Cash Management Policies

Minnesota Statutes 16A.275 requires that all monies received by the college or university totaling $1000 or more shall be deposited daily. Since this policy refers to the whole institution and not a single department, money needs to be deposited with cashiers on a daily basis. Monies should NOT be retained in individual offices for more than one business day, even if a safe is available.

Any cash or checks received during the day must always be secured in a locked cabinet/drawer or safe until they can be deposited with cashiers.

There is a spreadsheet for balancing/reconciling receipts available through the cashier’s office.

Events

• For events happening on campus during regular office/business hours: Customers should be directed to pay fee(s) at cashier’s office and asked to bring receipt back to originating department.
• For events happening after hours: Money should be placed in envelope and dropped in night depository slot (North door) of cashier’s office in Deputy Hall. If you include instructions in the envelope indicating the account number and object code, the cashiers will deposit the funds the following morning. Please include your name or department so receipt can be mailed once deposit is done. If you want to be contacted before money is deposited make sure you make a note. If it isn’t possible to deposit at the cashier’s office, checks/cash must be secured in locked drawer/cabinet/safe and deposited as soon as possible the next business day.

Checks and Cash

• Checks shall be deposited immediately. It is not acceptable to hold customer checks.
• Mail in registration processes shall be coordinated with the cashier’s office. All check payments will be mailed directly to the cashier’s office with registration form. Deposit information can be pre-printed on registration form for ease of deposit.
• Cash needed for change boxes needs to come from Business Services as a cash advance (contact student payroll). Cash needed for a one-time event should be returned to the business office the first business day after the event. Cash needed for academic year or over a period of time should also be requested through Business Services. Cash will be audited by accounting staff periodically through the year.

Credit Cards

IMPORTANT NOTE: DO NOT ask for credit card information on registration forms. Credit card information must never be written on anything. If you want to make payment with a credit card an option for your function; the person(s) making payment must call the cashier’s office direct to give CC information. Receipts will be sent to originating department.

Updated 4/19/22