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

HD2008 - Shaver's Creek Environmental Center Cash Sales and Accountability

College of Health and Human Development

Policy Steward facilitating procedure: Dean, College of Health and Human Development

Table of Contents:


GENERAL:

The Shaver's Creek Environmental Center (SCEC) operates within the Stone Valley Recreational Area under the jurisdiction of the College of Health and Human Development to provide service and research in the fields of recreation and environmental interpretation. Programs and services are presented to the general public as well as to Penn State students, faculty, staff, and classes.

Annual memberships are sold by the Center which provide certain benefits and price discounts to members, not available to the general public. The Environmental Center also maintains "Horatio's," a Bookstore and Gift Shop that sells nature-related books and gifts. Fees charged by SCEC are properly approved in accordance with University Policies AD15 and BT06, and are reviewed and revised annually.

With the exception of donations and field registration collection, all revenue collected at the Shaver's Creek Environmental Center is recorded through the Center's cash register. The procedures for handling donations and field registrations is described later in this procedure. It is the policy of the Center to receive payment immediately for goods and services rendered. However, some programs and services may be billed to recognized groups with the advance approval of the Director of Shaver's Creek Environmental Center.

The Environmental Center has both a $200 change fund and a $175 petty cash fund. The funds have been properly established in accordance with University Policies FN04 and FN05. Access to, and custody of, the funds is limited to the Director or the Director's designee. The funds are adequately secured according to guidelines established by the Department of University Safety.

The Shaver's Creek Environmental Center maintains and follows a set of written opening and closing procedures which have been locally established and approved. This procedure is separate from those guidelines, and outlines the necessary controls and fundamental responsibilities associated with the collection and reporting of funds received by the Center.

PROCEDURE:

SALES AND FEES

Entrance Fee

Shaver's Creek Environmental Center collects an Entrance Fee from non-member patrons of the Center. The fee is not collected from active members or program participants. Non-member patrons, who produce a receipt showing the payment of the seasonal Entrance Fee at one of the parking areas managed by Stone Valley, are offered credit (in the amount of the receipt) toward the Entrance Fee at the Center. All Entrance Fees collected by the Environmental Center are recorded through the cash register at the time of collection. The paying patron receives the customer portion of the cash register receipt as evidence of payment. Specific cash register operations are discussed later in this procedure.

If a member cannot produce a Membership Card (Exhibit "A"), the memberships are cross-checked with the Center's master membership file to be sure they are current members. If the member holds a Family Membership Card and has non-member persons as a part of the party, the member may opt to have them admitted at no charge.

Receipts showing Entrance Fee payment at another location within Stone Valley Recreational Area will be reviewed to ensure they are valid for the day they are presented (by appropriate color used that day).

Horatio's Bookstore and Gift Shop Sales

Shaver's Creek Environmental Center operates a bookstore and gift shop specializing in nature-related products. As approved by the management, all items are sold at the manufacturer's suggested retail price. As one of the privileges of membership, members receive an established percentage discount on items from Horatio's. All items are taken to the Center's cash register site and appropriately recorded through the cash register, including the charging of the appropriate sales tax. The patron receives the customer cash register receipt as evidence of his/her payment. (Specific payment/collection procedures are discussed later in this procedure.) The cashier also records the sale of inventory items as outlined later in the inventory section of this procedure.

Facility Rentals

The Center has many facilities available for rent by University and non-University groups. Reservations for the facilities must be made at the time of the request. All relative information will be recorded. The request will be checked with the Center's master calendar to determine availability. The patron will be advised whether the date and facility are available and that a Program Director, or designee, will be in touch with them as necessary.

The appropriate Program Director or responsible employee will contact the patron and establish a confirmed commitment for use of the facility and other related services requested. The patron will be advised that they may prepay their rental or pay on the day of use. (In some instances, approved by the Director, the Center will invoice the non-University patrons, or request payment by an IDT from University groups.) Specific payment collection procedures are discussed later in this procedure. The Center will collect State Occupancy Taxes and State Sales Taxes as provided for in the laws of the Commonwealth, except when a group or organization is able to provide evidence of tax-exempt status.

Program Fees

The administrative staff of Shaver's Creek Environmental Center develops new public program offerings three or four times a year. Although schedules of rates for use of the facilities of SCEC are submitted to the Dean of Health and Human Development for approval, the Director of the Center coordinates the program staff and material requirements, and determines the program fees based upon historical program cost. The approved programs are established on the Center's Flat File (master) calendar.

