1504 - Deposit of Cash Receipts

Document purpose

To establish sound cash management practices and safeguard cash receipts against theft or loss

effective

December 1986

revised

April 2020

Reviewed

April 2020

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. All cash and checks received must be deposited on the day of receipt. Cash or checks received over the weekend must be retained in a secure location and deposited the next business day.

  2. Depositors cannot exchange cash deposits with a personal check.

  3. Deposits that include $20.00 or more in coin must be on a separate deposit and must not have any other currency (cash/checks) included on the deposit.

  4. Depositors making a cash deposit will not receive cash back from a deposit.

  5. The University of Pennsylvania is required, under section 60501 of the Internal Revenue Code, to file Form 8300 (Report of Cash Payments in the amount of $10,000.00 or greater) within 15 days of receipt of cash from an individual or corporation in one or more related transactions.

  6. Depositors must endorse checks immediately with their department endorsement stamp.

  7. Depositors must limit their deposit to 100 checks per deposit.

  8. Deposits that include a foreign check must be prepared on a separate deposit and must not have any other payments included on the deposit.

  9. Depositors must ensure that checks are prepared accurately. This includes:

    1. Checks are signed.
    2. Check dates are not postdated.
    3. Numeric amount and the written amount are consistent. Cash Management will give credit for the written amount of the check.
  10. Departments will be charged a returned check fee for any check that is returned unpaid for any reason.

  11. Depositors must notify Cash Management if they do not receive an electronic receipt within two business days.

  12. It is the responsibility of the Financial Administrator to reconcile deposit accounts on a monthly basis, consistent with Financial Policy #1402.

  13. Depositors must notify Cash Management and Public Safety of stolen cash or checks.