Summary / Request Exception / Things to Avoid / Reference

Summary of Course

In this course, we intended to raise your awareness of important cash handling principles and practices to support UCSC's core values of Ethics and Integrity. We discussed your fiduciary responsibility, i.e. your responsibility to protect the University's cash assets. We outlined the Five Cash Handling and Control phases:

Accept Cash and Checks
Prepare Deposits
Deposit Cash
Reconcile Deposits
Report Losses

For each phase, we provided simple, but key control tasks for you to accomplish. A list of contacts is available under Campus Resources. These tasks are summarized in the chart on the next page which you can use for reference.

Request for Exception

In rare situations, a campus unit is physically/budgetarily unable to provide the appropriate controls, e.g. separation of duties as required by policy. Therefore, the campus has created a process that allows a campus unit to request an exception. Requests should be addressed to the campus' Cash Handling Coordinator, mail stop: Accounting Office. Include the following information in a request for an exception:

A brief description of your current procedures
A statement regarding the policy requirement to which you are requesting an exception
An explanation as to why an exception is needed

Things to Avoid

Cash handlers are not to exchange checks for currency to make change for each other. Nor are employees of a cashiering station to cash checks for themselves or for co-workers. Also, it is not appropriate to replace any portion of a deposit with a personal check. If you need cash, you can cash a personal check up to $25 at the main Cashier's Office in Hahn. There are also ATM's available near Bay Tree bookstore for Wells Fargo, Bank of America and Bay Federal.

Do not take a deposit with you except when you are going directly to the Cashier's Office.

Prerequisite Conditions

Principle

Employment history verified, background check and written authorization

Practice

Cash handlers must be specifically authorized to handle cash after verification of employment, completion of a credit check (optional) and a fingerprint/background check

Principle

Separation of duties and dual custody

Practice

Each cash handler must be assigned separate duties that require coordinating with another cash handler

Step 1 - Accept cash/checks/credit cards

Verify check payee is "UC Regents" or "Regents of the University of California"
Endorse check with appropriate stamp (UC Regents)
Give the customer a receipt
When appropriate, show correct posting campus unit/department

Step 2 - Prepare deposit

Prepare a deposit form as soon as total of cash, checks and credit card slips meet or exceed $500
Practice dual custody
Balance receipts to cash
Keep backups of deposit forms
Prepare journal entries as appropriate

Step 3 - Deposit cash

Deposit cash at least weekly or sooner
Cashier's Office (102 Hahn) - In-person window hours are 9am - 3pm. A 24-hour depository is located outside the North entrance.
Note: Deposits made after 3pm will not be posted until the following day.

Step 4 - Reconcile deposits

Balance to General Ledger report at month end

Step 5 - Report losses

Report losses to supervisor
If needed, report suspicious losses to the campus internal auditor 9-2241 or e-mail dvlane@ucsc.edu

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Financial Affairs

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Basic Cash Control: Principles & Practices