FINANCIAL NOTICES

Notice of IRS Requirement

The University is required, under section 60501 of the Internal Revenue Code, to file Form 8300 within 15 days of receipt of cash in the amount of $10,000 or greater from an individual or corporation in one or more related transactions. The term cash includes cashier's check, bank drafts, traveler's checks and money orders.

It is the department's responsibility to complete Form 8300. The University will be subject to substantial penalties, which will be passed on the department, if we fail to file a correct and complete Form 8300. If you believe you may receive cash requiring you to complete a Form 8300, please contact Helen Kreider via e-mail at hkreider@pobox.upenn.edu.


Notification to Depositors

To enhance the internal control and security for checks received at the University, all departments will be required to endorse the back of all checks upon receipt effective August 1, 1999.

The Cashier's Office will order and pay for an endorsement stamp for each department. The stamp will include the following information:

For Deposit Only
Mellon Bank
Trustees of the University of Pennsylvania
Account 2-523-694
Date:
Your department name and org number

Please e-mail Jean Suta at jeanie@pobox.upenn.edu by June 15 your department name and organization number for the stamps. Please note that your department name will be limited to 26 characters. If you do not respond by June 15, you will be responsible for the cost of your stamp.

Thank you for your cooperation. If you have any questions or concerns, please do not hesitate to contact Jean Suta via e-mail at jeanie@pobox.upenn.edu or at (215) 898-7258.


Almanac, Vol. 45, No. 33, May 18/25, 1999

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