Cash systems may vary by individual office or agency, but all cash systems must meet these basic guidelines. The term "cash" as used herein includes currency, checks, money orders, etc.

1. All cash receipts from University and University-related activities must be deposited into bank accounts administered by the University or one of its University-recognized affiliated organizations: Binghamton Foundation, Research Foundation, Alumni; or for student groups: the Student Association or Graduate Student Organization.

2. There should be a segregation of duties and proper supervision so no one person has complete control over the revenue process.

3. All cash received for an activity should be deposited in its total. Cash receipts which are pending deposit should not be used to pay activity-related expenditures; such payments should be dispersed by check following the deposit of the cash receipts.

4. Whenever cash is received, a cash receipt should be issued unless there is a compensating control over the amount received (i.e., pre-numbered tickets sold). The receipts should be pre-numbered and issued in duplicate with one copy for accounting purposes. The deposits and cash on hand should periodically be reconciled to the accounting records.

5. When a check is received, it must be endorsed immediately with the following inscription, "For Deposit Only - Organization" (i.e., Binghamton University). A stamp can be purchased from a local vendor to assist in this function.

6. Cash receipts should be turned over to the designated cashier (Foundation or Student Accounts) for deposit at prescribed intervals. If possible, this deposit should be made at the close of each day. If daily deposit transmittal is not feasible due to the location of one collection office, or if amounts of collections are nominal, transmittals may be made less frequently, but in no case less frequently than once a week.

7. Normally, deposits should be made in person by the individual preparing the deposit. When funds are transferred to a messenger, the responsibility for the total fund also passes. The person delivering the cash must wait for the designated cashier to count the cash and issue a receipt. Each time control of cash is transferred, the funds should be verified and signed off by the receiving party.

8. The cash deposit should have attached to it a transmittal indicating the total of currency and checks. A detailed listing of the checks must be included. A description of the cash receipts should be made so that the designated cashier can assign appropriate account codes for revenue accounting. This will assure the department that the proper cash accounts will be credited. Deposits to state accounts (IFR, DIFR, SUTRA) require use of the University Deposit Transmittal and must be forwarded directly to Student Accounts.

Printable Deposit Transmittal Form - MS Word Document or pdf format*

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click here.

9. The cashier should audit "each" transmittal received to assure the monies turned over are intact. Actual currency must be counted in the presence of the person delivering the money. Checks must be accounted for later if there is a detailed list attached and if it is impractical to account for them immediately. The cashier should issue a receipt for the total amount (cash and number of checks if appropriate) to the employee who transmitted the funds.

10. The employee in charge of the cash collection process in each office will be responsible to see that these guidelines are followed. Any deviation from these procedures should be approved by the Assistant Vice President of Finance/Controller (ext. 7-2170).

11. Voiding Receipts: Whenever it becomes necessary to void a receipt, all copies of the voided receipt should be stapled together and maintained on file. The New York State Department of Audit and Control requires that these be maintained on file for the same period as the used receipts.