University of Iowa Student Organization Cash Handling Training Presentation
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1 University of Iowa Student Organization Cash Handling Training Presentation
2 The following presentation has been modified from the official University of Iowa Accounting and Financial Reporting cash handling policy by the Student Organization Business Office (SOBO) exclusively for use by recognized student organizations. SOBO Monday-Friday 8:00am-4:30pm Phone #: Website: imu.uiowa.edu/sobo
3 Cash Handling It s your job Whether you take in lots of money or you collect pennies
4 ..the principles of good cash handling are basically the same. Segregation of Duties Security Reconciliation Documentation
5 What is included in Cash Handling? It s not just cash. It includes the following: Coins Currency Checks Money Orders Cash Equivalents Gift Cards Tokens Tickets Stamps
6 First, lets talk about risk and controls. Who or what is at risk? WHY?
7 Risk? Cash is stolen Cash is lost Statement doesn t agree with records No audit trail Finger pointing/accusations Lost revenues
8 Risk and Controls!! Remember In the cash collecting process, YOU are just as important as the cash.. The controls (rules) that we will discuss are designed to protect both YOU and the cash you are handling.
9 Segregation of Duties This is the most important control in the cash collection process, and often, the most difficult to manage. A different person should be involved in each step: cash collecting, cash depositing, and reconciliation.
10 Model Segregation of the Duties related to cash handling Reconciliation Receive Cash Deposit
11 Before cash collection begins.. The planning checklist Student organization develops a plan: Is a change fund needed? How is cash received? Mail or in person? Who is going to collect and record the cash? How is the cash going to be secured? Who needs training?
12 Making change Is a change fund needed? If you are going to make change, then you need a change fund. o A change fund and cash box (for rent) is available through The Hub (138 IMU) o Keep amount at a minimum. o Keep the cash safe! ( More on that later) o Never, never make change from your personal cash! =
13 Collecting the cash How is cash received? Mail or in person? Who is going to collect and record the cash? In person: Enter cash amount on a cash register or prenumbered duplicate receipts. Give one copy of receipt to the customer. IMMEDIATELY RESTRICTIVELY ENDORSE CHECKS For Deposit Only to the University of Iowa: (your organization name) You can use a stamp with this message or just write it on the back of the check either works fine.
14 Collecting the cash How is cash received? Mail or in person? Who is going to collect and record the cash? In person (continued): Only one person should have access to the cash register, receipts book or cash box during any one shift. Total receipts in the cash box at the end of each shift. If there is more than one person receiving cash at the same time, each person must have their own cash register OR cash box and cash receipts book. For proper segregation of duties, the person collecting cash can not have any other responsibilities related to cash handling including issuing refunds.
15 Collecting the cash How is cash received? Mail or in person? Who is going to collect and record the cash? By Mail: One person should open the mail and immediately restrictively endorse each check remember the endorsement should say For Deposit Only to the University of Iowa: (your organization name). This can be stamped or handwritten. Enter each check onto a Report of Money Received Form:
16 Now that we have collected the $$$$$$, what do we do with it? Secure Balance Deposit Reconcile Let s go back to Our checklist...
17 Securing the cash How is the cash going to be secured? You must have a cash box that can be locked. The cash box must be secured and access limited to the person collecting the cash and his/her immediate supervisor. A cash box can be rented from The Hub (138 IMU).
18 Securing the cash How is the cash going to be secured? It is very important to change the cash box or safe combination on a regular basis, at least once a year and when someone leaves the organization who knows the combination. If you use keys to access the cash box or safe, then make sure that the keys are kept in a secure place.
19 Securing the cash How is the cash going to be secured? WHILE IN USE.. Each person collecting cash should have their own cash box when making change is necessary. While in use, change fund and collected cash must be secured in a cash box.
20 Balancing All cash receipts must be balanced: Compare the total cash and checks in hand to the records of cash register totals, pre-numbered receipts, and money received by mail.
21 The Drop-off After balancing, hand deliver money and completed Report of Money Received Form to The Hub (138 IMU). Report of Money Received Form is available at both The Hub and SOBO (159 IMU). You are strongly encouraged to make these drop-offs daily. The Hub is open 24 hours a day during Spring and Fall semesters. Limited hours Summer and breaks.
22 The Drop-off Keep all funds intact. The entire amount of cash collected must be deposited so that all receipts are posted as revenue to the organization s account. None of the cash collected by the organization may be used prior to the deposit of the cash. For example, the organization cannot use $10 of its cash receipts to purchase postage and then reduce the amount of its cash deposit by the $10 used. To do so would misrepresent the amount of sales receipts and the amount of expenditures incurred by the organization.
23 Transporting Cash When taking cash deposits to The Hub, please use common sense. Secure the cash and checks in a locked cash box. Don t be conspicuous. Don t take the same route or go at exactly the same time every day don t be predictable.
24 Reconciling Depositing The IMU Business Office is the Deposit Preparer for student organizations Money dropped off at The Hub is taken to the IMU Business Office and deposited bi-weekly.
25 Reconciling The Student Organization Business Office (SOBO) is the Reconciler for student organizations All student organization accounts are reconciled monthly. Hard copy records are available for review for the past 3 years.
26 SOBO Responsibilities Trains student organizations in proper cash handling procedures in accordance with University of Iowa policies Reviews and reconciles all deposits on a regular basis Ensures student organizations adhere to UI cash handling policies via potential on-site and deposit audits
27 UI Cash Handling Website Receive additional cash handling details, forms and templates, contacts, and links to other related sites:
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