The approved programs are publicized and registrations are taken. Programs are offered to the public and to special groups. Member and non-member rates are charged. Fees collected for these programs may be prepaid, paid on the date of the program or, in some instances, either invoiced for special group programs, or request payment by an IDT. Specific payment collections are addressed later in this procedure.

As patrons register, the appropriate information is recorded on the Program Registration form (Exhibit "B"). All prepayments will be handled as outlined in the payment processing section of this procedure. The appropriate Program Director will review the program registrations to determine whether the program has enough support to be presented. If a program is canceled, the registrants will be advised and refunds prepared as outlined in "The Tentative Program Registration Prepayments" section of this procedure.

Membership Fees

The Shaver's Creek Environmental Center offers an annual membership program for interested patrons per rates shown on the Membership Application Form (Exhibit "C"). Member's benefits are described on the application form.

When a Membership Application and payment are received, the receiving party will process the payment as described later in the payment processing section of this procedure. Only the information from the Application Form may be used by the Office Manager to prepare a 3 X 5 card for the membership master file maintained at the Center. The Office Manager reviews the Membership Application Form and prepares a membership card that is mailed to the member within two weeks. The Membership Application form and the 3 X 5 card are filed alphabetically at SCEC.

Membership applications are processed on the Center's computer and updated weekly by the Office Manager. As memberships are paid, the amount of the funds received are entered into the cash register by using the "Memberships" key. If the patron pays for the membership by check, the check number, amount received, cash register operator's name, and the date are written at the top of the Application Form at the time the payment is received. If the patron pays in cash, the word "CASH", amount received, cash register operator's name, and the date are written at the top of the Application Form at the time the payment is received. The patron paying in person receives the cash register receipt upon payment, and the patron paying by mail receives his/her cash register receipt along with the Membership Card by mail.

As stated above, the Application Form is the only document that may supply the data required to complete a Membership Card or the 3 X 5 Card for the membership master file. Therefore, patrons paying for a membership in cash shall be advised to retain the cash register receipt until receipt of the membership card, as proof of completing a Membership Application Form.

In the event an Application Form is lost or misplaced by SCEC, a patron may complete another Application Form by presenting proof of payment (cash register receipt or canceled check) to the Office Manager. As described above, the cash register operator will complete the top of the Form with the required information. In the "AMOUNT RECEIVED" category, the cash register operator will write the reason for the replacement.

A membership to the Shaver's Creek Environmental Center is valid for twelve (12) full months from the date of registration. The master file and computer list are regularly reviewed and the memberships that are about to expire are sent renewal applications. A second notice is mailed after expiration, if not yet paid. Expired membership cards are taken from the active file and placed in an inactive file after 30 days.

Donations

All donations are processed as gifts through the Health and Human Development Office. In accordance with University Policy FN03 and Policy Guideline FNG01, the Shaver's Creek Environmental Center prepares a separate Report of Cash Receipts and a Gift Reporting and Transmittal Form (GRT) designating Shaver's Creek Environmental Center as the gift recipient. The GRT, ROCR, and the gift are forwarded to the Finance Office of Health and Human Development. Cash received anonymously as donations (and do not require preparation of a GRT) are recorded on the separate Report of Cash Receipts by SCEC and submitted to the Health and Human Development Office for deposit into a special OUD account.

The Center collects donations according to Policy FNG01 from the public in three ways;

  1. The "Adopt-a-Bird" program - The Adopt-a-Bird program receives funds by two methods. A patron may register (Exhibit "D") and pay a fee to adopt a bird for a specified period of time, or a patron may place anonymous donations in the donation box outside the Center. On a weekly basis, these donations, and the funds received from the Adopt-a-Bird program are taken to the Health and Human Development Office for processing in preparation for deposit into a special OUD account.
  2. Indoor Birdhouse - The birdhouse located inside the Environmental Center Building is the main source of donations. The donations placed in the birdhouse are provided limited security, and money is removed by the Office Manager weekly, at minimum. Amounts of money over $10.00 are not allowed to remain in the house, but some is always left in the container to stimulate giving.

    These cash donations are submitted weekly to the Health and Human Development Office and deposited into a special OUD account.
  3. Other Monetary Gifts - Other Monetary gifts are periodically received by the Center. These gifts are submitted to the Health and Human Development Office weekly. Larger gifts are handled through the Development Officer when received.

