/mailed to the Cashier. This also applies to petty cash funds.

All donations need to be handled by the departmental Development Office and processed through the University's Foundation Office. If you receive a donation for a specific purpose, do not deposit it with the Cashier (even if you have done so in the past); send the check and all pertinent information to Foundation. The money will be credited for use as the donor requested; going through Foundation simply keeps University records updated.

Any copies of documentation you receive or create relating to a deposit should be kept in the department for two years, or whatever time period serves the department’s internal purpose, so that it will be available if needed for audit purposes. (This pertains only to cash receipts; credit card receipts have longer retention periods). For original documentation contact Bill Kimok, University Records Manager, at 593-2712 or kimok@ohio.edu 

for record retention requirements. 

If you experience a loss or theft, notify the Controller’s Office (593-0342), Internal Audit (593-1865), or OUPD (593-1911).

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