Collection and Deposit of University Funds
Below is the University's policy and procedures for departments to meet the requirements of Connecticut General Statutes § 4-32. Please review the procedures with special attention to general guideline #8.
If there are any questions or issues, please contact through email Lise Brule, University Controller (email@example.com) or extension 2-5722.
To outline the policy and procedures for University departments to meet compliance with Connecticut General Statutes § 4-32.
"Sec. 4-32. State revenue accounting. Each state department, institution, board, commission or other state agency and each official and employee thereof, including the clerks of the Superior Court, receiving any money or revenue for the state, shall, within twenty-four hours of its receipt, account for and, if the total of the sums received amounts to five hundred dollars or more, pay the same to the Treasurer or deposit the same in the name of the state in depositories designated by the Treasurer under such regulations as the Treasurer prescribes. Total daily receipts of less than five hundred dollars may be held until the total receipts to date amount to five hundred dollars, but not for a period of more than seven calendar days. The Treasurer is authorized to make exceptions to the limitations herein prescribed upon written application from the head of any state department, institution, board, commission or other state agency stating that compliance would be impracticable and giving the reasons therefore. The Treasurer shall make a written statement of any such exception and shall file copies thereof with the Comptroller and the Auditors of Public Accounts".
To ensure compliance with State policy, each department or unit that collects funds must deposit cash receipts in a timely manner and adhere to the following guidelines. For purposes of this policy, cash is defined as checks, currency, coins, money orders and credit card payments.
All cash must be deposited in the Student Accounts Office within 24 hours of its receipt. Please do not accept or include foreign currency (coins, paper money) in your deposit.
Checks are to be made payable to: "SCSU" or "Southern CT State University" - ONLY.
Checks are to be restrictively endorsed with your full Banner Fund/Org/Account/Program number (written on the back of each check) upon receipt.
Receipts are to be deposited intact to the Student Accounts Office. "Intact" means that all cash collected since the last deposit must be deposited and that no disbursements, IOUs or check cashing services can be made from these undeposited receipts.
All cash kept overnight in the department is to be safeguarded in a secure area.
The Student Accounts Office does have a depository box available for any department that needs to deposit funds (only checks, money orders, credit card payments) after normal business hours. The depository box is located in the Wintergreen Building to the left of the cashier's window. The depository box is limited to the hours that the Wintergreen Building is open to the public. Please note any deposits consisting of currency and coin must be deposited in person at the Student Accounts Office during normal office hours.
In all cases, deposits must include supporting documentation, which show the nature, source, date and amount of each cash receipt or check. For example, this could include pre-numbered receipt forms, unused tickets with reconciliation, cash register tapes, lists prepared by mail openers, etc. If none of these apply, then please use the format shown on the attached worksheet template.
Duties are to be separated to the extent possible in any department handling cash. There should be a system of checks and balances in which tasks are performed by different individuals for adequate control.
Items # 1-8 represent general University policy. Each department handling cash receipts is to have its own written policies and procedures tailored to its specific operation. All department policies and procedures covering cash collections are to be approved by the Controller.