POLICY: Spoon River College requires that all persons in receipt of any type of cash for the College are responsible for the safe handling and security of those funds.
SCOPE:
This policy applies to all Spoon River College employees or students who handle cash receipts.
DEFINITIONS:
Cash: Currency, coin, and checks.
DETAILS:
Discrepancies / loss of funds: Discrepancies or loss of funds must be immediately reported to the Director of Business Services. Employees are not expected to make up shortages from their personal funds, nor are they to retain excess funds collected; however, loss of funds due to negligence of the employee may result in disciplinary action.
Securing cash: Cash receipts must be secured or attended to at all times. Daily receipts are maintained under lock when the custodian of those funds is away from the workstation. Funds are placed in a locked safe for overnight keeping.
Recording cash receipts: All cash should be turned in with a Spoon River College (SRC) Cash Receipts form, which should always indicate if the deposit is over or short by any amount for each day’s cash receipts. Receipts for deposit are turned into the Spoon River College Business Office Specialist on the Canton campus between the hours of 8:00 a.m. to 12:00 p.m. every day the College is open for business. Receipts are accepted at times other than the aforementioned by presenting the funds with deposit information to the Accountant, the Accounts Payable Specialist, or the Director of Business Services.
PROCEDURE(S):
Student Tuition and Fees Cash Receipts (Canton Campus):
At the end of every business day, every Spoon River College employee with an open computer cash drawer reconciles the cash drawer and prints the computer screen listing the daily cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the daily receipts are placed in an envelope and put in the Admissions/Student Accounts safe for overnight keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are given to the Business Office Specialist for verification. Verification takes place prior to 10:00 a.m.
The Business Office Specialist verifies the cash total, signs the SRC Cash Receipt form, and gives a copy of the form to the respective employee for record keeping purposes.
The Business Office Specialist prepares the weekly receipts from the Canton Campus for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Student Tuition and Fees Cash Receipts (Macomb Campus):
At the end of every business day, every Spoon River College employee with an open computer cash drawer reconciles the cash drawer and prints the computer screen listing the daily cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the daily receipts are placed in an envelope and put in the Spoon River College Macomb Campus safe for overnight keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are placed in a locked bag and sent via intercampus mail to the Canton Campus Business Office.
The Business Office Specialist verifies the cash total, signs the SRC Cash Receipt form, and gives a copy of the form to the respective employee for record purposes.
The Business Office Specialist prepares the weekly receipts from the Macomb Campus for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Student Tuition and Fees Cash Receipts (Community Outreach Centers):
Employees at the Community Outreach Centers may collect cash payments for tuition and fees from students.
A paid receipt is given to the student upon receipt of the payment.
The cash payments are entered into the computer system by the Senior Office Assistant.
At the end of every business day, Senior Office Assistant reconciles the cash drawer and prints the computer screen listing the daily cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the daily receipts are placed in an envelope and put in the Community Outreach Centers safe for overnight keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are delivered to the Business Office Specialist for verification, either personally or in a locked bag by intercampus mail.
The Business Office Specialist prepares the weekly receipts from Community Outreach for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Student Tuition and Fees Cash Receipts (Rushville Center):
At the end of every business day, every Spoon River College employee with an open computer cash drawer reconciles the cash drawer and prints the computer screen listing the daily cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and daily receipts are placed in an envelope and put in the Spoon River College Rushville Center safe for overnight keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are placed in a locked bag and sent via intercampus mail to the Canton Campus Business Office.
The Business Office Specialist prepares the weekly receipts from Rushville for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Student Tuition and Fees Cash Receipts (Havana Center):
At the end of every business day, every Spoon River College employee with an open computer cash drawer reconciles the cash drawer and prints the computer screen listing the daily cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the daily receipts are placed in an envelope and put in the Spoon River College Havana Center safe for overnight keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are given to the Havana Center Director for verification. Verification takes place prior to 10:00 a.m.
The Havana Center Director verifies the cash total, signs the SRC Cash Receipt form, and gives a copy of the form to the respective employee for record purposes.
The Havana Center Director prepares the total prior week’s receipts for bank deposit.
The Havana Center Director delivers the bank deposit to the appropriate Havana bank.
The computer screen listings, and daily cash receipt forms are forwarded to the Business Office Specialist, at the Canton Campus, via inter-campus mail.
Once a month, the total deposits for the Education and Auxiliary Funds are totaled and a check for each total is remitted from the Havana account to Spoon River College.
The Business Office Specialist prepares the monthly receipts from Havana for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
SRC Bookstore Sales (Canton Campus): The Spoon River College Bookstore is authorized to retain $500 to be used as change in the cash register drawer. This amount may need to be increased during each semester cash refund period. Funds retained during the week are placed in the Bookstore safe outside of the Spoon River College Bookstore operating hours.
At the end of each business day, bookstore employees reconcile the cash register.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the daily receipts are placed in bank bag is put in the Spoon River College Bookstore safe for overnight keeping.
By 10:00 a.m. the following business day, the bank bag is delivered to the Business Office Specialist.
The Business Office Specialist verifies the cash total, signs the SRC Cash Receipt form, and gives a validated copy of the form to the bookstore employee.
The bookstore employee attaches the validated SRC Cash Receipt form to the cash register tape and files for audit records.
SRC Bookstore Change Fund (Canton Campus): The Spoon River College Bookstore is issued a $1,000 change fund for the purpose of making change for the cafeteria and bookstore. Personal checks may not be written for cash. An ATM is located on campus in the student lounge area in the lower level of Centers for employees who need cash.
