Systems and Procedures
A Division of The Corporate Controller's Office
IN

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:


GENERAL:

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.

PROCEDURE:

General

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.

TWO PARTY TRANSFERS

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.

Transfers Utilizing the Service of Couriers

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.

BANK DEPOSITS

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.

DOCUMENT TRANSFER

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.

AUDIT COORDINATION - FINANCIAL AND PROCEDURAL

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, as well as performing an annual audit that is submitted to the Assistant Controller.

RECORD RETENTION, DISPOSITION AND DESTRUCTION:

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.

Upon expiration of a stated period of time, documents must be discarded and/or destroyed, unless permission granted by Records Management Officer or designee to retain the records. Archival records created more than 20 years prior to the current date must be reviewed before destruction. Units should also contact the University Archivist before discarding any document which may be of permanent or historical value to the University. To safeguard the privacy of individuals, documents that contain salary information, personally identifiable information (PII), or student records must also be shredded. See Policy AD53 - Privacy Policy and AD22 - Health Insurance Portability and Accountability Act for additional information regarding privacy and the protection of an individual's personal information. For documents that must be shredded, departments may arrange for Blue Bag service by contacting the Blue/White Shredding Program of the Office of Physical Plant. Exceptions to the practice are as follows:

Additional questions may be directed to the University Archivist or the Records Management Officer.

EXHIBITS:

None

CONTACT INFORMATION:

For questions, additional detail, or to request changes to this procedure, please contact the Associate Controller.

CROSS REFERENCES:


Procedure Status:

Date Approved: 8/3/2015

Most recent changes:

Revision History (and effective dates:)