A. Purpose and Scope

This policy encompasses definitions and procedures for cash and cash equivalents as it relates to University Employees, and Departments:

- University employees who receive and handle cash and securities

- UC Departments Department Standards and Unit definitions

- Cashiering Systems and Cashiering Related services

- Cash and Cash Equivalent Definitions

- Unit standards

This Policy does not address:

- Acceptance of Credit Cards for Department Events, Sales or Services¹

- Third-party processors that assist the University with management of cash and cash equivalents.

B. University Employees

University employees who receive and handle cash and cash equivalents must follow and maintain appropriate safeguarding, accountability, reporting and audit controls as stated in the UC Business and Finance Bulletin BUS-49, Policy for Handling Cash and Cash Equivalents.

C. Cash and Cash Equivalent Standards and Definitions

1. Cash
   

   U.S. currency: bills or coin. Bills damaged to the extent that one-half or less of the note remains, or its value is questionable, will not be accepted.

2. Cash Equivalent
   

   U.S. drawn checks, traveler’s checks, money orders and cashier’s checks.
   

3. Foreign Items
   1. Non-U.S. currency and/or coin acceptance is prohibited.
   2. Checks in Foreign Currency:
      UC’s depository bank has stipulations and thresholds regarding foreign item collections and amounts that can result in delays and costs, and sometimes total losses to the UCI department if the instrument is deemed uncollectable.
   3. Some foreign entities have U.S. based banks or U.S. Funds accounts to disburse checks in U.S. dollars. Please review with the University Cashier for confirmation and processing.
   4. If there is an urgent circumstance in which a foreign currency item must be accepted, contact Campus Central Cashiers for guidance on this process.
4. Unidentified Checks
   
   eChecks with no information regarding department request, invoice, or identifying information.
   
   1. Checks with no information regarding department request, invoice, or identifying information.
   2. The original check must be immediately forwarded to:
      Campus Central Cashiers
      228 Aldrich Hall
      ZOT Code 1975
   3. Campus Central Cashiers will apply the check accordingly or deposit the item into Cash Received Undistributed until the correct account can be identified. Once identified, the funds will be moved to the appropriate account via KFS.

D. UC Department Deposit Standards and Unit Definitions

All departments handling cash (currency and coin), or checks must adhere to strict financial compliance with the UC Business & Finance Bulletin 49 (BUS-49), Policy for Cash & Cash Equivalents Received.

To mitigate the risk of lost or stolen checks and/or cash, departments must not hand off deposits to other units for processing. The department that receives the monies must immediately make the deposit through Campus Online Deposit (COD) to avoid delays or potential loss of income.

COD Check deposits may be delivered via inter-campus mail or dropped at Campus Central Cashiers via the wall depository safe located outside of the main entrance to Aldrich Hall.

When using the inter-campus mail option, check deposits may be dropped in the UCI intercampus mailboxes marked “University Business Only” found in various locations on campus https://parking.uci.edu/distribution/campusmail/. Pick-up times are posted on the outside of the mailboxes.

1. Currency Deposits
   1. Currency is to be verified and banded by denomination with the appropriate currency strap in bundles of 100 bills.
   2. Any remaining currency should be contained with a rubber band or paperclip. A tape or list with the cash breakdown and total should accompany the bundled currency.
2. Coin Deposits
   1. Loose coin should be counted and placed in an envelope with the amount indicated on the outside.
   2. A separate coin deposit slip should be prepared when the amount of loose coin is more than $10.00. It should be packed and sealed in a separate tamper-proof security bag with the dollar amount written on the outside.
   3. Cash deposits (currency and coin) must be delivered to Payment Services in person and in dual custody.
   4. Contact the University Cashier office to place orders for:
      
