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Cash Control and Accountability

3.5

Policy

College cash assets shall be managed in a manner that limits the opportunity for fraud through the use of effective cash handling procedures and proper staff training, and provides for the safety of college personnel responsible for cash management.

Procedure

1. Deposits will be made intact within 24 hours of collection.

2. Each individual assigned a cash fund is directly accountable for the money.

3. Money should be processed/handled in a secure area and kept locked/secured at all times.

4. No personal checks may be cashed.

5. No third party checks may be accepted.

6. Checks will be made payable to Clover Park Technical College or CPTC and must be restrictively endorsed.

7. All payments received must be documented on sequentially pre-numbered official receipts or an automated cashiering system. All receipts will be strictly accounted for.

8. Cash bags will be used for transporting money. They will be locked when transported. Empty bags are placed in department mailboxes. Deposits from South Hill Campus will be transported by Security. A signature is taken upon pick-up and on delivery.

9. There should be a segregation of duties between the parties making the deposit and the persons reconciling deposited funds.

10. Collection/receipt of money is restricted to a limited number of locations or departments other than the Cashier Office. Prior approval must be obtained.

11. Any loss of money must be brought immediately to the attention of the Vice President for Finance and Administration.

 

Adopted:  2016

Revised:  2016