University of Missouri System

Cash Receipts Manual

CRM 303 - Deposits for Safekeeping

Transferring Funds for Safekeeping:

Circumstances Requiring the Temporary Transfer of Funds to Other Facilities - Funds must be transferred to another facility for temporary safekeeping when:

• Funds received too late to be deposited for credit cause the total amount of funds on hand to exceed the risk classification of a facility.
• The regular safekeeping facility is not available to employees having funds to be secured after normal business hours.
• A facility is subject to an increased risk exposure as a result of such conditions as a long holiday closing or a civil disturbance.
  

Other Safekeeping Facilities:

During Normal Business Hours - The Campus Cashiers Office provides for the safekeeping of funds for other campus operations. Authorized departments may transfer funds as needed to the depository bank.

After Normal Business Hours - Subject to advance arrangements, the Campus Cashiers Office accepts funds for temporary safekeeping or makes the necessary arrangements for departments to use the night depository facility at the depository bank.

Maintaining Effective Control:

A transfer of funds for temporary safekeeping purposes does not involve a transfer of responsibility for and effective control of funds.

Standards for Maintaining Effective Control -

Counting Money and Maintaining Records - All funds must be counted prior to deposit for safekeeping and immediately upon recovery. Records must be kept of all transfer transactions.

Using Locked Containers - Only containers which are approved by the Campus Cashiers Office or the depository bank and which can be locked by key or combination, or tamper resistant plastic bags are to be used. Keys and combinations must be restricted to those persons responsible for the funds. The Cashiers' Office will maintain a log of containers received. A representative from the Cashiers' Office as well as the courier from the department will each initial the log to verify delivery of a container.

Labeling Containers - All containers used for safekeeping deposits must be labeled in such a way as to be individually distinguishable.

Getting and Giving Receipts - For any deposit not in an approved container, the deposit must be processed in the presence of the department courier and a receipt given.

Requiring Identification - Funds deposited for safekeeping must not be surrendered without verification of the identity of the person requesting the funds.

Note - The transportation standards as set forth in CRM 403 Transportation, Escorts and Guards must be followed when transferring funds for safekeeping.

created: 12-08-99