Key Definitions to Remember:

    Cash: term used in this policy to include currency, checks, money orders, e-checks and credit/debit card transactions

    Cash handler: an individual designated to receive, count, track, record, secure, transport or deposit cash on behalf of the university

    Cash handling unit: any department receiving cash within their unit

The purpose of the UW-Stevens Point cash handling policy is to provide departments and individuals with the necessary information and tools to facilitate the establishment of strong internal controls related to cash handling. Cash is the most liquid asset and the most susceptible to loss if not properly controlled. Strong internal controls are necessary to prevent mishandling of funds and to protect employees from inappropriate charges of mishandling funds. In addition to preventing financial loss, these controls promote security and accurate financial reporting. Appropriate internal controls include the segregation of duties, safekeeping of cash, prompt deposit of all cash receipts, and accurate recording of revenue into university financial systems.

The collection and controlling of cash should be centralized in one location; however it is not always possible or practical.  As a result, cash is handled by many departments at UW-Stevens Point and cash handling procedures must be followed in the collection, recording, safekeeping and deposit of these University funds.

Changes in university cash handling policies and procedures may be made periodically and will be communicated via Message of the Day. The most current copy of the Cash Handling Policy and Procedures, and the Online Training through Canvas, are located under Cash Handling Policy, Training, and Forms in Policies, Procedures, and Forms. The information herein supersedes all previous cash handling procedures.  

Segregation of duties is required for an effective internal control process. Segregation of duties helps protect employees and university assets by spreading the responsibilities related to cash and check handling to more than one individual, which is intended to prevent fraud and reduce errors.

• Each department should separate these duties as much as possible: 
  
• Opening mail, if you receive mail payments 
  
• Endorsing checks and receiving cash 
  
• Recording cash payments to receivable records 
  
• Preparing and transporting deposits
  
• Reconciling deposits submitted to the Student Financial Services office to WISER 
  
• Billing for goods and services 
  
• Following-up on collection of returned checks 
  

All forms of cash should be physically protected through the use of vaults, locked cash drawers, cash registers, locked metal boxes, etc. Safeguards must be in place not only when cash is located in department areas, but also when cash is in transit.

Cash in transit shall be safeguarded by a tamper resistant bag (i.e. locked bag) or locked cash box, and transported in an inconspicuous manner, such as a campus envelope or in a backpack or large bag. When transporting currency and/or coin, unverified and unprepared for deposit, two individuals must make the transport. When transporting final deposits to the Bursar's Office, follow the directions outlined in section 5.C. Transporting Deposits to the Bursar's Office.

It is the responsibility of each cash handling unit to make whatever provisions are necessary to properly safeguard the cash in their area during working and non-working hours. Access to areas where cash is stored should be limited to only those individuals who need access, and have been designated to have access.

Generally, during non-working hours, any amount of cash on hand that exceeds $1,000 should be maintained in a locked/combination (burglar resistant) vault or safe. If a safe of this type is not available in your area, funds should be temporarily stored, with prior arrangements made, with the Information and Ticket Desk in the University Center or the Bursar's Office. During working hours, all forms of cash should be stored in locking drawers, cash registers, or locked cash boxes.

Combinations or keys to safes and other storage facilities should be restricted to the custodian of the cash and designated back up. Combinations or locks should be changed as necessary, and whenever a person with the combination or key is separated.

Credit card machines, receipts, and numbers should not be left unattended; they should be kept in an inaccessible area. Credit card numbers should never be emailed, stored on a computer or be kept in an unlocked area. Once processed, credit card numbers must be destroyed and should not be kept for future use. For additional information on credit/debit card security and safekeeping, review UWSP Payment Card Processing and Compliance Policy and review the Merchant Services web pages.

The following Wisconsin State Statute relates to the receipt and deposit of revenue. Please keep in mind that this statute must be followed under penalty of section (4). S.S. 20.906 Receipts and deposits of money.

http://docs.legis.wisconsin.gov/2001/statutes/statutes/20/X/906/

Frequency of Deposits:

Unless otherwise provided by law, all moneys collected or received by any state agency for or in behalf of the state or which is required by law to be turned into the State Treasury shall be deposited in or transmitted to the State Treasury at least once a week.

Penalties:

If any state agency fails to make such deposits of money, or to make such reports as are required by this section, the department of administration, with the approval of the governor, shall withhold all moneys due such state agency until this section is complied with; and upon such failure to make such deposits of money, the officer or employee so failing shall be liable to the state treasurer for an amount equal to the interest upon the moneys so withheld from deposit at the same rate as that received by the state upon moneys held in the state investment fund, for the period for which such deposit is withheld; and such interest shall be a charge against the officer or employee and shall be deducted from that person's compensation.

Non-compliance could lead to termination of cash handling responsibilities.

The deposit slip is to be completed and included with all deposits made at Student Financial Services.  This slip can be used for all departmental deposits and expenditure reimbursements at UW-Stevens Point.  Instructions on completing the form can be found on the other tabs of the form below. 

Deposit Form

Questions can be directed to: Student Financial Services, x2118.