      • Deposit Slips
      • Bank of America Deposit bags
      • Endorsement stamps
3. Main Cashier
   1. Defined as a department that uses the proprietary cashiering systems to deposit funds directly to the UC depository account and the General Ledger (GL).
   2. Cash is deposited directly to the depository account using armored courier service.
   3. Change is ordered directly from the bank.
   4. Sufficient levels of security (i.e., vault/safe/locked receptacle) are maintained according to BUS49 for cash security.
   5. Checks are scanned using the bank’s scanner (RDSO) directly to the depository account.
   6. Main cashiers are Campus Central Cashiers, Bren Center, Division of Continuing Education, and Transportation and Distribution Services.
4. Sub Cashier
   1. Defined as a department that regularly accepts cash and/or checks, uses the Cash Collection report to deposit funds to the GL.
   2. Sub Cashiers are unable to deposit directly to the UC depository account. Deposits are created on Cash Collection report are brought to the Campus Central Cashiers for processing.
   3. A copy of the Create Cash Collection Report online form is required to be submitted with each deposit along with supporting details attached (register tapes, etc.).
   4. Reductions of recorded cash accountability such as "voids" or "refunds" must be supported with a copy of the documentation including an explanation for the reduction and approved in writing by the unit supervisor.
   5. Sub-cashier collections must be submitted to Campus Central Cashiers in a tamper proof security bag. Bags may be purchased through online purchasing sites.
   6. Sufficient levels of security (i.e., vault/safe/locked receptacle) are maintained according to BUS49 for cash security. Sub Cashiers are Campus Recreation, School of the Arts and Student Health Center.
5. Departments
   1. Defined as a department that intermittently accepts cash and/or checks, uses the Deposit Advice report to deposit funds to the GL.
   2. Departments are unable to deposit directly to the UC depository account.
   3. Deposits are created on Deposit Advice reports and are brought to the Campus Central Cashiers for processing.
   4. Sufficient levels of security (i.e., vault/safe/locked receptacle) are maintained according to BUS49 for cash security.

E. Cashiering Systems and Cashiering Related Services

1. OPAL Cashiering:
   

   A proprietary application used only by the Campus Central Cashiers to post transactions to general ledger that are presented in person or by mail. Cash and cash equivalents are recorded, and a receipt is provided to document the transaction.

2. OPAL Campus Online Deposit (COD):
   1. A proprietary application used by Campus Main Cashiers, Sub-Cashiers, and Department units to record an internal posting, referred to as COD, of cash and cash equivalents received to OPAL Cashiering.
   2. When the physical deposit is forwarded to the Campus Central Cashiers, the COD is located by a uniquely assigned number and is verified and processed to the general ledger.
   3. The cash and cash equivalents received are then processed for bank deposit. Completed transactions are transmitted to the campus financial system nightly for updates to the general ledger
   4. Separate Cash and Check COD’s need to be submitted if combination of monies is being deposited.
   5. Cash Collection Reports, which are available to Sub-Cashiers only, can combine cash and checks in one COD.
3. Bank of America (BOA) CashPro RDSO:
   1. System enables Main Cashiers to scan and electronically transmit check images to the University’s depository bank for posting and clearing.
   2. RDSO set up requires coordination between UCOP Banking Services Group, University depository bank, and Payment Services management.
   3. RDSO scanned checks must be securely stored for a minimum of 14 days. After this time frame, checks can be shredded.
   4. Contact Payment Services regarding this service.
4. Armored Car Service
   1. Armored Service couriers transport cash deposits and checks to the bank vault when RDSO cannot be used. Main Cashiers may schedule pick up services based on their needs.
   2. Outgoing bank deposits must be properly secured and logged.
   3. To establish new service, contact Campus Central Cashiers to coordinate with Bank of America.

F. Unit Standards

1. Separation of Duties and Dual Custody
   1. All payments received by campus departments should be verified in the presence of the payer or in dual custody whenever possible, and a receipt should be issued documenting the transaction.
   2. One person opens the mail, endorses, and logs the check, including payment amount. The same person that creates this log may not also deposit funds.
   3. A second person processes the check (i.e., records the payment). Deposit documents must be signed by at least two individuals to verify the cash transactions. This “dual custody” is to check each other and reduce the risk of a loss occurring.
2. Securing Cash and Cash Equivalents
   1. Cash and cash equivalents (checks, money orders, etc.) received must be locked in a secured receptacle or safe in accordance with the cash limits stated in UC’s BUS-49, Policy for Cash & Cash Equivalents Received until deposited.
   2. Main Cashier units requiring armored transport services for bank deposits should contact Campus Central Cashiers to coordinate scheduling, deposit arrangements and deposit preparation training.
3. Prospective Cashiering Employees
   1. A criminal background check (including fingerprinting) must be performed for all prospective cashiering employees.
   2. Questions regarding this procedure may be directed to Human Resources. Section 300-10: Background Check Procedures.
4. Reporting losses
   For known or suspected misappropriation or mysterious disappearances of cash or cash equivalents see Section 700-06, Guidelines for Reporting Improper Activities and for Filing Complaints of Retaliation for Reporting Improper Activities.
   
   

¹Additional Policy and Procedure Information for Acceptance of Credit Cards for Department Events, Sales or Services through TouchNet Marketplace is available at Credit Card Processing (uci.edu)University departments must seek approval to accept credit and/or debit cards in payment for goods or services through the Payment Card Solutions & Compliance Unit in Payment Services