Vending Machines

The Shaver's Creek Environmental Center also maintains soda and juice vending machines via contract with an outside vendor. These machines are serviced, and the coin boxes emptied, twice each week by two SCEC personnel. Access to the vending machines is by a key which is kept under the control of the Director of SCEC, or a designee. One employee replenishes the machine (see "Inventory" section), and the other counts the change removed from the machine.

All revenue removed from the machine is recorded through the Center's cash register. The soda and juice inventory (see "Inventory" section) is regularly reviewed by the Director and compared to the soda and juice sales.

Gift Certificates and Coupons

Gift certificates and coupons shall be purchased, redeemed, reconciled and reported per University Procedure CR2052 - Accounting for Coupons and Gift Certificates.

COLLECTION OF SALES AND FEES

Regular Collection of Sales and Fees

At the beginning of each business day, the cashier will follow the locally established and approved procedure for opening the Shaver's Creek Environmental Center. These procedures are in writing and kept at the desk for reference by each employee assigned the responsibility of opening.

The Center's cash register is located in the business office, which is adjacent to the public entry of the Environmental Center. The manufacturer's cash register operations manual is kept next to the cash register for ready reference by the operator. As part of the opening procedure, it is the cashier's responsibility to ready the cash register for the day's operation. The cashier will initially run an 'X' tape report from the cash register. These totals will be recorded in ink on the Daily Cash Register Report (Exhibit "E"). The 'X' tape report will be removed from the register and initialed by the cashier. The tape will be retained with the Daily Cash Register Report.

The recorded totals from the 'X' tape will be reviewed with the previous day's closing totals to make sure that they are in agreement. Any discrepancies will be reported immediately to the Director. It should be noted that the key required to run the 'X' Report is kept in the Center's safe. The Director will limit the availability of the key only to that person responsible for the cash register opening that day, or a designee when there is a shift change.

The change fund will be removed from the safe by the cashier upon completion of the opening procedures and counted by the cashier to ensure that it agrees with the established change fund amount. The change fund total will be entered on the Daily Cash and Sales Reconciliation where identified (Exhibit "F"). The change fund and form will be put in the cash drawer and secured in the cash register.

All payments for materials and services collected by the Shaver's Creek Environmental Center (except for field registration collection) are recorded through the Center's cash register. As payments are made, the sale is keyed to the appropriate department sale key on the register. Payment may be by cash, U.S. traveler's check, check or money order. Checks and money orders must be made payable to "The Pennsylvania State University." The cashier will only accept checks and money orders for the exact amount of the sale being made. Immediately upon satisfactory review, the cashier will restrictively endorse the check, traveler's check, or money order as outlined in University Policy FN01. The patron will receive the customer cash register receipt as evidence of his/her payment.

Whenever a payment is incorrectly recorded on the cash register, the cashier will "VOID" the entry. The customer's cash register receipt for the incorrectly keyed entry will be retained and the transaction will be correctly re-entered. The cashier will indicate "VOID" on the incorrect receipt. On the reverse side of the receipt, the cashier will describe the reason for the voided transaction and initial the receipt. The customer shall also be asked to sign the back of the receipt and provide either his/her address and/or telephone number. The voided cash register receipt will be retained in the cash register drawer for later reconciliation.

Upon reconciliation, the Director must initial the voided receipt indicating that he/she has reviewed and approved the voided transaction. The cash register voids are attached as support to the Report of Cash Receipts to be filed at SCEC.

Payments Received by Mail

Some programs offered by the SCEC allow for pre-registration. These registration fees are mailed to the Center. Upon receipt of the payment, the patron's check will be restrictively endorsed, unless it is a pre-registration for a tentative program as discussed later in this procedure (see the section "Tentative Program Registration Prepayment"). The payment will be recorded through the cash register and secured in the cash register drawer. The patron's name and payment information will be added to the appropriate Program Registration Form. The canceled check will serve as the patron's receipt.

Field Registration Collection

Some programs offered at Shaver's Creek Environmental Center require that the registration fee be collected away from the cash register. Patrons pay their registration fee by cash, check, or money order and the cash, check, or money order is retained in the cash box. The patron's name and payment information is recorded by the Program Director on the Program Registration form. At the time of collection of the registration fee, the patron will be issued a Prenumbered Receipt.

