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.

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 “Depositing Cash Revenues” for specific details on preparing deposits). The individual making the deposit must identify the department name and IBIS document number of the corresponding ROCR on the deposit slip, as well as the bag number of the deposit bag being used. Additionally, the deposit ticket should indicate a department name and University Park campus mailing address so that 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 ROCR for this deposit).

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

To: This should be name of the bank the deposit goes to

From: This should be the originating location

Authorized Signature: This should be the name of the person preparing the deposit.

Total Deposit: This is only for liability purposes, as a declared amount

Date: This should be the date deposit is prepared.

Place the prepared deposit into the bank bag along with the completed deposit slip, and the 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 ROCR # 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 ROCR (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 Dunbar Armored Car Service to transport deposits to the appropriate banks. All bags are scanned by Dunbar (transferring responsibility from Penn State University to Dunbar) 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 Dunbar 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, 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:

CONTACT INFORMATION:

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

CROSS REFERENCES:


Procedure Status:

Date Approved: 08/3/2015

Most recent changes:

Revision History (and effective dates:)