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CASHCONTROLGUIDELINESGeneral

Thetermcashincludescurrency,coin,checks,moneyorder,credit/debitcards,ACHonlinepaymentsandelectronicfiletransfers.Alldepartmentsreceivinganyformofcash,includingcashreceipts,changefundsandpettycashfundsmustbeauthorizedbytheDirectorofStudentAccounts.ThisauthorizationisestablishedthroughaMemorandumofUnderstandingthatoutlinestheresponsibilitiesofthecashsiteandassignsaccountabilitytoanindividualusuallytheDirectororManagerwithinthedepartmentwhomustsigntheMemorandum.Allcashsitesaresubjecttoauditandtheauthorizedindividualatthosesitesmustensurethatthedepartmentcomplieswithallgovernmentalregulations,universitypolicies/proceduresandtherecognizedstandardsforinternalcontrolsasrelatedtocash.Allemployeesassignedcashhandlingresponsibilitiesmustbeinstructedregardingthecashregulationsandguidelinesthatthedepartmentmustfollowed.

INTERNALCONTROLSStronginternalcontrolsarenecessarytopreventmishandlingoffundsandsafeguardassets.Theyprotectboththeuniversityandtheemployeeshandlingcash.Thestandardinternalcontrolcategoriesthatauthorizedindividualsshouldbeawareofare:SafeguardingCash,CashReceipts,Reconciliation,SegregationofDuties,andOther.

SafeguardingCashYoungstownStateUniversityscashcontrolguidelinesaregovernedbyOhioRevisedCode,Section9.39,andrequirethatthefundsheldovernightbeminimized.Itrequiresthatallpublicmoneysreceivedbedepositedonthebusinessdaynextfollowingthedayofreceipt,ifthetotalamountofsuchmoneysreceivedexceedsonethousanddollars.Ifthetotalamountofthepublicmoneyssoreceiveddoesnotexceedonethousanddollars,thepersonshalldepositthemoneysonthebusinessdaynextfollowingthedayofreceipt,unlessthepublicofficeofwhichthatpersonisapublicofficialadoptsapolicypermittingapolicypermittingadifferenttimeperiod,nottoexceedthreebusinessdaysnextfollowingthedayofreceipt,formakingsuchdeposits,andthepersonisabletosafeguardthemoneysuntilsuchtimeasthemoneysaredeposited.

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Accesstocashshouldberestrictedatalltimes.Itshouldbekeptinalocked,securestoragefacilitytowhichonlydesignatedindividualshaveaccess.Thiscouldbealockablecashdrawer,safe,safecompartmentorfilingcabinet.Thedegreeofsecurityprovidedbythestoragefacilityshouldbecommensuratewiththeamountsbeingstored.Combinationsorkeystosafesandotherstoragefacilitiesshouldberestrictedtothecustodianofthecashanddesignatedbackup.Combinationsorlocksshouldbechangedasnecessary,andwheneverapersonwiththecombinationorkeyisseparated.AppropriateprecautionscommensuratewiththeamountsbeingtransportedshouldbetakenwhentransportingcashfromthedepartmenttotheOfficeofStudentAccounts.AlllargedepositsorthosedepositsmadeonaregularbasisshouldbearrangedbythedepartmentfortransportbytheYSUPolice.Undernocircumstancesshouldcashbesentthroughcampusmailorcarriedbyanemployeeinanobviouscontainerorafterdark.CashReceiptsAllcashshouldberecordedimmediatelyuponreceiptbyuseof:cashregister,dataentrytocomputersystem,prenumberedreceiptorhandwrittenlog.Eachindividualcashreceiptshouldbeidentifiedandcontrolledbyaunique,sequentialtransactionnumber,suchasacashregisterorhandreceiptnumber.ChecksshouldbemadepayabletoYSU(departmentnameoptional)andrestrictivelyendorsed(departmentalnamerequired)immediatelyuponreceipt.AnendorsementstampmaybeobtainedfromtheOfficeofStudentAccountsandUniversityReceivablesforthispurpose.Cashreceiptsshouldbedepositedintact.Thefundsdepositedshouldreflectamountsonhand,lesstheamountofanyassignedchangefunds.Thedepositandsupportingrecordsshouldreflectanycashoveragesorshortages.Cashreceiptsshouldnotbeusedforpettycashdisbursements,checkcashing,makingchange,loaning(IOUs)orforanypersonalpurposes.

