1. Cash Management WV State Treasurer’s Office

2. Cash Management and Cash Handling Spending Unit –State Cash Collection Site Cash –Not just and Coins Currency Money Orders Checks

3. Background Oversees more than $13 billion on an annual basis Collects, disburses and manages state and local government funds

4. WVSTO Cash Management Accounting Participant Accounting EFT Treasury Operations

5. Receipts Processing –Lockbox –Check & Cash Deposits Check Processing –Sealing –Distribution

6. Cash Accounting Reconciliations Manage Banking and Agency Relationships Imprest Funds Outside Bank Accounts Cash Receipts Handbook

7. Checks (Cash Accounting Continued) Returned Undeliverable Stale Stop Payments Hotline: 1-866-243-9010 or (304) 558-3599

8. Electronic Funds Transfer (EFT) Automated Clearing House (ACH) e-Gov –Allowing state agencies and local governments the ability to accept credit cards and use our ACH network

9. Participant Accounting Determination of Daily Cash Position Wire Transfers Investment Activity Additional Information: (304) 340-1577

10. Policies & Procedures Establish Cash Management practices and safeguards Develop & implement written procedures –Keep them updated

11. Why is this important?

12. Risks Cash is lost Cash is stolen Bank Statement doesn’t agree with Spending Unit’s records No audit trail Finger pointing/Accusations

13. Cash Receipts Handbook WV Legislative Auditor’s Office - Cash Receipts Study WV Code §12-2-2 http://www.wvsto.com

14. Cash Receipts Handbook Purpose: “to provide guidelines for the proper receiving, handling, and safeguarding of Cash by Spending Units and employees.” Goal: “to guide and control the process for accurate and secure receiving, receipting and processing of moneys received at various locations throughout the State.” Collect Cash Secure Cash Prepare Deposit Make Deposit Reconcile

15. Internal Controls –Effectiveness & Efficiency of Operations –Reliability of Financial Reporting –Compliance with Applicable Laws and Regulations

16. Internal Controls CollectingDepositing DisbursementReconciliation Segregation of Duties

17. Internal Controls Physical Safeguarding of Cash Employee Screening Handling Receipts Using Dual Controls One Business Day Rule Cash Receipts Survey

18. WVSTO Services Lockbox e-Gov Additional Assistance

19. Additional Services Smart Safes Remote Deposit Capture Device Point of Sale (POS) Device

20. Challenges Do you have a ham problem?? “We can’t solve problems by using the same kind of thinking we used when we created them” -Albert Einstein

21. Questions?? Julie Hefner-Ferrell Cash Accounting Supervisor julie.hefner-ferrell@wvsto.com 304-340-2718 Misty Price Deputy Treasurer of Cash Management misty.price@wvsto.com 304-340-1570 Drew Hendricks Cash Receipt Accountant drew.hendricks@wvsto.com 304-340-2709