The collection and controlling of cash and checks at the University of Pennsylvania are very important functions. You must adhere to the following depositing guidelines prepared by the Cashier's Office. The guidelines include:
Cash Policy #1504 states that all cash and checks received payable to The Trustees of the University of Pennsylvania are to be deposited with the University Cashier's Office on the day of receipt. Cash or checks received over the weekend must be deposited on the next business day. Cash depositors are required to wait for a receipt from the cashier at time of deposit. Additionally, it is the responsibility of the financial administrator to reconcile deposit accounts on a timely basis.
The University is required, under section 60501 of the Internal Revenue Code, to file Form 8300 within 15 days of receipt of cash in the amount of $10,000 or greater from an individual or corporation in one or more related transactions. It is the organization's responsibility to complete Form 8300 and hand deliver the completed form to the Cashier's Office. The University will be subject to substantial penalties which will be passed on to the organization if the University fails to file a complete and correct Form 8300.
In compliance with policy #1504, the Cashier's Office will notify, via email, depositors within seven (7) calendar days of a submitted deposit not yet delivered to the Cashier's Office for processing. Please note that the Cashier's Office strives to process deposits on day of receipt or at the very latest the next business day. Therefore, if a deposit has been delivered to the Cashier's Office for processing and you have not received your deposit receipt, please notify the manager at 8-7258.
Suspense Transactions: Object code 9404 has been defined for BEN Deposits suspense items. Below is how the suspense transaction will appear on your monthly reports:
|Same as original deposit account||1||000000||9404||0000||0000|
It is the responsibility of each organization to monitor the suspense transactions posted to their respective org.
On-line deposit information (deposit summary sheet/checks/cash) must be received in the Cashier's Office by 4:30 pm on the last business day of the month in order to receive credit for that specific month.
The Cashier's Office will not release any deposit or a portion of a deposit once the deposit is delivered to the Cashier's Office.
Currency (checks/cash) should be physically protected through the use of vaults, locked cash drawers, locked metal boxes, etc.
A calculator tape must be attached to check deposits and a calculator tape must be attached to cash deposits being delivered to the Cashier's Office.
Bank fees are charged back to the school/center deposit account using object code 5324. The only exception to this rule is if the deposit was refunding money to a sponsored research project. In that case, the bank fee is charged back to the department's unrestricted fund (000000).
The University accepts international checks that are drawn on foreign banks and are issued in foreign currency or United States currency. These items will be processed through foreign collections. Once these items have been collected, the Cashier's Office will adjust the deposit and process the amount collected. The amount collected depends on the number of corresponding banks that the check needs to be processed through before reaching its final destination. The University incurs a processing fee on each foreign item collected. Therefore, this fee will be charged back to the school/center deposit account using object code 5324 (bank fees). Bank fees have been exceeding the face value of smaller international checks, thereby forcing the University to establish a $100.00 minimum on all international checks.
Please note: Please review foreign items carefully because some items may appear to be foreign but can be processed as domestic checks. In order for an item to be processed and clear as a domestic item, the check must be in United States dollars and the United States bank's clearing information must be indicated on the check. This information would include, but not limited to, bank name, ABA Number (bank routing number), bank account number.
Checks must be submitted in bundles of no more than 100 checks per batch.
All checks must be properly endorsed with an endorsement stamp approved by the Treasurer's Office. If you need to order an endorsement stamp, please contact the Office of the Cashier at 215.898.7258.
Schools/Centers must retain copies of checks for seven years.
If there is a discrepancy between the numeric amount written in the box on a check versus the written-out amount, the Cashier's Office must record the written-out amount of the check. The written-out amount is considered the legal amount.
The Cashier's Office does not accept post dated checks. However, in the event that a post-dated check is processed by the Cashier's Office the school/center will be responsible for any potential bank fees assessed if the check is returned.
In compliance with policy #1504, all cash depositors are required to wait for a receipt from the Cashier's Office.
The Cashier's Office accepts bulk coin. The bulk coin is not counted in the cashier's office but instead is sent to Mellon Bank. The coin is subject to count by Mellon Bank. The cashier's office will process the deposit according to the deposit total. However, Mellon Bank may make adjustments according to the final coin count. The cashier's office will make the necessary adjustments and will forward notification of deposit change to the depositor. If you have a coin deposit, prepare an on-line deposit and include the coin and the summary sheet in a secure moneybag and deliver to Cashier's Office.
Schools/Centers wishing to close out a petty cash fund or reduce a petty cash fund must use object code 1140 when completing an on-line deposit.
Cash gifts to the University must be deposited as follows:
CNAC-ORG-BC-FUND-1149-PROG-CREF. A completed gift transmittal form along with the deposit receipt must be forwarded to Central Gifts Processing so that they can clear the items deposited to object code 1149.
Check gifts to the University must be processed on a gift transmittal form and forwarded to Central Gifts Processing.
A dual purpose check - one that combines gift funds with other purposes (e.g., ticket sales, membership fees) must be deposited to the Cashier's Office. The check must be applied as follows:
A completed gift transmittal form recognizing the gift portion of the check along with the deposit receipt must be forwarded to Central Gifts Processing.
Gift portion: CNAC-ORG-BC-FUND-1149-PROG-CREF
Other purpose portion: CNAC-ORG-BC-FUND-4xxx-PROG-CREF
Schools/Centers that receive proceed checks from a gift of stock, etc. must forward the item(s) to Trust Administration, 3451 Walnut Street, 427 Franklin Building, Philadelphia, PA 19104-6205.
Money that is a direct reimbursement for a University expenditure must be deposited into the same account (i.e., exact same 26 digit account number) that was originally charged. For example, a traveler who received a travel advance which exceeded the amount of their trip expenses and is returning money to the University.
Schools/Centers that receive sponsored research funds must forward the item(s) to Research Services, 3451 Walnut Street, P221 Franklin Building, Philadelphia, PA 19104-6289. The only exception to this is direct reimbursements for grant expenditures may be deposited to a grant. In such cases, the deposit must be credited to the same object code that the original transaction was charged to. Under no circumstances may deposits be credited to a grant in the 4920 object code or in any other revenue object code (4xxx). All sponsored program revenue is credited to the 46XX series object codes by Research Services.
Center Net Access Class
All cash and checks deposited via the cashier's office must be deposited to Center Net Asset Class (CNAC) xx0. This supports the University policy of correctly classifying revenue as unrestricted.
This rule also applies to the deposit of dual-purpose checks, i.e., both gift and non-gift. Please note that the gift will be posted to the appropriate center net access class when the gift is applied to object code 4400 or 1230 via the feeder file generated from the Central Gifts Processing area.
Just as a reminder, gift checks identified solely as a University gift must be prepared on a gift transmittal form and submitted to Central Gifts Processing.
Depositors can deposit to only certain object codes.