Aug 14, 2018  
CC Policy Manual 
    
CC Policy Manual

Cash Handling


Cash Handling Approved Date    9/15/2015
    Effective Date    9/15/2015
    Revision No.    1.0

1.0    Purpose

This policy establishes guidelines for the handling, receiving, transporting, and depositing of cash. This policy does not apply to payment cards such as credit or debit cards.

2.0    Revision History

Date   Rev. No. Change Ref Section
9/15/15 1.0  New policy.  

3.0    Persons Affected

3.1    All employees, students, volunteers, or any other individuals who handle cash or accept payments on behalf of the college.

4.0    Policy

The policy of Casper College is to ensure the following.

4.1    The college has procedures to properly handle cash, including security of the cash and accurate financial reporting.

5.0    Definitions

5.1    Cash. This grouping includes coin, currency, checks, money orders, and traveler’s checks.

5.2    Cash Custodian. This is the person assigned responsibility for a cash fund.

6.0    Responsibilities

6.1    Supervisors are responsible for ensuring that the employees they oversee follow cash handling procedures.

6.2    Employees assigned responsibility for handling cash are responsible for following cash handling procedures.

6.3    The Accounting and Financial Management Office (AFM) is responsible for receiving, safeguarding, tracking, reporting, and depositing all cash paid to the college. They are also responsible for developing cash handling procedures that safeguard against loss, theft, or misappropriation and that properly document the receipt and transfer of cash.

6.4    The vice president of administrative services (VPAS) is responsible for maintaining compliance with this policy.

7.0    Procedures

7.1    Cash Handling Requirements

7.1.1    AFM establishes procedures to secure cash that includes who monitors the cash and acceptable ways to secure cash. Procedures should include segregation of duties, where at a minimum two people divide the responsibility of managing the receipting, depositing, and handling of cash. All cash must be retained in a locked, safe place. AFM provides employees responsible for handling cash with the procedures.

7.1.2    Cash collections must be balanced weekly. At least two employees must count the cash and verify the amount before delivering the cash to AFM.

7.1.3    Only accounts established by AFM may be used for college business. Schools, departments, or employees may not create or maintain an account that uses college funds.

7.1.4    Checks must be made payable to Casper College, regardless of the function. Checks must be endorsed “For Deposit Only” upon receipt. Checks may not be cashed under any circumstances.

7.1.5    Documentation for cash received must be maintained.

7.1.6    Call 911 in the event of a robbery. Then call Campus Security.

7.2    Depositing and Reconciliation of Funds

7.2.1    Unless the AFM director has approved other arrangements, cash of $200 or greater must be submited to AFM within 24 hours or receipt on the next business day, whichever comes first. Cash of less than $200 must be submitted at least weekly.

7.2.2    Cash must be delivered to AFM in person. Do not send cash through intercampus mail. Campus Security will provide an escort if requested.

7.2.3    Documentation (calculator tape, log, spreadsheet, etc.) must be submitted along with the deposit.

7.2.4    AFM verifies that the departmental deposits equal the cash received and issue a receipt for the deposit. They will address cash overages or shortages.

7.2.5    AFM will record the deposit to the appropriate accounts and deposit funds into college approved accounts.

7.3    Rebates

7.3.1    Cash rebates received for purchases of items that are for college business must be deposited with the college, whether initially paid for via college funds or directly by the employee and subsequently reimbursed.