Banking - General Guidelines
Deposits for Credit
- Many departments across the different system campuses accept funds for deposit. These monies must be processed according to the Cash Receipts Manual.
- Please be aware of a few specific rules that may pertain to your department's processing of receipts:
Written Authorization Required - Only the Office of the Treasurer has the authority to establish bank accounts in the name of the University of Missouri. The recommendation of Campus Business Services and authorization of the Office of the Treasurer is required for an individual or unit to deal directly with a bank for the purpose of:
1. Making credit deposits.
2. Making safekeeping deposits.
3. Exchanging checks for cash.
Individuals or units not authorized to deal directly with a depository bank must conduct their banking business with the Campus Cashiers Office.
Daily Deposits Required - Deposits must be made at least once daily unless otherwise authorized in writing by Campus Business Services. In no case may deposits be authorized to be made less frequently than once per week. More frequent deposits (more than one per day) must be made in situations where funds accumulate rapidly, such as registration. Proper security must be provided over funds while in transit. (CRM 403 - Transportation, Escorts and Guards).
If a department is authorized to make less than daily deposits, deposits must be made when accumulated receipts are greater than $1,000.00 or weekly, whichever comes first. Campus Business Services will state cash-handling guidelines in the written approval of the request for less frequent deposits.
Any deposit greater than $500,000 should be reported IMMEDIATELY via email to the Treasurer's Office in order to insure sufficient collateral at the depository bank. Please send email to UM VP FA Cash Management