Academic Division and the College at Wise.
The University of Virginia is committed to safeguarding University assets and has established requirements governing receipts and handling of cash and select monetary instruments to reduce the risk of misappropriations and/or loss.
The University has eliminated the acceptance of cash by departments with these exceptions: public facing transactions (e.g., bookstore, parking, and concessions) and instances which have received written approval from Treasury Management. In cases in which cash will be accepted, departments must establish appropriate internal controls in accordance with this policy. Each collection point may: have different requirements for receipting, use different numbers of employees, and deposit at different locations. Appropriate departmental fiscal personnel must perform all receipting, recording, and depositing of cash and select monetary instruments.
The financial institutions that the University uses for commercial banking services.
Currency and coins.
The collection, recording, safekeeping, and deposit of cash and other monetary instruments.
Documentation that shows payor, amount, purpose, and date.
The process of using a desktop scanner or any mobile device that creates images of checks deposited to a bank account without physically depositing at a bank branch or UVA Cashier’s Office.
The process of safeguarding assets by assigning the authorizing, recording, and reconciling of transactions to different individuals. This practice assists in detecting errors, deterring improper activities, and mitigating collusion opportunities.
Personal checks, commercial checks, certified checks, cashier’s checks, and money orders.
All University employees involved with the collection of cash and select monetary instruments must comply with the University’s requirements as set forth in this policy. Departments must not accept cash except as required for public facing transactions and in specific instances approved by Treasury Management. When accepting cash cannot be avoided, departments must establish appropriate internal controls and follow the requirements for safeguarding cash and select monetary instruments in Section 1 below. These controls must include proper segregation of duties, securing cash and select monetary instruments appropriately, and depositing the funds in a secure and timely manner.
University employees involved in receipting must adhere to the following requirements:
Departments must conform to the guidelines and requirements detailed in University Policy IRM-017: Records Management. All cashiering operations are subject to review by internal and external auditors. Departments are required to show that all receipts are related to a deposit and all deposits are entered into the University’s Integrated System General Ledger.
Implementing Receipt Controls:
Departments must implement the following receipt controls for their collection location:
Compliance with Policy:
Failure to comply with the requirements of this policy may result in disciplinary action up to and including termination or expulsion in accordance with relevant University policies.
Questions about this policy should be directed to Treasury Management.
Preparation of Central Cashier Deposits
Preparation of Direct Bank Deposits