Welcome Office of the State Controller (OSC) Cash Management Plan Workshop

Melody Tart, OSC n Phone n Fax n

Statutory Reference G.S n All agencies, institutions, departments, bureaus, boards, commissions and officers of the State... shall devise techniques and procedures for the receipt, deposit and disbursement of moneys coming into their control.

Policies and Procedures n Each plan must follow the uniform statewide cash management plan format and include any cash management directives or policies issued by the State Controller. n Web address for statewide plan is: sig_docs/cash_mgmt/SCMPLAN. html

Policies and Procedures n Plans to OSC by March 16, n Office of the State Controller Attn: Melody Tart 1410 Mail Service Center Raleigh, NC C.B

Policies and Procedures n Submission cover letter should be included with your plan. n The State Controller will acknowledge the approval or disapproval of each plan in writing. A copy of the final approval letter should be maintained with your plan.

Policies and Procedures n Any changes to the approved plan must have prior approval by OSC. Proposed changes should be sent to Melody Tart. n A copy of the approved cash management plan and any revisions must be kept on file and be made available to the State Auditor for compliance auditing.

Revisions to Statewide Plan-Receipts n Include a description of daily deposit cutoff times and schedule. For example: All monies received by 2:00 p.m. are taken to the bank for deposit. Funds received after 2:00 p.m. are safeguarded during the evening hours and are included in the next work day’s deposit.

Revisions to Statewide Plan-Receipts n Any approved, by the Department of the State Treasurer, exception to the daily deposit requirement must be included and explained. n A copy of the State Treasurer’s approval letter should be included with your plan.

Revisions to Statewide Plan-Receipts n If you have any subsequent exceptions, after your plan’s approval, they must be submitted to OSC. n Accounts Receivable (A/R) policies and procedures must be included and no longer maintained separately.

Revisions to Statewide Plan-Receipts n These polices and procedures must incorporate the statewide A/R policies and procedures, in accordance with G. S n Web address of statewide A/R policies: docs/sigAccounts_Receivable html

Revisions to Statewide Plan-Receipts n All federal draws should be timed so that the funds are on deposit with the State Treasurer no more than two business days prior to the disbursement. n Refer to Cash Management Directive for Federal Funds at: docs/cash_mgmt/DIRFEDFD.html

Revisions to Statewide Plan-Receipts n Electronic payment policies and procedures must be included and no longer maintained separately. n These policies and procedures must incorporate the statewide electronic payment policies and procedures, in accordance with G. S

Revisions to Statewide Plan-Receipts n Web address of statewide electronic payment policies and procedures: _ card.html

Revisions to Statewide Plan-Disbursements n In order to avoid disbursing account overdrafts, warrants should not be released before adequate funds have been requisitioned by the agency and approved and deposited to the applicable disbursing account by OSC.

Revisions to Statewide Plan-Disbursements n Electronic Funds Transfers (EFT) should be used for certain payments between State and local units, vendors and employees, when it is determined to be mutually beneficial to both parties.

Revisions to Statewide Plan-Disbursements n Refer to Cash Management Directive for EFT at: docs/cash_mgmt/EFTLOCAL.html

Revisions to Statewide Plan-Disbursements n Delegation of Disbursing Authorities must be kept current and must be approved by the State Controller. n Forms: docs/cash_mgmt/disbursing.html

Questions??? Thanks for your attention