Cash Collections – 303.1

Back to Business

University of Arkansas at Little Rock
Policy Name: Cash Collections
Policy Number: 303.1
Effective Date: June 7, 2004

Policy:

Purpose

The purpose of this policy is to define the University’s policy for the collection, control, and deposit of cash receipts.

Definitions

The Bursar’s Office has been delegated the authority to periodically review the written procedures of departments and perform audits of cash handling operations. Departments found to be in violation of policy will have their right to handle cash transactions reviewed and possibly revoked.

General Provisions
The Cashier’s Office is designated as the primary receiver of all funds for the University of Arkansas at Little Rock (UALR). However, campus departments periodically collect cash for events or other purposes. Departments must be authorized by the Bursar’s Office prior to receiving cash. In addition they must develop written procedures on how that business will be conducted.

Employees handling cash should be well informed of their responsibilities for handling cash transactions and accountability for those funds. Procedures should be established to maintain a safe and secure working environment to ensure the safety of the funds and of the employee.

All money received as payments to UALR must be promptly forwarded to the Cashier’s Office or deposited to the credit of UALR in a bank account which has been designated as a University depository. Departments that collect cash must have acceptable documentation of all collections. Cash receipts must be reconciled to those source documents on a regular basis. All cash received must be deposited. Refunds or payments cannot be made directly from cash receipts. All refunds must be processed through appropriate procedures as established by the Bursar’s Office.

Cash Collections Procedures


Source: University-wide Administrative Memo, June 7, 2004
Revised: April 5, 2010; May 8, 2013
Approved By: Steve McClellan, AVCFA
Custodian: Office of Finance & Administration