CRM 302 - Deposits for Credit
All funds received by the University must be deposited with the campus depository bank. For certain designated departments, deposits are made directly with the campus depository bank (CRM 301 - Dealing Directly With the Bank). All other departments receiving funds must deposit those funds with the Campus Cashiers Office.
Development Gift Funds - Effective December 1, 1998, for Kansas City and January 19, 1999, for Columbia, Hospital and System, departments that receive cash gifts directly from donors should make them part of their regular bank deposit, instead of sending the gifts to the Development Office. They should continue to send a copy of the check along with other documentation received with the check to the Development Office. Gifts received by departments at Rolla and St. Louis campuses should continue to forward cash gifts to the Development Office until such time as those campuses are ready to change procedures for the deposit of cash gifts.
Securities received by departments should continue to be transferred promptly to the Campus Development Office.
Foreign Funds - All foreign funds or U. S. dollars drawn on a foreign bank must be submitted for conversion or collection. Adjustments will be made by the bank for fees for conversion. Cashiers will adjust the books accordingly (CRM 304 - Foreign Funds - Exchange and Deposit).
Credit Card Drafts - All credit card sales which are processed electronically are deposited automatically with the bank. Then this information is updated directly to the University's accounting system. No CRR is prepared by the department. All other credit card sales (sales occurring in departments that do not have credit card terminals) must be forwarded to the Campus Cashiers Office to be entered through an electronic terminal. These types of sales must be pre-arranged with the Campus Cashiers Office following the guidelines that Cashiers establishes (CRM 205 - Credit Card Payments).
Frequency of Deposits:
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.
Deposit Funds with Campus Cashier Office:
Cash Receipts Reports Required - CRRs must be prepared in advance of depositing funds with the Campus Cashiers Office and where applicable must include:
- Total amount to be deposited:
- Brief description of reason for payments, including OVERAGES and SHORTAGES, along with the invoice or other source document number.
- Name of individual or firm making the payment being deposited.
- Account(s) to be credited and the amount credited to each account.
- Indication of whether the item(s) are taxable or nontaxable sales.
Sorting Currency, Checks and Credit Card Sales Slips -
- Currency must be faced and sorted by denomination.
- Personal checks and other check forms (money orders, travelers' checks, etc.) must be faced and sorted by type.
- Credit card sales slips and batch print-outs from POS terminals are to be bundled separately andRETAINED for two (2) years by the credit card location. Nothing physical is sent to a bank since all sales information is sent electronically.
Depositing Funds with Depository Bank:
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.
Cash Receipts Report Required - Direct deposit locations should prepare CRRs on the same business day as the bank deposit or armored car pick-up is made. The CRR should include the same information as in Deposit Funds with Campus Cashier Office above. Verify the bank deposit date (the date the deposit is expected to be credited by the bank).
Approved Deposit Slip Required - A bank deposit slip furnished by the bank must be used when depositing funds with a depository bank.
- Name of the University of Missouri and address of the location making the deposit must be imprinted on the deposit slip.
- Bank account number to which the deposit is made and deposit location identifier (assigned by Office of the Treasurer) must be MICR encoded on the deposit slip.
- Total amount being deposited must be recorded on the slip for each of:
- CURRENTLY the bank requires coins and currency to be recorded on one deposit slip and checks to be recorded on another. The total deposit with the two deposit slips may be put in one locked bag.
- Preparer's and verifier's initials must be recorded on the deposit slip.