Cash Management Policy All disbursements and receipts must adhere to University policies and all applicable federal and state laws and regulations. All transactions involving grants, research or contract funding must have the approval and oversight of the Office of Sponsored Programs. No one may open a bank account in the name of the University or in the name of a University department/school. This applies to all departments, colleges, other university units, and student organizations. Funds collected in the university’s name must be turned over to Student Financial Services – Cashier’s Office. Requests for new bank accounts and other financial services must have the approval of the Chief Financial Officer.

Cash Management Policy Outgoing Payments - Disbursement Processing Final step in the Procure to Pay process Process all requests through Purchasing and Accounts Payable first – Need Vendor ID number Any request involving grants, research, or other contracts needs to have OSP approval New forms for ACH and Wire requests – Same data required – Formatting changes – PDFs instead of Excel Available at www.fit.edu/purchasing-ap/ap-forms.php or on request.

Cash Management Policy Outgoing Payments - Disbursement Processing Types of Payments AP Vendor (Credit Card) – If vendor will accept with no additional fees ACH (Automatic Clearing House) / Direct Deposit Domestic Wire Transfer International Wire Transfer - US Dollars International Wire Transfer - Foreign Currency Check ACH is preferred over Check – usually arrives in 1 to 3 business days, depending on the recipient’s bank – Only US banks – Many banks have different routing numbers for checks, ACH, and Wires

Cash Management Policy Outgoing Payments - Disbursement Processing Types of Payments Chart

Cash Management Policy Outgoing Payments - Disbursement Processing

Cash Management Policy Incoming Payments – Deposit Processing Cash and Checks Must be deposited with the Student Financial Services Cashier’s Office ASAP (1st Floor Harris Commons) Cash and cash equivalents should always be secured against theft or loss No individual is authorized to remove money from the campus for safekeeping, or to use a cash fund to cash personal checks for themselves or for others. Undeposited receipts may not be used as petty cash or a change fund.

Cash Management Policy Incoming Payments – Deposit Processing Deposits to the Cashier’s Office must be accompanied with a Deposit Form (available from the Cashier’s Office) showing the full accounting string information and a detailed description of each item being deposited so that sufficient detail will be displayed in Banner. Avoid the use of an Index to default the accounting string. “5” accounts should be used for incoming revenue. “7” accounts usually only for reimbursements to the University. Anyone depositing cash is required to wait for a receipt from the Cashier.

Cash Management Policy Incoming Payments – Deposit Processing

Cash Management Policy Incoming Payments – Deposit Processing Direct Deposits – Incoming ACH Payments and Wires It is the responsibility of the department receiving the incoming monies to ensure these funds are recorded into the proper location in Banner. The department must follow all applicable policies and procedures associated with the source and intended use of the payment. Any department expecting a payment should email Treasury Operations at svanbrun@fit.edu. Include as much information as possible (amount, sender, date, etc.). Treasury Operations will monitor the bank transactions and provide verification of receipt to enable the department to properly credit the funds in Banner.

Petty Cash Policy Petty cash is the payment method of last resort for small dollar transactions. Whenever possible, other methods of payment should be used. All applicable university policies and procedures that may relate to or impact the use or administration of petty cash must be followed at all times. Reimbursement of personal expenses, cashing checks, loans/borrowing from the petty cash drawer are prohibited uses, as is any payment related to compensation of an employee. Petty cash may not be used for the purchase of gift cards or gift certificates. Any use of petty cash involving grant funding must be approved in advance and in writing by the Office of Sponsored Programs.

Petty Cash Policy Administration and Oversight Student Financial Services (1st Floor, Harris Commons ) is responsible for establishing, monitoring, and closing petty cash drawers and processing petty cash vouchers. The Director of Student Financial Services has authority over establishing, closing, increasing/decreasing the amount of the drawer, and making any changes to petty cash drawers or custodians. Petty cash drawers are subject to audit at any time. Petty cash may only be used for small university expenses, less than $50. Processing a reimbursement request through the university’s Accounts Payable department is preferable and is required for larger payments.

Petty Cash Policy Petty Cash Vouchers Reimbursement to university employees and students can be done without having a petty cash drawer in the department. A petty cash voucher form must be completed and presented to Student Financial Services – Student Account – Cashier’s Office. All ORIGINAL receipts must be attached to the voucher. The payee and the approver cannot be the same person Maximum daily reimbursement amount is $50.00 If reimbursement is being charged to a grant, research or contract funding, the Office of Sponsored Programs must sign the Petty Cash Voucher form.

Stephen Van Brunt Treasury Operations Work Building - 2nd Floor svanbrun@fit.edu 321.674.8083