Cash Handling Procedures
December 16, 2007
Stewardship of university assets is the responsibility of all university community
members. A function of the Business Office is to provide members with appropriate
procedures that are easy to understand and follow in fulfilling the stewardship
responsibility. A second function of the Business Office is to observe activities and
review financial transactions to ensure adherence to applicable procedures. Business
Office staff have a fiduciary responsibility to bring to the attention of supervisors
circumstances where university assets have not been appropriately safeguarded.
Recommended corrective action may include disciplinary action up to and including
dismissal from employment and may include the filing of criminal charges.
The collection and storage of cash and checks by any member of the university
community requires compliance with the following procedures:
1. Obtain approval from the Business Office to collect cash and checks
2. Provide receipts to customers or donors
3. Reconcile cash and checks to receipts or to items/services sold
4. Safeguard cash and checks by storing in a locked safe, drawer, or file cabinet
5. Deposit checks and cash daily (weekly if the total amount is less than $100) with
the Business Office or Foundation Office
Following these procedures will safeguard the funds entrusted to VCSU and provide
timely accounting and timely processing of customers’ checks. Thank you for your
attention to these procedures.