After all registrations have been collected, the Program Director will record the statement **LAST ITEM** and the date on the registration form on the line immediately following the last registrant. All entries before this statement show valid registrants to the program, while any entries after the statement will be considered invalid. The money collected will be secured in the Program Director's cash box and taken to the cashier at the conclusion of the program, or first thing in the morning if the program occurs in the evening.

The cashier and Program Director together will reconcile the cash and checks collected with the registration form. Any discrepancy will be noted on the form. The cashier and Program Director will sign the registration form acknowledging the amount of money collected for the program. The funds and the prenumbered receipts will be secured in the cash register drawer for reconciliation at the end of the day.

The Director will review any discrepancies noted on the Registration Form with the Program Director and determine any further actions required.

Outside Ticket Sales Collection

The Director of Shaver's Creek Environmental Center (SCEC) must approve the sale of prenumbered tickets at locations other than the Shaver's Creek Environmental Center. A Master Log of Ticket Sale Agents (Exhibit "G") will be maintained by the Program Director. The log will identify the program, number, and class of tickets (i.e. adult, child, etc.) and the responsible sales agent. After approval, the responsible Program Director will prepare an Accountability Transfer Form detailing the number and types of tickets for the program to be given to that particular sales agency approved by the Director. When the tickets are dropped off at that location, the Program Director will obtain the signature of a responsible employee of that establishment who will be responsible for the tickets and funds collected for those tickets.

At least once each week during the sales period, the Program Director will call on each sales agency to collect any ticket sales money. Cash or a single check from the sales agency is acceptable. Any money collected will be evidenced on a University Prenumbered Receipt. All pertinent sales information and total revenue received will be recorded on the Receipt. The sales agent will receive the original copy of the receipt acknowledging the collection of the money. The remaining two copies will be retained by the Program Director for documentation for the Report of Cash Receipts (ROCR).

NOTE: At the end of a sales period, the Program Director will collect all unsold tickets and record them on a Transfer of Accountability Form.

The Program Director and Office Manager will count the cash and checks and reconcile the total with the Prenumbered Receipt copies. All checks will be restrictively endorsed per University Policy FN01. Any discrepancies will be resolved by the Program Director and noted on the Prenumbered Receipt copy. The Program Director will record any necessary sales information into his/her Master Log of Ticket Sales for that program. The Office Manager will retain and secure the money and Prenumbered Receipt copies for preparation of the deposit. The Program Director will receive a signed Accountability Transfer Form identifying the Prenumbered Receipts and total money given to the Office Manager for deposit.

The Office Manager will prepare a separate RCR for all funds collected at an outside sales agency. (These cash and check receipts will not be recorded through the cash register since a Prenumbered Receipt was prepared and a separate RCR will be completed.) The RCR will be prepared as described in the section "Depositing and Reporting Cash and Check Receipts" later in this procedure. A copy of the prepared RCR will be reviewed and initialed by the collecting Program Director prior to the Director - SCEC review and signature. The numeric series of Prenumbered Receipts will be recorded on the RCR. The first carbon of the Prenumbered Receipt will be filed with the Office Manager's copy of the RCR, and the second copy of the Prenumbered Receipt will be forwarded along with the Financial Officer's copy of the RCR.

CASH AND SALES RECONCILIATION

The cashier will close the register at the established time each business day in accordance with the locally established and approved closing procedure. The cashier will count the total cash on hand and record the amounts on the Daily Cash Register Report form. An adding machine tape of all checks and money orders collected will be prepared for deposit. The change fund will be separated from the total cash on hand and secured in the Center's safe until the next cash register operation is begun. The total cash and checks for deposit will be recorded on the form. The cash and checks for deposit will be secured in the Center's safe until deposited in accordance with University Policy FN01.

When staffing at the Center allows, an employee other than the cashier will use the management key for the cash register to prepare an "X" tape report detailing the sales for the day. (If no other staff people are on site, the cashier must run the "X" tape.) The person preparing the "X" tape will initial the tape and record the sales per cash register, voids, and adjusted sales totals on the Reconciliation form. The ending totals for the day will also be recorded on the Daily Cash Register Report.

When the "X" tape total exceeds University Policy FN01 parameters for depositing ($100.00), or each Monday, the Director or a designee will run a "Z" clearing tape report from the cash register which will reset the cash register counters. The "Z" tape reset number and all required information will be recorded on the Daily Cash and Sales Reconciliation form and the form signed by the Director or designee. All information for the deposit will be given to the Office Manager for preparation of the deposit.

