All deposits are made to the local bank depository. The amount deposited is reported to the central banking number to initiate the bank transfer for the sound management of University funds.
The following steps are necessary to accomplish this transfer:
- Deposit the revenues. (If non-ISIS monies are involved, prepare a Report of Cash Receipts [ROCR])
- The following day (after verifying the amount with supporting material), call 1-866-296-9468 using the audio response system.
- This call must be made before 5:00 p.m. each day.
- (Exhibit "A") outlines the specific steps involved.
- Be sure to log the date, deposit amount, and verification code provided to you at the end of the transmission.
- If you have any difficulty during, or about your transmission, call Financial Management at 814-865-1356, for help.
- Exhibit "B" is a sample of the minimum information required on a log. This form may be duplicated, or you may generate your own.
- Duplicate deposit slips for ISIS deposits must be forwarded to Financial Reporting at University Park monthly. Other duplicate deposit slips and the logs must be retained for the current year plus 2 years.
No adjustments are to be made for returned checks, bank charges, etc.
|Include in Deposit Report
||Exclude from Deposit Report
|OUD (Development) Income
||Cash Operating Account deposit
|Student Account Payments
||SGA Fund Deposits
|Housing and Food Services
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 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.
Date Approved: 02/04/10
Most recent changes:
- Rev. 1 - Dated 03/10/06
- Original- Dated 10/12/93