DEPOSITS
I.
POLICY
A. Funds
To Be Deposited To A University ChartField combination
All funds collected by
any unit or department of the University are to be deposited to a University
ChartField combination.
Deposits to multiple
ChartField combinations require a separate Cash Receipt Ticket for each
ChartField combination.
B. Delivery
To The University Cashier
All deposits must be
delivered in an approved locked bank deposit bag to the University Cashier,
Central and North Campus, and left for verification. Campus mail services may
not be used for this purpose.
C. Funds
To Be Deposited Daily
All receipts should be deposited with the Cashier as expeditiously as possible. Financial prudence will, for most units, dictate daily deposits.
II.
PROCEDURE
A.
Preparation
Of The Deposit
1.
Deposit
Preparation Sequence
a)
Count currency and coin first to arrive
at a single amount for CASH.
b)
Summarize deposit by preparation of a
calculator tape. (See A-2 below)
c)
Transfer calculator tape amounts to Cash Receipt
Ticket form. (See B 10&11)
2. The
Required Calculator Tape
To comply with banking
requirements and verification procedures, a calculator tape must accompany any
deposit that consists of one or more checks and/or currency and coin and be
prepared as follows:
a)
Clear the calculator to indicate zero
balance.
b)
List checks, money orders and travelers
checks first and subtotal to provide the AMOUNT OF CHECKS for the Cash Receipt
Ticket.
c)
Space calculator and enter the amount of
CASH. (See 1-a page. 1)
d)
Space calculator again and depress total
key to provide the TOTAL DEPOSIT amount. (see exhibit #1)
3.
Department/Unit
Identification For All Check Documents, Rolled Coin and Packaged Currency
Rubber stamp the name
of the Department and Short Code or the Complete Chartfields on the back of
all checks
4.
Checks,
Money Orders and Travelers Checks
For deposit purposes,
money orders and travelers checks are considered to be "Checks" (not Cash) and must be included on the
calculator tape as such.
5. Coin
Roll
and stamp coin in the following amounts:
Pennies
50 cents Quarters $10
Nickels
$2 Half Dollars $10
a)
Stamp identification - department name.
b)
Place lesser amounts of loose coin in
individual coin envelopes. Staple flap. Do not use tape.
Note:
Coin wrappers may be obtained from the Cashier's Office without charge. Coin
envelopes may be ordered from Stores.
6.
Currency
Band currency neatly
and compactly, same side up and facing the same direction, one denomination per
band, in the following amounts:
|
$1
Bills |
$
100.00 |
$ 20
Bills |
$2000.00 |
|
$2
Bills |
$ 100.00 |
$ 50
Bills |
$2000.00 |
|
$5
Bills |
$ 500.00 |
$100 Bills |
$2000.00 |
|
$10 Bills |
$1000.00 |
|
|
a)
Stamp identification - department name
b)
Rubber-band or paper-clip lesser amounts
of currency by denomination.
Note: Currency straps may be obtained from the Cashier's Office without charge.
7.
Foreign
Checks
Separate from other checks
and submit with a three part Cash Receipt Ticket for each check.
Note: A foreign check
is one not drawn (issued and/or payable) through a U.S. Bank or Agency. Even if
"U.S. Dollars" is stated on the check, it may still be considered a
collection item.
Through our
correspondent bank, processing for immediate credit is possible for most
foreign checks. All others are recorded and delivered to the bank for
"Collection". When that process is complete (two weeks or more), the net
proceeds are returned to the Cashier's Office for credit to the appropriate
account. Because of the bank processing fees for foreign checks, checks for
$5.00 or less should not be accepted.
Call the Cashier for
information and/or instructions.
8.
Single
Checks In The Amount Of $25,000.00 Or More
Separate from other
funds and submit promptly with a single Cash Receipt Ticket to facilitate
same-day deposit to the bank.
B.
Preparation
Of The Cash Receipt Ticket
1.
Form:
6957 rev 7-98
a)
Submit one copy of the form for each
ChartField combination either typed or computer generated –not hand written.
b)
To obtain a validated copy of the
receipt, submit a duplicate with the original. The validated copy will be
placed in the deposit bag and returned after processing.
Note: Cash Receipt
Ticket forms can be down loaded via the web by going to Financial Operations
web site: http://www.umich.edu/~finops/ then
clicking on the Forms button.
2.
Cash
Receipt Number
Leave
blank. The number will be entered by Financial Operations.
THE FOLLOWING
INSTRUCTIONS REFER TO THE DATA ENTRY SHEET (NOS.3-12)
3.
Full
Name Of The Preparer
Enter full name (not
just initials). This assists the Cashier's Office to contact the preparer if
necessary.
4.
Date
Do not enter. There is
a formula for this field that will automatically enter the current date..
5.
Telephone
Number
Enter the telephone
number at which the preparer can be reached.
