51.001:  Deposits of Funds

SUPERCEDED as of October 18, 2007

Current Version

Status:	Approved on September 21, 2005	Signatures and dates on archival copy
Effective:	when approved
Initiated by:	Sherry Downs Bursar
Reviewed by:	Herman ("Butch") Hill, Chair Policy and Procedure Review Committee
Endorsed by:	Larry Corrigan Interim Vice President for Finance and Administration
Approved by:	Kathy Krendl Provost

Purpose

This policy provides guidance for the depositing of funds at Ohio University. The policy is in accordance with Ohio Revised Code (ORC) § 9.38 (Payment or deposit of public moneys) and directs prudent business practices for Foundation funds.

Policy

For the purpose of this document, "public money" and "funds" include cash, checks, credit card receipts, and electronic transfers.

All funds must be deposited with the appropriate office on the business day following the day of receipt, unless, at the end of a business day, the amount to deposit is less than $1,000 and the funds can be safeguarded. In that case, the deposit may be delayed until the third business day, or when the amount on hand reaches an amount equal to or greater than $1,000, whichever comes first.

Procedures

I. Deposits to Grants and Contract Accounting

1. Deposits for grants and contracts (fund types 020 and 04X) as well as matching funds (0200, 0300, 0600, 0700) should be forwarded to Grants and Contract Accounting, along with any documentation that accompanied the check.

2. Checks received at Ohio University should be restrictively endorsed upon receipt. Contact the Assistant Bursar for endorsement stamp specifications.

3. Non-compliance with deposit deadlines, as set forth in the Policy section, will result in a notice of violation that will be copied to the appropriate Dean or Vice President, the Controller, and the Internal Audit office.

II.  Deposits to The Ohio University Foundation

Deposits for foundation accounts (fund types 100, 130 and 160) should be forwarded to The Ohio University Foundation, along with a completed Deposit Transmittal - OU Foundation form.

III.  Deposits to Plant Accounting

1. Deposits for plant accounts (fund type 06X) should be forwarded to Plant Accounting, along with any documentation that accompanied the check.

2. Checks received at Ohio University should be restrictively endorsed upon receipt. Contact the Assistant Bursar for endorsement stamp specifications.

3. Non-compliance with deposit deadlines, as set forth in the Policy section, will result in a notice of violation that will be copied to the appropriate Dean or Vice President, the Controller, and the Internal Audit office.

IV.  Deposits for All Other Funds Received in Departments

1. Deposits of funds other than those listed in subsections I, II, and III, immediately above, should be forwarded to the Cashier's Office along with a Deposit Form - OU. Include any other required documentation (such as credit card balancing reports) and any documentation that may serve to establish the purpose for which the funds are intended.

2. Checks received at Ohio University should be restrictively endorsed upon receipt. Contact the Assistant Bursar for endorsement stamp specifications.

3. Non-compliance with deposit deadlines, as set forth in the Policy section, will result in a notice of violation that will be copied to the appropriate Dean or Vice President, the Controller, and the Internal Audit office.

4. An Electronic Departmental Deposit Module is available that provides departments with the ability to key deposits into the cashiering system. The department must then provide the funds and deposit number assigned by the system to the Cashier's Office. Contact The Assistant Bursar to request training for the Electronic Departmental Deposit Module.

V. Handling Checks Received for Unknown Reasons

Should a department receive a check, and the reason for the check is unknown, the department should forward the check, along with any documentation that accompanied the check, to General Accounting, 218 HDL Center.

VI.  Accepting Electronic Payments

A department that wants to accept payments through the web or any other electronic means must coordinate the activity with the Office of the Bursar.

Reviewers

Proposed revisions of this policy should be reviewed by:

1. Policy and Procedure Review Committee

2. Manager of Plant Accounting

3. Manager of Ohio University Foundation Accounting

4. Director of Internal Audit

5. Manager of Grants and Contract Accounting

6. Manager of General Accounting

7. Controller

Forms

The following forms are specific to this policy:

1. The "Deposit Transmittal - OU Foundation" can be found on-line at http://www.finance.ohiou.edu/forms/#VP (you may need to scroll down).

2. The "Deposit Form - OU" can be found on-line at http://www.finance.ohiou.edu/forms/#VP (you may need to scroll down).

Copyright © 2007 Ohio University. All Rights Reserved.

Dick Piccard revised this file (http://www.ohiou.edu/policy/s51-001.html) on October 22, 2007.

Please E-mail any comments or suggestions to "policy@ohio.edu".