Procedure CR2004 - Accountability for Transfers of Items of Value (except equipment)
Office of the Corporate Controller
Policy Steward facilitating procedure: Associate Vice President for Finance and Corporate Controller
Table of Contents:
- AUDIT COORDINATION - FINANCIAL AND PROCEDURAL
- RECORD RETENTION, DISPOSITION AND DESTRUCTION
- CONTACT INFORMATION
- CROSS REFERENCES
This procedure outlines the basic control methods required when any tangible item (anything of value other than equipment) is transferred from one party to another. Examples of items of value are, but are not limited to, money, checks, tickets, pre-numbered documents, and controlled documents. "Party" in this procedure may mean individuals, departments, administrative areas, couriers, or bank depositories. In some instances, it is required that this procedure be followed such as in transferring deposit bags to the Bursar or a Bursar-designated depository. In other cases, this procedure will serve as a guide to the minimum controls recommended if any administrative or departmental areas of the University wish to implement an internal procedure to account for the physical transfer of a non-equipment item.
There are two types of transfers that will be described in this procedure. The first is a direct transfer between two parties consisting of an "originator" and a "receiver." The second is a transfer between two parties consisting of an "originator" and a "receiver" via one or more intermediate parties or "couriers."
This procedure must be followed when transferring secured deposit bags between departments of the University and the Bursar or Bursar-designated depositories, or if utilizing the Auxiliary & Business Services (ABS) "Bank Deposit Bag Tracking System.
Specific guidelines for the preparation and depositing of receipts are specified in procedure CR2005 - Depositing Cash Revenues , available on GURU.
Specific guidelines on the use of ABS Bank Deposit Bag Tracking System are specified in procedure CR2007 -Bank Deposit Bag Tracking System available on GURU.
Transfers must be thoroughly documented via the use of an Accountability Transfer Form prepared per the Accountability Transfer Form instructions on GURU. When transfers occur frequently, the use of an Originating Office Transfer Log or a Courier Transfer Log is recommended.
Cash receipts must be transported for deposit via a physical transfer and under no circumstances by interoffice or US mail. However, empty deposit bags may be returned to the depositing departments via interoffice mail.
The party initiating a transfer will initiate an Originating Office Transfer Log . The party receiving a transfer will sign the document indicating receipt of the item.
Each party generating an Originating Office Transfer Log will retain the Log on file as evidence of transfer of accountability.
Couriers are defined as an intermediate party handling a transferred item between the originating party and the receiving party. A Courier's Transfer Log is to be used.
Per Policy FN01 , Bursar Deposits, Bank Deposits, and Bank Deposit Bag Tracking System deposits must be transported in accordance with this procedure. Appropriate accountability transfer documentation must be maintained. See Procedure CR2005 - Depositing Cash Revenues and/or CR2007 - Bank Deposit Bag Tracking System for specifics.
Couriers may be used to transport confidential materials between designated locations. For those offices utilizing either the Courier's Transfer Log or the Originating Office Transfer log, the courier will assume responsibility for the documents by signing an Originating Office Transfer Log. The courier will then fill out the Courier's Transfer Log. Upon delivery of the transfer to the Receiving Office, the representative receiving the transfer from the courier must sign the Courier's Log for all items received and return the form to the courier. This signature completes the transaction and the courier is relieved of responsibility of the materials.
Note: If a party is on a regular courier pick-up schedule the courier should be notified by the originating party if there is no need to stop.
In situations where the use of this procedure is required, it will be the responsibility of the Financial Officer to insure that this procedure is properly implemented in their respective areas.
The Financial Officer is responsible for ensuring that procedures pertaining to the accountability and safeguarding of all cash receipts, cash funds, and other assets are established and followed in accordance with approved University policies and procedures. Regular audits relating to advances, cash, travel, equipment accountability, and other expenditures provide a means to protect University assets. The Financial Officer is responsible for working with Internal Audit when audits are being performed in the administrative area.
Record retention must be managed in accordance with Policy AD35 - University Archives and Records Management, and records schedules approved by the Records Management Advisory Committee, Office of General Counsel, and Office of the President. These retention requirements are the University's retention criteria, either derived or based upon federal, state, and local statute or regulations, industry standards, and business needs. Retention beyond recommended time periods require justifiable reasons and warrant review by the Records Management Officer or designee. All documents must be maintained in such a manner so as to provide ease of access for review, and to provide a suitable audit trail for all transactions.
- Documents subject to a Legal Hold (see AD35, Legal Hold). A legal hold will remain in effect until it is released in writing by the Office of General Counsel.
- Documents under audit or review, either internally or externally. The retention period extends until released by the Corporate Controller's Office. The Financial Officer will be notified regarding any accounts which are under audit; the Financial Officer will be responsible for contacting the department.
Additional questions may be directed to the University Archivist or the Records Management Officer.
For questions, additional detail, or to request changes to this procedure, please contact the Associate Controller.
- Policy AD22 - Health Insurance Portability and Accountability Act
- Policy AD35 - University Archives and Records Management
- Policy FN01 -Processing Cash Revenues
- Procedure CR2005 - Depositing Cash Revenues
- Procedure CR2007 - Bank Deposit Bag Tracking System
- Blue/White Shredding Program
Date Approved: 8/3/2015
Most recent changes:
- Revision 3 - dated 05/19/15
Revision History (and effective dates:)
- Revision 2 - dated 09/16/92
- Revision 1 - dated 12/17/84
- Original - dated 04/12/79