Cash Management & Banking

 

CHECK CASHING


The Business Office has funds available to cash checks for currently employed faculty, staff and enrolled students.

Checks may be cashed between 9:00 a.m. and 4:00 p.m., Monday through Friday, subject to the following limitations and events:

  • Students and employees can cash checks up to $100.00.
  • Students and employees must have either a valid College ID or a picture ID in order to cash a check. 
  • No two-party checks will be cashed except for government checks, cashier checks, money orders, and checks from parents, all subject to the above limitations.
  • The College will not accept postdated checks for cashing or crediting to the student's account. 
  • Check-cashing privileges may be suspended or revoked if more than one check is returned to the College for insufficient funds within the year. 
  • The charge for insufficient funds is $30.00 for each returned check. 
  • Special hours will be posted due to approved holidays or special events.

 


Petty Cash Reimbursement


 Petty cash funds are intended to reimburse individuals for minor, out of pocket, business expenses incurred on behalf of Carroll College. 

 

  • Petty Cash reimbursements shall be limited to $100.00
  • Examples of items that may be reimbursed through petty cash include; postage and small purchases for office or lab supplies.
  • Petty cash reimbursements will not be issued, under any circumstances for personal expenses, personal loans or for employee gifts. 
  • In order to be reimbursed, the employee who incurred the expense must submit to the Cashier a completed Carroll College Petty Cash Reimbursement Form and attach ALL ORIGINAL RECEIPTS INDICATING PROOF of PAYMENT.  Though small in amount, petty cash expenditures represent business expenses and need to be documented as such.  Expenses not properly supported by receipts will NOT be reimbursed.  


Bank Accounts


The use of departmental or personal checking and/or other bank accounts by Carroll College personnel for the depositing of and/or safekeeping of College funds is strictly prohibited.  All of the financial transactions of the College and its departments must flow through approved College bank accounts.

This is to help ensure that:  1) the financial statements of the College accurately reflect all of its financial activities, 2) the College is in compliance with relevant tax and other regulations, and 3) the financial transactions of the College are conducted in accordance with the College's financial policies and procedures and internal controls.

 


Safekeeping of Funds 


It is the responsibility of each department to make whatever provisions are necessary to properly safeguard the cash receipts in their area. 

  • Cash should be physically protected through the use of vaults, locked cash drawers, cash registers, locked metal boxes, etc. 
  • Cash should not be retained in desk drawers or standard file cabinets since they are easily accessed with minimal forcing or readily available keys. 

 


Timeliness of Deposits


It is Carroll College's policy that all receipts (cash and checks) be deposited with the Business Office on a timely basis.  This policy helps the College to optimize its cash flow, maximize its short-term investment income, safeguard its assets, and reduce administrative burdens associated with the collection of revenue and processing of deposits.

It is also Carroll College's policy that all credit card transactions be processed electronically in a timely manner. 

  • If a department does not have a means of safely storing cash or checks, deposits must be submitted to the Business Office on a daily basis.
  • With regard to receipts of cash and checks, deposits must be made within a 24 hour time period.

 


Requirements for Deposits


  • All incoming checks and currency must be logged on a daily basis on a Deposit Transmittal Form.  The Deposit Transmittal Form serves to document the deposit for the department and acts as a necessary internal control feature for the College.
  • Cash receipts collected should be balanced on a daily basis to the sales/income recorded (per the Deposit Transmittal Form).
  • On a daily basis or at a minimum within 24 hours the whole deposit must be transported to the Business Office for validating.
  • Care in transporting funds to the Business Office should always be a high priority.  Deposits containing cash should never be sent through campus mail.  The preferred method of transporting deposits is by hand delivering to the Business Office.
  • The amount in cash and the amount in checks should be totaled separately.
  • An adding machine or calculator tape must accompany deposits containing more than one check.
  • The Deposit Transmittal Form should contain the appropriate revenue or asset account number along with a description of the purpose to properly record deposited funds.  This total should equal the total amount of cash and checks that have been submitted.
  • Overages and Shortages in the deposit must be fully documented in writing.

 


Change Orders


  • Change funds are made available to authorized cash handling units for the purpose of conducting College sponsored business.
  • Requests must be approved by the Department Head, as well as, the Controller or Assistant Controller.
  • All requests must be written up on a "Coin/Currency Order" slip.
  • The request should state the reason(s) the fund is required and the amount needed for operation of the event/function.
  • A custodian for the fund must be designated in the written request.

Custodians Responsibilities:   

  • The custodian of the change fund is fully responsible for the safekeeping of the fund and for its proper usage.  The custodian must exercise caution in the administration and protection of the fund in his/her possession.

  • The fund should be locked at all times and the key kept in the custodian's possession.  At no time should the funds be left in unlocked desk drawers or cabinets. 

  • Any discrepancies in the fund are the responsibility of the custodian.

  • The change fund must not be commingled with other funds or used for any other purpose than that stated on the request.

  • The custodian of the fund must adhere to the policy on Requirements for Deposits.