DEPOSITING AND REPORTING CASH AND CHECK RECEIPTS

Preparing the Deposit

When the total of cash and checks on hand reaches the prescribed limits as stated in the University Policy FN01 (or at least weekly), the Office Manager will prepare the cash and check receipts for deposit. A Report of Cash Receipts will be prepared in original and four (4) copies according to instructions per AIS Documentation. Detailed information from the Daily Cash and Sales Reconciliation Form will be used to prepare the Report of Cash Receipts. The "details" section of the ROCR will at least identify the established departments within Shaver's Creek for which the funds were collected, the collection date(s), cash register reset number, Prenumbered Receipt numbers (see "Outside Sales Collection" section of this procedure), and the amount to be deposited. The "Accounts Credited" section will distribute the income to the department number, 323-67, appropriate fund name and number (Sales Income - 1005 or Fees Income - 1003), and applicable Object Class Code (Sales - 030, or Fees - 029). Any State Occupancy Tax collected will be credited to Fund 0676 and State Sales Tax collected will be credited to 0678. Any difference between reported sales and funds collected which are identified during reconciliation will be recorded to Cash Over (Short), account number 0752.[If the cash over (short) exceeds $5.00, it must be approved by the Director - SCEC on the ROCR.] The completed ROCR will be signed and dated by the Office Manager.

The prepared ROCR and appropriate support documents (i.e. "Z" tape, Daily Cash Reconciliation, voids, etc.) will be given to the Director for his/her review. The Director will review the ROCR and support documentation for adequacy. Upon satisfactory review, the Director will initial [sign if overage (shortage) is greater than $20.00] the ROCR. The reviewed documents will be returned to the Office Manager.

The Office Manager will retain one copy of the ROCR with the support documentation (i.e. Daily Cash Reconciliation, "Z" clearing tape, voids, etc.) for the Environmental Center's files. The original ROCR and remaining copies will be locked in a Bursar's deposit bag along with the cash and check receipts to be deposited. The deposit bag number will be recorded on the retained copy of the ROCR. The locked deposit bag will be taken by the Director to the Finance Office for Health and Human Development.

The Finance Office personnel will review the ROCR to see that it is properly completed and signed. The Finance Office personnel and the Director of SCEC will sign the Financial Officer's Cash Courier's Log acknowledging the Finance Office's responsibility for the money and paperwork received. The Director of SCEC retains the empty deposit bag.

Reporting the Deposit

The Finance Office for Health and Human Development will secure the receipts in a locked deposit bag and make the deposit in accordance with locally established and approved procedures and the procedures CR2004 - Accountability for Transfer of Items of Value (Except Equipment) and CR2005 - Depositing Cash Revenues.

BILLING FOR SERVICES

In those instances approved by the Director - SCEC, the Office Manager will prepare a University Park Invoice for services provided by the Shaver's Creek Environmental Center. The billing information will be obtained from the Flat File Slip (Exhibit "H") completed for that program/service. The Flat File Slip is used to monitor program registration and fees to be charged. The University Park Invoice will be prepared, with an additional machine copy prepared for the Financial Officer. The income is credited to Department Number 323-67, Sales Income 1005, Object Code 030; or Fees Income 1003, Object Code 029 as appropriate. Sales and occupancy taxes will be invoiced as appropriate. The Invoice is assigned the next consecutive number from the reserved numeric series used only for invoicing. The Invoice information is noted on the Flat File Slip. The Office Manager will file the Center's copy of the Invoice and Flat File Slip. The Financial Officer's copy will be forwarded. The remaining Invoice and Invoice copies will be distributed as outlined in the General Forms Usage Guide.

The Financial Officer will review the Invoice and record the information into the Auxiliary Accounting System. This information will be included with the Auxiliary Accounting reports that are sent to the Director - SCEC for review and verification.

The Director will regularly perform spot checks of the Invoices and supporting documents to ensure that they are accurate as well as properly and timely prepared. The Director will also review the budget information supplied by the Financial Officer through the Auxiliary Accounting Reports with the actual Invoices to ensure they have been properly credited. Any discrepancies will be resolved with the Financial Officer.

