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CRM 501 - Loss of Money and Securities

All Losses Must Be Reported :

All losses of University money and securities including those for which the University has legally accepted custody and responsibility must be reported regardless of the cause and amount.

Categories of Losses to Be Reported - All losses resulting from or involving:

  • Actual or suspected theft, burglary or robbery.
  • Errors in record-keeping or making change (mysterious disappearance) where theft is not suspected.
  • Acceptance of invalid or non-redeemable paper including post office or express money orders, and forged or altered checks, drafts, promissory notes, etc.
  • Acceptance of counterfeit U. S. or Canadian paper currency.
 
Making Loss Reports :

Common Reporting Requirements -

  • All losses must be reported immediately to the supervisor of the custodian whose funds sustained the loss or were involved in a suspected theft, burglary or robbery. Note - The supervisor must maintain a written record of all reported losses.
  • All losses except those resulting from business errors of less than $50.00 must be reported to the University Police Department, Campus Business Services, Internal Auditing and UM Office of Risk and Insurance Management in accordance with provisions of BPM 702 Loss of Money, Securities & Property.

Note - Attempted theft, burglary or robbery must be reported immediately to the supervisor and the University Police Department even though no loss actually occurred.

Additional Reporting Requirements - In addition to the common reporting requirements specified above, there are special reporting requirements for:

  • Counterfeit Currency
  • If discovered while in the possession of the University, counterfeit currency must be reported and surrendered to the U. S. Treasury Department by the discoverer. If a credit deposit is involved, the resulting shortage must be reported on the Cash Receipts Report.
  • If counterfeit currency is discovered by the bank and reported as a reduction to a deposit, the Campus Cashiers Office must file the reports required above and make the necessary adjustments to the deposit.Note - The bank will notify the U. S. Treasury Department and surrender the counterfeit currency directly.
  • Losses Affecting Credit Deposits - All losses which affect a credit deposit must be reported on the Cash Receipts Report regardless of the cause or amount of loss.
Making Statements Regarding Losses:

Employees are not to make any statement regarding a loss to the press or anyone other than a member of the:

  • University Police Department
  • Campus Business Services Office
  • Campus Cashiers Office
  • UM Auditing Department
  • UM Office of Risk and Insurance Management
  • University Legal Department

created: 02-28-97