PROCEDURE CR2007 - BANK DEPOSIT BAG TRACKING
Systems and Procedures
A Division of The Corporate Controller's Office
IN

Procedure CR2007 - Bank Deposit Bag Tracking

Office of the Corporate Controller

Policy Steward facilitating procedure: Associate Vice President for Finance and Corporate Controller

Table of Contents:


GENERAL:

Auxiliary & Business Services (ABS), in conjunction with the Corporate Controller's Office, has established a Bank Deposit Bag Tracking System. This procedure is to assure that the University's cash receipts are properly safeguarded and deposited in a timely manner in accordance with Policy FN01 Cash Revenues.

PROCEDURE:

ENROLLING IN PROGRAM:

Departments/Colleges wanting to participate in this service should contact their Financial Officer (FO) who will, in turn, obtain approval from the Corporate Controller's Office. Any request received by the Corporate Controller's Office directly from a department/college will be rerouted back to the appropriate FO.

DEPOSIT BAGS:

ABS will provide the approved depositor with a supply of pre-numbered, bar-coded deposit bags (Exhibit "A"). ABS records the sequential series of bags provided along with the assigned department name into the bag tracking software. An automated message is sent to the ABS Accounting Financial Coordinator when a Department/College's supply of bags needs to be replenished.

DEPOSIT PREPARATION:

In preparing a deposit for the bank, the individual must prepare a deposit ticket. The deposit ticket must be completed in full, with coin, cash and a summary of checks/money orders/traveler's checks being listed (see Procedure CR2005 Processing Cash Revenues for specific details on preparing deposits). The individual making the deposit must identify the department name and SIMBA Cash Deposit Journal Entry number on the deposit slip, as well as the bag number of the deposit bag being used. Additionally, a self-addressed envelope should be included in the deposit bag so the bank may return the deposit ticket back to the area making the deposit (note: this should be the address of the individual preparing the corresponding Cash Deposit Journal Entry for this deposit).

Using the Auxiliary & Business Services (ABS) supplied bar-coded deposit bag (Exhibit "A"), provide the following information on front of bag:

Place the prepared deposit into the bank bag along with the completed deposit slip, and the self-addressed envelope. Remove the paper receipt from back of security seal to expose adhesive and seal by pressing firmly on the entire length of the security seal. If sealed improperly; do not attempt to reseal bag. (Destroyed bags need to be marked as such in the tracking application in order to delete them from inventory.)

DEPOSIT TRACKING:

Begin the tracking process by logging onto the Bag Tracking System and selecting "Prepare/Drop Bank Deposit Bag." Complete each of the following steps:

  1. From the location drop-down box, select your location (this is the location of the deposit preparation)
  2. Select the corresponding bag number
  3. Status is PREPARED
  4. Comment - enter the Cash Deposit Journal Entry # or other information as required by your FO (this is not a required field)
  5. Enter the declared amount as recorded on the front of the bag
  6. Select the approved bank location from the drop-down list
  7. Enter the Budget information as recorded on the Cash Deposit Journal Entry (must be formatted as per the instructions on the screen)
  8. Click submit
  9. Preparer takes the prepared deposit to the appropriate drop-location
  10. At this location, a Deposit Bag Tracking Log entry is recorded, the preparer prints and signs their name and the witness of the drop prints and signs their name, and the bag is "dropped" until time of pick-up

Upon completion of the drop, the preparer returns to their workstation and re-enters the bag tracking website and completes the following steps:

  1. From the location drop-down box, select your location
  2. Select the corresponding bag number
  3. Change status from Prepared to DROP/HOLD
  4. Select drop/hold location
  5. Enter comment - such as person witnessing dropping of bag (this is not a required field)
  6. Click Submit

If the depositor should fail to update the deposit from PREPARED to DROP/HOLD; the ABS Accounting Financial Coordinator will notify the depositor with a request to change the status. This will not delay the deposit; if a bag is recorded at the drop location, it is deposited.

ABS generates a report indicating which locations have a deposit pending and, according to a predetermined route, bags are picked up and scanned by ABS staff along with an armed guard. This scan results in an update in the software indicating that the deposit has been retrieved.

All bags are transported to the Housing and Food Services (HFS) Building and rescanned as received. The bags are then separated by bank and placed in the appropriate transport bag (No bags are opened).

ABS has contracted Brinks Armored Car Service to transport deposits to the appropriate banks. All bags are scanned by Brinks (transferring responsibility from Penn State University to Brinks) and transported to the appropriate bank.

On the next business day following deposit, the bank returns the deposit slips. These completed deposit slips are picked up by Brinks staff and delivered to ABS in the HFS Building. ABS staff then distribute via campus mail in the envelope provided by the depositor.

AUDIT COORDINATION - FINANCIAL AND PROCEDURAL

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. Audits relating to sponsored activities or other audits performed by external auditors may also be performed. The Financial Officer would also be responsible for working with the external auditor and/or a central university office related to these procedures.

UNIVERSITY RECORDS RETENTION AND DISPOSITION:

University Records must be retained and managed in accordance with Policy AD35 University Archives and Records Management and the University’s Records Retention Schedules that have been approved by the Records Management Advisory Committee (RMAC), the Office of General Counsel, and Vice President for Administration. These Records Retention Schedules are derived from - or based upon - federal, state, and local statutes or regulations (i.e.; Federal Acquisition Regulations, the OMB Uniform Guidance, Internal Revenue Service, and other regulations governing the auditability and retention of financial records), University Policy, industry standards, and business needs. All University Records must be maintained in such a manner to provide ease of access, establish a suitable audit trail for all transactions, and to be reviewed prior to disposition.

University Records and Transitory/Disposable Records are defined below (See Policy AD35 Definition of Terms for additional information):

Upon completion of the retention period, University Records must be disposed of via secure destruction or transfer to University Archives, unless an exception to the disposition process set forth below applies. In many cases, retention periods and disposition methods may be generally determined by comparing the type of record (i.e., reports, correspondence, etc.) to similar records series with known retention periods listed on the Records Retention Schedule. If the disposition method for University Records states “Review by Archives� on the Records Retention Schedule, the Unit responsible for those records should consult the University Archivist for a final determination of disposition. For University Records that must be securely destroyed, units may arrange for shredding services by either contacting the Blue/White Shredding Program or the Inactive Records Center (IRC).

Exceptions to the disposition process are as follows:

To safeguard the privacy of individuals, records that contain Personally Identifiable Information (PII), as defined in University Policy AD53 Privacy Policy, or student records, as defined in University Policy AD11 Confidentiality of Student Records, must be securely destroyed beyond recovery. For additional information regarding privacy and the protection of an individual's personal information, see Policy AD53 Privacy Policy.

Additional questions may be directed to the the Records Management Officer.

EXHIBITS:

CONTACT INFORMATION:

For questions, additional detail, or to request changes to this procedure, please contact the Auxiliary and Business Services Financial Coordinator.

CROSS REFERENCES:


PROCEDURE STATUS:

Date Approved:

09/3/2021

Most recent changes:

Revision History: