Policy No.: 6035 Board Approved: March 21, 2006 Reviewed: September 15, 2020
Cash Receipts Policy
The purpose of this policy is to standardize and control the receipt, deposit, andrecording of cash receipts. All cash received by employees of Hagerstown Community College or affiliated groups shall be deposited in an appropriate account administered by the College’s Finance Office. Deposits should not be sent through the mail, but should be personally delivered to the Finance Office. Cash is to be deposited intact in a timely manner. “Intact” means that all cash collected must be deposited and that no disbursement can be made from these undeposited receipts. All cash kept overnight in the department are to be safeguarded from fire and theft. College personnel are not permitted to draw from cash receipts to pay for expenses. All expense reimbursements must be by requisition or petty cash requests with appropriate receipts provided. Checks are to be made payable to "Hagerstown Community College” or “HCC”. Checks may not be made payable to a department or special program. Checks are to be restrictively endorsed for deposit only to the credit of the College immediately upon receipt. Cash will be reconciled with cash register tapes, pre-numbered receipts, ticket sales, goods sold, etc. and a reconciliation will be included with the deposit. The supporting records in a given area are to be appropriate for the type of activities in which the area is engaged. To minimize the potential for mistakes or misappropriation, duties are to be separated to the extent possible in any area handling cash. In addition, each college area that handles cash must have a secure location and appropriate written procedures. Each college division or department that handles cash must have an approved system of checks and balances in which tasks are performed by different individuals for adequate control. All department cash handling systems must be reduced in writing and sent to the Vice President of Administration and Finance or his/her designee for approval. For all areas that handle cash an approved system must be on file in the Office of the Vice President of Administration and Finance. Note: For the purpose of this policy, the term “cash” is deemed to include currency, coins, personal checks, bank drafts, money order, traveler’s checks, cashier’s checks and credit card transactions.
Made with FlippingBook - Online catalogs