ReconciliationThefollowingreconciliationproceduresshouldbeperformedbyanindividualnotdirectlyinvolvedinreceivingandrecordingcash:

Cashreceiptsmustbecountedandbalancedtothecashrecordingsattheendofbusinessday;similarly,creditcardsmustbesettledandbalancedaswell.

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AreceiptforeachcashdepositwillbesentbytheOfficeofStudentAccountsbacktothedepartmentandmustbecomparedtothedepartmentsdepositamount.

Adatedandsignedrecordofthereconciliationsmustbemaintainedandissubjecttoreview.

SegregationofDutiesAdequatesegregationofdutiesreducesthelikelihoodthaterrors(intentionalandunintentional)willremainundetectedbyprovidingforseparateprocessingbydifferentindividualsatvariousstagesofatransactionandforindependentreviewsoftheworkperformed.Thebasicpremiseunderlyingsegregationofdutiesisthatnooneemployeeorgroupofemployeesshouldbeinapositionbothtoperpetrateandconcealerrorsorirregularitiesinthenormalcourseoftheirduties.Ingeneral,theprincipalincompatibledutiestobesegregatedare:authorization,custodyofassets,andrecordingorreportingtransactions.Inaddition,acontrolovertheprocessingofatransactiongenerallyshouldnotbeperformedbythesameindividualresponsibleforrecordingorreportingthetransaction.Ifoverlapsintheperformanceofthesedutiesareidentified,managementisrequiredtorestructurejobdutiesassignedtoenhancetheprotectionofassets.Insmallerdepartments,itmaynotbepossibleorreasonabletohavecompletesegregationofduties.Inthesecases,restructuringandadditionalmanagementreviewandsupervisionwillbenecessarytoensurethatproperinternalcontrolsaremaintained.

Other

ChangesatCashSitesWhenthereisachangeinreceiptingpurposes,theauthorizedindividualassigned,oranyothersignificantfactoraffectingcashoperationsthedepartmentmustnotifytheDirectorofStudentAccountstodetermineifachangeintheInternalControlsortheMemorandumofUnderstandingisrequired.LossorTheftofFundsAnysuspectedlossortheftoffundsmustbeimmediatelyreportedtotheYSUPoliceDepartmentandtheDirectorofStudentAccounts.

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Ordinaryoperatingerrorsshouldbereportedasoverages/shortagesaslongastheamountisdeemedreasonablebytheauthorizedindividual.Overages/shortagesexceeding$50shouldalwaysbediscussedwiththeDirectorofStudentAccounts.

DocumentationofProceduresWrittenproceduresforreceiving,recording,reconciling,safeguardinganddepositingcashshouldbepreparedandprovidedtoemployeeswithcashhandlingresponsibilities.Also,responsibilitiesforhandlingcashshouldbedocumentedinemployeejobdescriptions.OHIOREVISEDCODEREQUIREMENTPaymentordepositofpublicmoneys

9.38.Paymentordepositofpublicmoneys.Asusedinthissectionandsection9.39oftheRevisedCode:"Ifthetotalamountofthepublicmoneyssoreceiveddoesnotexceedonethousanddollars,thepersonshalldepositthemoneysonthebusinessdaynextfollowingthedayofreceipt,unlessthepublicofficeofwhichthatpersonisapublicofficialadoptsapolicypermittingadifferenttimeperiod,nottoexceedthreebusinessdaysnextfollowingthedayofreceipt,formakingsuchdeposits,andthepersonisabletosafeguardthemoneysuntilsuchtimeasthemoneysaredeposited.Thepolicyshallincludeprovisionsandprocedurestosafeguardthepublicmoneysuntiltheyaredeposited.