University Receipts and Deposits

Policy 6.5

Related Policies

I. REASON FOR THIS POLICY

This policy and its procedures are established to maintain accountability of University cash receipts and to safeguard cash assets from loss or theft.

II. DEFINITIONS

1. Accumulated Receipts. Cash, checks, credit card transactions.
2. ACH transactions. Electronic funds transfers from one bank account to another.
3. Cash Asset. Cash, checks, credit card receipts, and gift cards.
4. Cashier’s Office. Centralized University department that is responsible for receiving, depositing, and processing payments. It manages student accounts, tuition fees, and department deposits while ensuring accurate financial records.
5. Controller. Oversees the University’s accounting operations, financial reporting, and internal controls. The controller ensures financial accuracy and compliance with regulations.
6. Payment Applications. Movement of funds between individuals or entities via banks, online services, or cash agents (e.g. PayPal, Venmo).
7. Payment Card Industry (PCI) Standards. Set of security requirements developed to protect cardholder data during financial transactions.

III. STATEMENT OF POLICY

1. Acceptance of Cash. University employees shall minimize the acceptance of cash whenever possible, with preference given to payment by check or credit card.
   1. To reduce the handling of cash within individual departments, University employees shall implement processes to allow students and customers to remit payments directly to the Cashier’s Office.
      1. Certain departments, due to the nature of their operations, may be responsible for handling cash, checks, or credit card transactions.
      2. Departments shall centralize payment processing to minimize the number of areas handling cash or other forms of payment.
      3. Each department shall document, in writing, its specific procedures for receiving and processing payments.
      4. Documented procedures shall incorporate all internal controls and safeguards established by this policy.
2. Payment Applications. The Controller shall authorize any payment applications on behalf of the University.
3. Cash Registers. Cash registers shall be equipped to issue receipts.
4. Cashier’s Office Responsibilities. The Cashier’s Offices shall be responsible for, but not limited to, the following:
   1. Processes and handles all deposits of money, checks, ACH transactions, and credit card transactions at the University.
   2. Maintains records of all cash receipts issued.
   3. Pre-numbers and prepared cash receipt records using single carbon copies.
   4. Retains original cash receipts with the deposit slip and any supporting documentation.
   5. Retains both the original receipt and a carbon copy in the event that a cash receipt is voided.
   6. Provides pre-numbered tickets for an event with admission fees.
5. Departments’ Responsibilities. Departments handling payments shall be responsible for, but not limited to, the following:
   1. Deposit funds with the Cashier’s Office when total daily accumulated receipts are $200 or more. The $200 threshold includes a combined total of cash, checks, and credit card transactions.
   2. Deposit accumulated receipts totaling less than $200 at least once per week with the Cashier’s Office. Departments shall make deposits more frequently to reduce the risk of loss.
   3. Prepare daily reports reconciling collections to register readings. These reports shall identify and document any overages or shortages and provide verification of the remittance of funds.
   4. Retain a carbon copy of a cash receipt for its records.
   5. Issue pre-numbered tickets for events with admission fees or maintains a digital record of attendance. For each related deposit, a reconciliation of tickets issued, or attendance recorded must be submitted to the Cashier’s Office to support and reconcile the funds remitted.
   6. Deposit full cash amounts received with the Cashier’s Office.
   7. Shall not net, offset, or otherwise combine collections with expenditures, refunds, or purchases.
6. Safekeeping of Funds. Cash assets must be stored in a secure location at all times.
   1. When not in use, cash assets shall be stored in a locked drawer, safe, office or other approved secure location for overnight safekeeping.
   2. The department head shall designate the individual assigned to cash assets who is responsible for maintaining control and oversight of the funds at all times. An alternate designated individual within the department shall assume this responsibility in the absence of the primary individual.
   3. The department head shall determine who has access to locks, safes, combinations, and keys shall be restricted to individuals with a reasonable business need.
   4. Restrictive endorsement shall be placed on all checks immediately upon receipt. The restrictive endorsement stamp should contain the following:
      1. For Deposit Only Dakota State University
   5. The Cashier’s Office shall have a restrictive endorsement stamp available for check out.
   6. All credit card transactions shall comply with Payment Card Industry (PCI) standards.
   7. Cash and credit card transaction detail, shall be delivered in person to the Cashier’s Office, not through the mail.
7. Monitoring of Cash Handling. The Controller shall implement at minimum one unannounced cash audit per year of the Bookstore, Mail Services, and Production Center.

Exclusions
None

Exceptions
None

IV. PROCEDURES (MAJOR)

1. Deposits. Department shall submit deposits to the Cashier’s Office with a completed University Department Deposit Form, which includes the following:
   1. a. Deposited Amount: The total amount of checks, cash, ACH and credit card transactions being deposited.
   2. Banner Index Code: Where the money should be deposited to.
   3. Description: What we received the money for.
   4. The Cashier’s Office may request additional information regarding the purpose of the payment and how the amount received was calculated.
   5. Deposits that include cash must be verified and signed by two separate individuals, with both signatures provided as original (wet) signatures on the deposit form.
   6. Deposits consisting solely of checks, ACH, or credit card receipts require one authorized signature, which may be provided electronically.
   7. If a change is made to the totals on the form while at the Cashier’s Office, individuals must initial to verify the change.

V. RELATED DOCUMENTS, FORMS, AND TOOLS

University Deposit Form

VI. POLICY HISTORY

ADOPTED: 01/09/2002

REVISED: 07/28/2026