Title: Cash Collection And Receipting Procedure
Based on Policy:
4.09 - Cash Collection
Office of Primary Responsibility: Vice President for Administrative Services
To provide guidance on the charging of fees, the subsequent handling of cash and checks and reconciliation to ensure that deposits are made in a timely manner for authorized fees
- Approval of fees prior to collection required
- The South Florida State College (SFSC) District Board of Trustees (DBOT) shall establish or approve all institutional fees and charges unless specific exceptions are provided or authority is specifically delegated. Requests for new fees or changes in existing fees and charges may be submitted for DBOT consideration at any of the regularly scheduled meetings.
- When the fee charged is dependent upon the cost of instruction (e.g. continuing workforce education and community education), the area dean must ensure that total fee revenue exceeds total direct expenditures in accordance with applicable Florida statutes.
- Obtaining approval to collect revenues
- Departments seeking to collect funds shall obtain approval from the Cashier’s Office. Any department or office authorized by the Cashier’s Office to collect money from any source must deposit those funds in a timely manner with the Cashier’s Office or approved alternative site.
- A procedure for safeguarding funds shall be established at the time an administrative unit is authorized to start collecting funds on behalf of the college. The funds must be stored in a locked, fireproof safe, or filing cabinet. For large amounts, an attempt shall be made to have the funds stored in the Cashier’s Office vault overnight.
- Departments using a safe shall have the combination changed each time there is a personnel change involving an employee having access to the combination. The controller shall be notified in writing of such combination changes.
- Change funds
- All cashiers are supplied with separate change drawers and change funds. Cashiers shall not let anyone else use or have access to their change funds. As each cashier acknowledges individual responsibility for the change fund upon receiving it, he/she will be held accountable for shortages and errors.
- All deposits will be deposited as they are collected--cashing checks from change funds or daily receipts is not allowed.
- Personal loans or temporarily borrowing from change funds are not allowed.
- Cash registers and change funds are to be kept locked at all times other than during transactions.
- All cash receipting, deposits and change funds are subject to review and/or audit at anytime by the coordinator, financial services, controller and/or state auditors.
- Check endorsement/internal control
- Checks will be made payable to SFSC and endorsed at least daily through the check scanners by departmental personnel. All checks and deposit information housed in departments shall be stored in a secure location until transferred to the central cashier.
- The scanned checks are to be retained with the deposit summary and taken to the Cashier’s Office for verification, review, posting, and safekeeping.
- Incoming checks will be routed in the mailroom to be opened by the Cashier’s Office. Payments are deposited and recorded within the accounting system daily. Daily deposit listings support daily deposits made to the bank.
- To facilitate the easy segregation of incoming receipts, all departments are to direct payments to the Business Office or a cashier at the college address. The Cashier’s Office shall be contacted for assistance prior to the development of advertisements, news releases, forms or other documents which provide payment instructions for verification of appropriate procedures and approved rates.
- SFSC receipts
- Each student/patron of SFSC will receive a receipt when a transaction is made. Pre-numbered tickets or tickets issued for a reserved seating event may constitute a receipt.
- Official receipts must be used in numeric order. Voided receipts must be retained and a written explanation provided.
- All voids must be preserved for audit and contain explanation and supervisory approval.
- Documents relating to cash collection must be retained.
- Proof of identity required when transacting business by check
- The identity of students or others paying by check and their signatures shall be verified by a SFSC identification card, driver's license or other reliable identification for those paying in person. The student's identification number or other indicator of identification will be on the check in case the check is returned.
- Payments coming through the mail without these items will be accepted without proof of identification.
- Payment in full is required
- All attempts shall be made to collect fees or assessments in full. IOU's will never be accepted. No credit can be extended and no services will be provided without payment being made.
- Post-dated checks are not acceptable.
- Deposit of funds intact required
- Checks shall never be cashed from a deposit. No refunds shall be given from the revenue.
- At the Highlands campus, all funds shall be deposited daily by each department with the Cashier’s Office. The departmental staff person and a cashier in the Cashier’s Office will initial a deposit transfer log to document the transfer of responsibility for the deposit. Cashiers at locations other than the Highlands campus will call the Cashier’s Office to log the deposits that are to be delivered to the approved financial institution. The supervisors of the remote cash collection areas will arrange for daily transport of deposits to the bank by employees. Upon transport, all deposits must be in tamper evident, pre-numbered deposit bags.
- Arrangements will be made in advance for the continuance of timely deposits in the event an employee routinely making deposits is absent. Deposits will never be sent via the campus mail or courier system.
- Overages and shortages
- Any overage must be deposited. Keeping overage amounts in any other locations or using them for personal use is strictly prohibited. Shortages should not be made up for by using personal funds. Any shortage must be reported immediately to the controller or coordinator, financial services. A memo explaining the procedures followed to identify the reason for any material overage or shortage must be immediately forwarded to the Business Office. An example of procedures to be followed are listed below:
- Determine if shortage or overage is in checks or cash
- If it is in checks, compare checks on hand to receipts individually
- Review calculations of change given as noted on receipt
- Review overall to recall any unusual circumstances
- After the analysis, a conclusion should be drawn as to why the shortage or overage occurred and the conclusion noted in the memorandum
- If the shortage or overage exceeds $20 and such a report has not been made or lacks clarity, the coordinator, financial services will gather all documents and perform the above procedure and any other others that the situation warrants.
- Results of these fact finding procedures will be forwarded to the direct supervisor, controller, and the vice president for administrative services. Internal control procedures may be amended and/or disciplinary action taken, up to and including termination of employment, depending upon the findings in coordination with the Human Resources Office and as approved by the president.
- Apparent thefts will be immediately reported to the controller. The appropriate law enforcement agency will be immediately contacted for material shortages or obvious intrusions into cash collection areas.
History: Last Revised: 11/20/12
Revised: 10/06/09, 3/20/12, 11/20/12