From the Cashier's Office
The Cashier's Office would like to remind schools/centers
of the Deposit of Cash Receipts Policy #1504.
To establish sound cash management practices and safeguard cash receipts
against theft or loss.
- All cash and checks received payable to The Trustees of the University
of Pennsylvania are to be deposited with the University Cashier on the
day of receipt. Cash or checks received over the weekend should be deposited
on the next business day. Cash depositors are required to wait for a receipt
from the cashier at time of deposit.
- It is the responsibility of the Financial Administrator to reconcile
deposit accounts on a timely basis.
- The University of Pennsylvania is required, under section 60501 of
the Internal Revenue Code, to file Form 8300 (Report of Cash Payments in
the amount of $10,000 or greater) within 15 days of receipt of cash from
an individual or corporation in one or more related transactions.
For additional cash policies, please visit the Vice President and Treasurer's
web-site at: http://www.finance.upenn.edu/treasurer/
Additionally, we would like to take this opportunity to remind you of
- All checks must be properly endorsed with an endorsement stamp approved
by the Treasurer's Office. If you need to order an endorsement stamp, please
contact the Office of the Cashier at (215) 898-7258.
- All deposits being submitted to the Cashier's Office must include a
calculator tape showing the total deposit of checks and total deposit of
cash. Additionally, checks must be submitted in bundles of no more than
100 checks per batch. For cash deposits, individuals must wait for a
receipt from the cashier.
- Foreign items, not drawn on a domestic bank, must be submitted on a
separate deposit form. Once collected, the Cashier's Office will complete
the pending deposit form and will send the receipt to you.
Please be advised that bank fees have been exceeding the face value of
smaller checks, thereby, forcing the University to establish a $100 minimum
on all international checks.
- Departments must retain copies of checks for seven years.
- Cash should be physically protected through use of vaults, locked cash
drawers, cash registers, locked metal boxes, etc.
- Please note that someone other than the custodian (i.e., business administrator/director)
of the petty cash fund must approve (sign and emboss) petty cash reimbursement
forms. The Cashier's Office will not honor any cash disbursement request
that is not properly approved. If departments do not adhere to the policy,
Audit & Compliance will be notified accordingly.
Additionally, we noticed several petty cash expenditures charged to object
code 1140. This is not an appropriate object code for petty cash expenses;
all petty cash expenditures must be charged to an expense object code 5xxx.
For more information on the Cashier's Office, visit the web: http://www.finance.upenn.edu/treasurer/cashier/
If you have any questions, please give the Cashier's Office a call at
(215) 898-7258. Thank you for your cooperation.
--Jean M. Suta, Office of the Cashier
Almanac, Vol. 47, No. 25, March 6, 2001
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