Deposits and Cash Control
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Cash Control Policy
The collection of cash (including checks) from students, faculty, staff, and the general public is usually not permitted outside of the Controller's Office or offices already identified and approved for this purpose. However, there are certain circumstances where casual or infrequent collection is necessary and permissible. Some examples include special programs, conferences, and workshops. Where this is the case, check with the Controller's Office to be sure that you are using proper controls over the collection, recording, and documentation of these receipts.
Collection
- Course and lab fees are left to the Controller's Office to collect from students when they are registering and paying for a course. These fees revert to the general college fund and are already reflected in your operating budget.
- You should not be collecting fees directly from students without the permission of the Controller.
- If you wish to impose a new fee you should contact us about how best to reflect the fee in your budget during the next budget cycle.
- Fees collected for other purposes should have the permission of the Controller.
- You are required to know the general ledger account number to deposit the fees, the reason for the deposit, and circumstances upon which you would request to draw upon these funds.
Safeguarding
- Cash (including checks) needs to be safeguarded when collected and in transit, and deposited promptly in the Controller's Office in Smyth 44.
- You should not hold on to cash for any prolonged periods.
- Cash collected should not be used to make change or for petty cash. There is a separate policy regarding petty cash.
Recording
- Records of all deposits must be kept by the recipient including the name of the person who deposited the money with you, the date of deposit, and the amount and purpose of the deposit.
- If you are provided with a special general ledger account, you are required to reconcile the balance with your own records.
- The general ledger account balance is always the official deposit record.
- Deposits should be made using the duplicate college deposit slip.
- Special general ledger accounts, when permitted, are considered temporary in nature and must be closed out as soon as the event or activity has concluded, but never longer than the current accounting period or fiscal year.
- Balances left in these temporary accounts will revert back to the college at the end of the fiscal year unless special permission is granted to temporarily carry them over.