 


Check Acceptance


  • Checks are to be written payable to "Carroll College"
  • All checks are to be restrictively endorsed to the College immediately upon receipt (For Deposit Only to Carroll College).  This protects the check if lost of stolen. 
  • Departments are not authorized to return currency to the payor in the event that the check exceeds the amount due to the College.  The Business Office Cashier may cash checks according to policy.  (Refer to Check Cashing Policy)
  • Departments may not accept post dated checks or stale dated checks.

 


Money Deposited Intact


Money should be deposited promptly and intact to the Business Office.  Cashing checks from the College's deposits; Paying individuals, sub-contractors or vendors; Borrowing cash for personal use; Lapping receipts to cover shortages in cash receipts; Withholding checks for deposit in order to float checks; Commingling of personal and College funds; and Modification of cash records are all serious offenses and may result in immediate discharge from employment. 

 


Overages and Shortages


  • Overages in the fund must be deposited with the Business Office; shortages are to be repaid by the department's operating fund.
  • Shortages must be fully documented in writing.

 


Theft or Loss of Funds


  • If burglary or theft is suspected please notify the Business Office Controller immediately upon discovery.


Returned Checks


Carroll College may receive checks returned by the bank for various reasons.  (NSF, Account Closed, Stop Payment, Foreign Currency, Invalid Routing Numbers).

  • Returned checks that were deposited with the Cashier are not automatically re-deposited.
  • If a check has been returned, the Business Office will notify the appropriate department and forward a copy of the check to the department for collection.
  • Collection of the check is the responsibility of the department.  It is also the department's responsibility to request that the return check charge be reimbursed to the College. 
  • If the department is unable to collect on the check, the value of the check will be charged to the departments' operating budget.
  • A $30.00 charge will be assessed on the returned check and will be charged to the departments' operating budget.
  • If a student writes a check payable to Carroll College and the check is returned by the bank,  the amount of the check will be charged back to the student's account and the student will be assessed a $30.00 return check charge.
  • Check-cashing privileges may be suspended or revoked if more than one check is returned to the College for insufficient funds within the year.

 


Accounting For Foreign Currency


College departments occasionally receive payments for goods or services in foreign currency. 

At the time of the deposit, the department will be credited with the amount of the foreign currency as if it were the U.S. dollar equivalent.  For example, if Department A deposits a check from Canada for 100 Canadian dollars, the cashier will credit the account provided by Department A with 100 U.S. dollars.  When the College receives the U.S. dollar equivalent for the foreign item from its bank, additional accounting entries may be warranted.  In the above example, if the College receives $75.00 for the 100 Canadian dollars, the Business Office would prepare a Journal Entry to debit the account that had originally been credited for the $25.00 discount rate.

  • If a fee is charged for processing this check, the department credited with the deposit is charged the fee.

 


Wire Transfers 


A wire transfer is the electronic transfer of funds from one bank to another.  Wire transfers are typically received and available to the payee on the same day the wire transfer takes place.

  • Incoming Wire Transfers - Businesses and individuals may use wire transfers to make payments to Carroll College.  Please contact the Controller or Assistant Controller prior to initiation of a wire transfer.
  • Outgoing Wire Transfers - This is an alternate form of disbursement available to departments only in cases where payment is extremely time-sensitive or contractually must be received on a certain date.  As an alternate form of disbursement, wire transfer requests are subject to the same policies and documentation requirements that govern disbursements requested on the Expense Authorization Form and other Accounts Payable Forms. 
  • Wire transfers incur extraordinary bank fees and should be used only in special circumstances.  Bank fees will be charged to the department requesting the wire transfer.

 


Processing Gifts and Grants


The initial processing of gifts and grants are handled in the Office of Institutional Advancement.

For additional Information please direct your questions to the Office of Institutional Advancement by phoning  (800) 503-7458 or visiting the Web link @ http://www.carroll.edu/giving/index.cc

 


Fund-Raising Raffles


Any raffles that are conducted for the purpose of raising funds for the College or any of its departments must be conducted in accordance with the College's Policy and Procedures related to Fund-Raising Raffles.

This policy requires that 1) all proceeds from the sale of raffle tickets must be promptly (deposited into approved College bank accounts (i.e. bank accounts which are part of the College's bank account structure); and 2) all payments of raffle winnings must be made in accordance with Internal Revenue Service requirements. 

Procedures

  • Before any type of fund-raising raffle is held, the department that is holding it must notify the Controller as early in advance of the raffle as possible, to ensure that arrangements are in place to facilitate the appropriate IRS reporting with regards to the raffle.
  • If an individual is awarded a raffle prize with a fair market value of $600 or more, the College must report the value of the prize to the IRS on Form W-2G, and the College must provide the winner with a copy of the W-2G statement.  The W-2G statement must include, along with certain other required information, the winner's name, address, taxpayer identification number, and the winner's signature.  No prize may be awarded until the W2-G statement is completed. 
  • If an individual is awarded a raffle prize with a fair market value of $5,000 or more, in addition to the requiremtn that a W2-G be issued, the College is required to withhold tax on the fair market value of the winnings.  To comply with this requirement, the raffle winner must pay the College the amount of the tax which is required to be withheld.  No prize may be awarded until the W2-G statement is completed and the tax withholding payment is made to the College. 
  • Again the Controller's Office must be notified as early in advance of the raffle as possible, to ensure that arrangements are in place to facilitate the appropriate IRS reporting and tax withholding.