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CRM 604 - Controlling Cash Funds

Individual Accountability:

Each person issued a cash fund or receiving money for the University is held individually accountable for those funds until properly relieved of the responsibility by:

  • Depositing the funds with the campus Cashiers Office or with a depository bank, or
  • Transferring the funds to the proper authority.
Controlling Cash Funds :
  • Counting Funds - Funds must be counted and the amount verified:
    • At least once per week or more frequently if activity of the fund warrants. 
    • Whenever they are transferred from one person to another.
    • Cash funds established for indefinite periods of time and totaling more than $150 must be further verified by an administrative superior, or departmental fiscal authority, at least once per quarter, on a surprise basis, unless circumstances (e.g. operation is 24/7) necessitate a more frequent review. The administrative superior should maintain written documentation of each review. 
  • Preparing Receipts - A Petty Cash Voucher (Form UMUW 25) must be prepared to record each transfer of funds with copies provided to both the receiving party and the transferring party. All voided receipt forms or cash register over-rings are documented.
  • Accounting for Controlled Supplies - Controlled supplies (i.e., pre-numbered receipt forms, paid stamps, etc., that must be kept in a secure location) must be counted and verified and a receipt issued whenever they are transferred from one person to another.
  • Dividing Duty Assignments - To the extent possible and practical, different people must be assigned responsibility for:
    • Receiving cash.
    • Recording transactions.
    • Depositing cash.
    • Beginning and ending readings of cash registers and of pre-numbered, printed receipt forms must be made by a person other that the Cashier using the cash register or preparing the receipts.
  • Accounting for Overages and Shortages - All overages and shortages must be documented and reported to the supervisor immediately.

created: 02-28-97