Responsible Office: Treasury Services, Finance and Budget
Current Approved Version: 06/01/2021
Policy Type: Administrative
Policy Statement and Purpose
The purpose of the policy is to establish strong internal controls to prevent the mishandling of funds and to safeguard against loss.
Noncompliance with this policy may result in disciplinary action up to and including termination. VCU supports an environment free from retaliation. Retaliation against any employee who brings forth a good faith concern, asks a clarifying question, or participates in an investigation is prohibited.
Who Should Know This Policy
VCU employees (including faculty and staff), students, contractors and third- party vendors that collect, maintain or have access to university funds are responsible for knowing this policy and familiarizing themselves with its contents and provisions.
Currency, or checks. For the purpose of this policy, all checks, including money order, traveler’s check, cashier check or certified check, are defined as “Cash Receipts”.
Direct Depository Bag
A bag with a lock or a tamper-proof plastic bag with seal used to contain cash intended for deposit.
Direct Deposit Department
A department authorized to handle its own accounting and security of funds to make deposits directly to VCU’s depository bank.
A check written on a foreign bank in non-U.S. currency.
The process of using a Treasury Services issued desktop scanner device that creates images of each check and scans the banking information for credit into VCU’s depository bank without physically making a deposit at a bank branch or VCU Cashier’s Office.
Remote Deposit Department
A department authorized to handle its own accounting and security of funds to make check deposits directly to VCU’s depository bank using a Treasury Services issued desktop scanner device.
A check that has been returned to a depositor because it could not be processed against the check originator’s account.
Treasury Services officially interprets this policy. Treasury Services is responsible for obtaining approval for any revisions as required by the policy Creating and Maintaining Policies and Procedures through the appropriate governance structures. Please direct policy questions to Treasury Services, Senior Director.
Policy Specifics and Procedures
1. Fund Receipting
When a university representative receives any cash, the recipient must secure the currency and checks must be restrictively endorsed as “FOR DEPOSIT ONLY, VIRGINIA COMMONWEALTH UNIVERSITY.”
Cash collections totaling $100 or more per day must be deposited on a daily basis.
Cash collections less than $100 in total may be deposited on a weekly basis.
All cash receipts must be deposited at the end of the fiscal year regardless of amount.
Cash collections must be promptly delivered to the VCU Cashier’s Office, either with the official Deposit/Receipt Form [see http://treasury.vcu.edu/forms/administrative-forms/] or in direct depository bags, for deposit into the university's designated bank accounts. If a department is authorized by Treasury Services to make direct deposits or remote deposits, the department must promptly transmit the funds to VCU’s depository bank using direct depository bags or a Treasury Services issued desktop scanner .
Departments authorized to make remote or direct deposits must also promptly record the deposit into Banner Finance.
Departments are specifically prohibited from using cash collections to make purchases.
2. Safeguarding Funds and Information
Department heads are responsible for ensuring that proper safekeeping facilities are available and that proper safeguards are in place to protect the university's funds until deposited. The funds must be properly secured at all times and segregated from all other funds maintained by the department. Safe doors must be kept closed during working hours and locked at times when it is not necessary to be in and out of the safe. Safe combinations must be memorized or electronically stored in a secured password manager such as KeePass. Cash boxes must be locked when not in use. Keys to cash boxes and file cabinets where cash is stored until deposit must be secured away from the locked devices (not in the same office).
Currency and coins must never be sent through the campus mail or put in a cashiering drop box.
When feasible, only one person is permitted to have access to monies maintained in a department or division.
The VCU Police must be called for transportation to the Cashiers' Office for cash deposits more than $500.
If a theft or burglary is discovered, or if it appears that one has been attempted, the department head must contact the VCU Police and senior manager, cashiering & collections immediately.
Department heads are responsible for the security and confidentiality of any personal information collected from students, customers and sponsors regarding cash collections in accordance with university policy, including the Identity Theft Prevention and Records Management
All cash collection records containing personal information must be destroyed by shredding or pulping as required by the university's Records Management
3. Receiving, Perparation, and Transmitting Cash Deposits
All gifts must be delivered to Development and Alumni Relations (DAR) - Gifts & Records Management for deposit and processing in accordance with the local DAR Policy on Gift Processing.
5. Sponsored Program Receipts:
All grants and contracts funds must be delivered directly to Grants and Contracts Accounting. If a sponsor inadvertently sends a check to a department, the check along with any sponsor’s correspondence, must be delivered to Grants and Contracts Accounting on the same day.
6. Collection of Returned Checks
Checks accepted by the university are subject to the maker's bank accepting the item. Two attempts are made by VCU’s bank to cash the check. If an item is not honored by the maker’s bank after the second attempt, it will be returned by VCU’s bank to Treasury Services. A notice will be issued to the department by Treasury Services and uncollected items will be charged back to the department of original deposit. A $50 service charge to the maker will be added to each returned item to offset the collection costs.
This policy supersedes the following archived policies:
2017 Cash Receipting
6/1/2021 Minor Revisions
How often should cash, checks and money orders be deposited? Cash receipts totaling $100 or more must be deposited daily. Cash receipts under $100 must be deposited weekly at a minimal.
I’ve heard that all checks must be “restrictively endorsed” upon receipt. What does that mean? It means “For Deposit Only, Virginia Commonwealth University” must be stamped or written on the back of the check. If your department received a large volume of checks, an endorsement stamp that also includes your department name is recommended. Endorsement stamps may be obtained from Treasury Services.
How should I secure cash receipts on hand until I can make a deposit? Deposits must be kept in a safe, vault or secured and locked container (cash box, file cabinet, etc.). Keys for the locked containers must be stored separately from the container and not “hidden” in the same location.