6.
Journal
Reference- optional (10 characters)
This Field is to be
used by the department preparing the ticket as the means of identifying the
particular cash receipt when it appears on the Statement of Activity. The
department may use its own coding system. Any combination of letters or numbers
can be used with a limit of ten characters. The reference number will appear in
the reference column of the Statement of Activity.
7.
Describe
Nature of Receipt- optional (30 characters)
Enter an adequate
description of the transaction up to 30 characters. This description will
appear on the Statement of Activity
8.
ChartField
Combination
Enter the appropriate
ChartField combination that the deposit will be credited to
Account: Required-6 digit
numerical character field.
Fund: Required-5 digit
numerical character field.
Dept: Required-6 digit numerical
character field.
Program: 5 digit alpha numeric
character field.
SubClass 5 digit alpha numeric
character field.
Budget: Required-4 digit
numerical character field.(Ex. 2005)
Project/Grant: 0-15 alpha numeric character
field.
9.
Additional
Description, Checks and Cash
The information in
this section will not appear on the Statement of Activity. This section is for
department use e.g., for a more lengthy description such as check source and
check number. Single check information should be entered in the Data Entry
fields (green colored fields). Any additional checks can be entered in the
'Additional Description' section on the Data Entry sheet.
10. Check Amount
If depositing a single
check, enter the dollar amount of the check. If depositing multiple checks,
checks can be listed singularly in the 'Additional Description' section or
combined into one total and entered in the Check Amount field on the Data Entry
sheet.
Note: If the funds are to be split between
ChartField combinations, enter the total amount of the checks to be deposited
to this specific ChartField combination.
11. Cash Amount
Enter the total amount
of cash to be deposited.
Note: If the funds are to be split between
ChartField combinations, enter the total amount of the cash to be deposited to
this specific ChartField combination.
12. Total Deposit
Do not enter. There is
a formula for this field that will automatically calculate the Total
Deposit.
See Note
Note:
|
If
the Funds are split between ChartField combinations, the "TOTAL
DEPOSIT"for all Cash Receipt Tickets must equal the total amount of the
funds deposited. |
13. Cashier's Office Use Only
Leave blank. Please do
not write in this space. The Cashier's Office uses this space to validate the
receipt.
C.
Validated
Copy Of The Cash Receipt Ticket
A validated copy of the Cash Receipt Ticket may be obtained by including an extra copy of the form with the deposit. It will be returned with the deposit bag.
D. Delivery
Of Deposits To The Cashier's Office
All University deposits must be hand-carried by a departmental messenger or by a security service (see E) to the Cashier's Office in an approved special-purpose bank deposit bag and:
1.
Present
At Central Campus or North Campus Teller
Windows, or ...
2.
Placed
In The North Campus Cashier's Office Depository
a)
Located on the front of the Office in the
hallway.
b)
Available during
c)
Fireproof, tamper-proof and protected by
a 24-hour alarm system that meets all of the requirements of the Bank
Protection Act.
d)
Accepts campus envelopes without a key
and locked bank deposit bags with a key.
e)
Keys for access are furnished to
depositors without charge.
3.
Receipts
For Delivery Of Deposit Bags To The Cashier
The Cashier will receipt delivery of deposits by signature and validation (time/date stamp) of the form Locked Deposit Bag Receipt (9826) when filled out and submitted with a deposit. The forms are furnished with each new bag. Additional copies are available by request.
Note: In the alternative, departments who have infrequent, checks only (no cash), few items, small amount deposits may elect to deposit same through the Depository (in sealed envelopes) or by U.S. Mail. Campus Mail may not be used for this purpose. Note the department name deposited to on the outside of the envelope.
E.
Delivery
Of Deposits By A Security Service
The University has Strategic Venders that provide certain services including pickup, delivery and return of deposit bags.
F.
Return
Of Deposit Bags
1.
By
Campus Mail Services
a)
Include a large self-addressed campus
mail envelope. Deposit bags will be returned after verification is completed.
2.
Frequent
depositors, using multiple bags, may pickup completed deposit bags when
delivering additional bags at Central or North Campus.
G. Month-End
Deposits
Departments wishing to have deposits recorded as of the current month must:
1. Deliver deposits no later than 2:00pm the
last working day of the month.
1.
Mark the exterior of deposit bags clearly
as "JUNE BUSINESS" OR “JULY BUSINESS”.
H.
Approved
Bank Deposit Bags Are Available At Cost At The Cashier's Office.
1.
Standard University bags are individually
keyed, numbered and identified with name and location.
2. Charges for bags are effected by the transfer
voucher procedure and are initiated by the Cashier's Office.
0.CA
1.65+
4.25+
2
x
5
=
10.00+
15.50+
Checks
31.40*
Cash
10.30+
Total
41.70**