SRC Bookstore Sales (Macomb Campus): The Macomb Bookstore is authorized to retain $500 to be used for change in the cash register drawer. Funds retained during the week are placed in the Macomb Business Office safe outside of the Macomb Bookstore hours of operation.
The SRC Bookstore on the Macomb Campus closes-out the cash register at a minimum of once a week, counts monies received, and completes the SRC Cash Receipt form.
The Macomb Campus Assistant gives the receipts and the completed SRC Cash Receipt form to the Macomb Campus Senior Office Assistant.
The Macomb Campus Senior Office Assistant verifies the cash total, signs the SRC Cash Receipt form, and gives a copy of the form to the Campus Assistant for record keeping purposes.
The cash register tape and a completed SRC Cash Receipt form are forwarded to the Business Office Specialist at the Canton Campus via inter-campus mail.
The Business Office Specialist prepares the weekly receipts from the Macomb bookstore for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Cafeteria Daily Cash Receipts Policy (Canton Campus): The Spoon River College Café is authorized to keep $100 from daily receipts to use for change in the cash register drawer. Employees transporting receipts to the Business Office Specialist must obtain receipt validation prior to leaving the Business Office.
At the end of each business day, cafeteria employees reconcile the cash register.
The SRC Cash Receipt form is completed and placed with the daily receipts in a bank bag.
The bank bag is placed in the Spoon River College Bookstore safe for overnight keeping.
By 10:00 a.m. the following business day, the bank bag is brought to the Business Office Specialist.
The Business Office Specialist verifies the cash total, signs the SRC Cash Receipt form, and gives a validated copy of the form to the cafeteria employee for audit records.
The cafeteria employee attaches the validated SRC Cash Receipt form to the cash register tape and files for audit records.
The Business Office prepares the weekly receipts from the cafeteria for bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
SRC Diesel Technology Repair Receipts: Payments for diesel tractor repairs are made upon completion of the repairs and prior to releasing the equipment to the owner.
When a faculty member receives a payment, they date and sign the repair work order to show receipt of the payment.
A copy of the work order is given to the customer for record keeping purposes.
The payment is attached to the two copies of the work order and is delivered to the Business Office Specialist.
The Business Office Specialist verifies the payment amount, dates and signs the work order copies, and gives a copy of the work order to the faculty for record keeping purposes. When the customer makes a payment directly to the Business Office, the Business Office Specialist dates and signs the work order and gives the customer two validated copies. The customer retains one copy of the work order for record keeping purposes and presents the other copy to the repair area for release of equipment.
The Business Office Specialist prepares the weekly bank deposit for the auxiliary fund.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
SRC Student Organizations and Fund Raising Cash Receipts: All funds received by SRC student organizations and SRC fundraising events are deposited with the Business Office Specialist.
Receipts for fundraising are submitted to the Business Office Specialist at the end of the fundraising event.
Each deposit is accompanied by a completed SRC Cash Receipt form.
The Business Office Specialist verifies the cash total, signs the SRC Cash Receipt form, and gives a copy of the form to the patron for record keeping purposes.
The Business Specialist prepares the weekly bank deposit for the auxiliary fund.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Vending Machine Cash Receipts Policy:
All vending commission checks are sent to the attention of the Business Office.
The Business Office Specialist prepares the weekly bank deposit crediting the appropriate revenue account.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
SRC Foundation Receipts:
The SRC Foundation funds for deposit are brought to the Institutional Advancement Senior Office Assistant, who fills out the donation form for the gift, including the donor information, campaign, appeal and designation and forwards them to the Canton Business Office on a weekly basis.
The cash payments are entered into the computer system by the Business Office Specialist.
As gifts are cashiered every week, the Business Office Specialist reconciles the cash drawer and prints the computer screen listing the weekly cash totals.
The employee in receipt of the funds completes the SRC Cash Receipt form, which includes the employee’s signature.
The computer listing and the weekly receipts are placed in an envelope and put in the Canton Business Office Safe for safe keeping.
Once balanced, the receipts, computer listing, and SRC Cash Receipt form are given to the Business Office Accountant for verification. A completed foundation deposit form accompanies the funds.
All cash receipts must be kept in a secure location (i.e., the safe at the receiving location) until they have been deposited at the bank.
The Business Office Specialist verifies the deposit total, signs the deposit form, and returns a copy of the form to the patron for record keeping purposes.
The Business Office Specialist prepares the weekly bank deposit for the Foundation.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Miscellaneous SRC Cash Receipts:
Miscellaneous cash receipts not previously noted above, such as Library / LRC fees, nursing tests, travel, or supply reimbursements are brought to the Business Office Specialist.
A completed SRC Cash Receipt form accompanies receipts.
The Business Office Specialist verifies the total cash, signs the SRC Cash Receipt form, and gives a copy of the form to the patron for record keeping purposes.
The Business Office Specialist prepares the weekly bank deposit.
The Director of Business Services or Accountant delivers the bank deposit to the appropriate bank.
Petty Cash Funds: The petty cash funds are used for the purchase of miscellaneous and incidental items of low value. All receipts for petty cash purchases are kept with the petty cash fund until the receipts are submitted for reimbursement. At any time, the Business Office may audit the petty cash fund, in order to verify that the total of the purchase receipts and cash balance equal the approved petty cash fund total. The establishments of all petty cash funds are first approved by the Vice President of Administrative Services.
To receive reimbursement for the petty cash disbursements, the purchase receipts are totaled and attached to a completed Spoon River College requisition form.
The completed requisition form is submitted to the Business Office for the processing of the reimbursement.