Cash Receipts Policy and Procedures Administrative - Policy and Procedures

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  1. Purpose
    1. The purpose of this policy is to explain the appropriate use of cash receipts to selected employees of the Davis Technical College (College).
      Because of the sensitive nature of cash and near cash items, special attention must be given to safeguard and record it in the accounting system. In order to safeguard the financial position of the College as well as the individual cash handlers, certain tried and proven accounting and auditing rules must be followed. These procedures must be adopted by every authorized cash collection point and they will be subject to periodic audit by the Cashier, Controller, and Independent Auditors.
  2. References
    1. Davis Technical College Payments – Petty Cash Funds
  3. Policy
    1. The central collection point is the Cashier’s office. The College Cashier is responsible for properly receipting all monies received by the College. This responsibly may be delegated to auxiliaries or departments to facilitate the receipting process, but oversight responsibility remains with the Cashier.
    2. The cashier office is under the supervision of the Controller and it must comply with accounting and audit principles and procedures.
    3. A valid College receipt shall be issued to all persons or entities making payment to the College, with the exception of receipts from appropriations, grants and contracts. This receipt may be a cash register receipt, a ticket, a hand written pre-printed receipt provided by the Cashier or other forms that have been pre-approved by the Cashier. Any department planning an activity involving the collection of funds must contact the Cashier to receive instructions and materials.
    4. The cashier is responsible to verify receipt amounts, documentation, account numbers and object codes. The Cashier, in conjunction with the accounting staff, will determine whether a sale is subject to Utah state sales taxes.
    5. Secondary collection points are authorized by the Controller’s office and must comply with the same policies and procedures as the Cashier’s office except as modified and approved for special circumstances.
      1. These secondary points make their deposits to the Cashier’s office on a daily basis. If funds received are infrequent and minor in amount, they may be turned in to the Cashier weekly or when $50.00 is accumulated, whichever comes first; provided adequate facilities are available to safely store the funds. Funds should not be left unattended or in a desk. Cash collected may not be expended for any reason.
      2. The secondary point personnel shall be trained by the Cashier to ensure proper control over cash collection for the College.
      3. All secondary points desiring to receive payments by debit/credit card, ACH transfers, e-pay or other internet payment method, must have authorization from the Cashier prior to establishing the procedure, including instructions in brochures or documents or creating a web page mechanism to receive such payments. The department agrees to pay any and all merchant discount fees or other processing fees associated with receiving payments.
    6. The Cashier is to ensure that all funds are deposited in the bank within 3 working days of receipt of the funds according to state law.
    7. As departments feel the need for additional collection points, they will need to receive official authorization from the Controller’s office to initiate that activity.
    8. Personal, third party, payroll and Financial Aid checks will not be cashed by the College (except personal checks for employees may be cashed at the Cashier window for up to $30.)
    9. Change funds are available through the Cashier Office. Change funds checked out from the Cashier must be returned within 48 hours of the completion of the event or they should be requested via check request to establish them on the accounting records. A full-time employee must request and sign for all temporary change funds. The person receiving the funds is personally liable for the monies received. The request for change funds must be submitted 7 days in advance if requested with a check request, otherwise 24 hour notice is required. Change funds are subject to verification or recall by the Cashier any time without prior notification. Change funds are also subject to review by the Cashier, Controller or Independent Auditor anytime.
    10. Fiscal Office reviews of the secondary receipting centers should be completed on a cycle basis to assure conformity to control requirements.
    11. Amounts due to the College not expected to be collected within one week should be billed via a College invoice and recorded through the College Accounts Receivable office.
    12. Petty cash funds must be maintained separate and distinct from monies collected by the Cashier.
Policy migration in progress

Davis Tech is in the process of migrating our policies from PDF to HTML format to conform to Title II (ADA) requirements. During this transition period, the latest approved version of the policy is available (below) in pdf format, but may contain ADA Compliance errors.

Printable PDF

Effective Date: 24 August 2006

  • Approvals and Notes
  • Board Approval: 24 August 2006
  • President’s Council Approval: 15 August 2006