It should be noted that payments on University Invoices are to be made directly to the Office of the Bursar, but occasionally checks in payment of an Invoice may be received at the Center. Immediately upon receipt of such a check, it will be restrictively endorsed as outlined in University Policy FN01. In accordance with University Policy FN02, the Center will prepare a memo, in duplicate, to the Bursar. The memo will identify the payee, check number, check amount, and appropriate invoice number. The duplicate copy of the memo will be retained by the Center, along with their copy of the Invoice. The original memo and check will be sealed in an envelope and hand carried to the Bursar's Office by an authorized employee of the Shaver's Creek Environmental Center. Under no circumstances should these checks be forwarded via interoffice or the U.S. Mail (See University Policy FN01.) The checks should not be processed through the cash register or reported on a Report of Cash Receipts.

TENTATIVE PROGRAM REGISTRATION PREPAYMENT

The Shaver's Creek Environmental Center will hold patron checks that are received in prepayment for scheduled "events" offered by the Center which involve food service, extra scheduled staff hours, transportation, etc., until a firm decision to hold the event can be made. This is an expressed exception to the University Policy FN01, and will be allowed only if the following conditions and procedures are met.

INVENTORIES

Horatio's Bookstore and Gift Shop

The Office Manager maintains two separate notebooks of inventory items. One notebook is strictly for T-shirts (Exhibit "I"), and the second notebook, the Bookstore Sales Record (Exhibit "J"), is for the remainder of inventoried items. The two notebooks are used to update the notebook of Inventory Items (Exhibit "K"). As items are sold from Horatio's, they are recorded on the appropriate notebook at the time the sale is rung through the cash register. Each posting is recorded from the Bookstore Sales Record and T-Shirt inventory into the notebook of Inventory Items (Exhibit "K") once a week, and new on-hand quantities are calculated. The notebook of Inventory Items is a perpetual inventory system that maintains a year to year record of items purchased and sold at Horatio's.

At least once each month, the on-hand quantities recorded in the notebook are compared with the actual quantities in stock. Any discrepancies noted are brought to the attention of the Director, as well as being documented in the inventory record. The Director will take appropriate action to resolve the discrepancy and to prevent a recurrence.

The Director will conduct periodic, unannounced, spot-checks of the perpetual and actual inventory systems to ensure the systems' accuracy. At least once each year, at the end of the fiscal year, the Director or a designee will perform a physical count of all inventory at the Shaver's Creek Environmental Center. A list by room and location within the Center will be made, identifying all items and the count. These physical inventory quantities will be compared to the perpetual inventory maintained by the Office Manager. The Director will record any adjustments in the notebook of inventory items so that all quantities recorded agree with the actual physical count. The Director will initial and date the entries.

The Financial Officer will review the physical inventory postings and assure that adequate controls are in place to protect the inventory from shrinkage.

Soda / Juice Machines

All soda/juice machines receipts are entered into the Center's cash register each day the machines are replenished and change removed. Soda/juice inventory is stocked at the Center and entries "to" and "from" stock are recorded on the Soda / Juice Inventory Form (Exhibit "L"). All soda/juice machine operations are performed under the direct supervision of the Director.

REFUNDS

SCEC will only issue cash refunds for items purchased from Horatio's Bookstore and Gift Shop. The patron must present their cash register tape along with the item (in new condition) for a refund. All other refunds (other than those discussed in "Tentative Program Registration Prepayment") will be reviewed and approved by the Director. Per University Policy FN08, all requests for refunds greater than $5.00 must be submitted on the Refund Request form. A University check will be issued to the person named on the request. Shaver's Creek income will be adjusted accordingly in the University's fiscal records to reflect the refund. The Director will verify the refund amounts with local and central budget reports on a monthly basis.

RETURNED CHECK PROCESSING

The Shaver's Creek Environmental Center will be notified by the Bursar when a check presented to the Center has not been honored by the issuing bank. The appropriate staff, along with the Financial Officer, will follow the procedure as outlined in Procedure CR2002 - Processing Returned Checks.

FINANCIAL RECONCILIATION

Financial Reconciliation

Periodic reconciliations are to be performed under the direction of the Director to help ensure that related sets of financial documents balance, and thus test the integrity of the local record keeping system. Results of these reconciliations are to be reviewed by the Director.

On a monthly basis, University Monthly Budget Reports are to be examined, along with the Auxiliary Accounting System Reports, to ascertain that the proper (SCEC) accounts were credited with the income. Likewise, comparisons should be made to determine that purchases to inventory are accurately reflected on both the University's budgetary accounting records and SCEC's internal records.

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 is 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 Financial Officer for the College of Health and Human Development.

CROSS REFERENCES:


Procedure Status:

Date Approved: 07/26/91

Most recent changes:

Revision History (and effective dates:)