10.3.1 Deposit Cash and Checks with University Bursar
Policy Statement
Checks are a form of cash and should be handled with the same level of security and deposited with the same frequency as cash.
- Cash handling units must deposit cash and checks and provide University Bursar with a completed department deposit form(s) within three business days of receiving the funds whenever the unit has collected $5,000 or more.
- Funds totaling less than $5,000 must be deposited with University Bursar with a completed department deposit form(s) within five business days of receiving the funds. Do not send cash through campus mail.
Units should take steps to ensure the safety of their employees and the deposit. This may include having two people transport the deposit or make arrangements for armored car services or University Police escort. Contact University Bursar Cashier Operations to obtain more information about recommended security options. If a unit utilizes armored car services to transport department deposits, the pre-arranged pickup schedule may conflict with the above policy timeframe guidelines without creating a policy exception, provided the schedule is regularly reviewed and adjusted as appropriate and approved by University Bursar. Requests to approve schedule changes can be made by contacting the appropriate university’s University Bursar Cashier Operations office here.
Please Note: All departmental receivables not recorded in Banner Accounts Receivable need to file an Exemption from Banner AR. For more information, review the 5.5 Request an Exemption from Using Banner AR. Donations should be directed to the University of Illinois Foundation. For more information, contact the University of Illinois Foundation here or by phone at 217-333-0810.
Reason for the Policy
The University of Illinois System requires units that receive cash, cash equivalent, and/or checks to deposit these funds with a completed department deposit form(s) to University Bursar whenever the unit has collected $5,000 or more within three business days of receiving the funds. Funds totaling less than $5,000 must be deposited with a completed department deposit form(s) to University Bursar within five business days of receiving the funds to minimize risk and ensure adequate safeguarding of the System’s funds.
Applicability of the Policy
This policy applies to all University of Illinois System Cash Handling Units.
Procedure
To deposit cash and checks:
- Endorse the back of the check via stamp or hand. Include “for deposit only,” unit name, and C-FOAP. Note: UIUC Cash Handling Units may provide the department form reference number in lieu of C-FOAP.
- Create an adding machine tape, check log, or equivalent listing the amount for each check and the deposit total for the batch. Write the unit's name on the adding machine tape, check log, or equivalent.
- Complete as appropriate either the Department Deposit form, Report of Cash Sales form, or the Report of Money Received form. Keep a copy in the unit’s records.
- Prepare and submit to University Bursar Cashier Operations:
- One of the deposit forms listed in step #3. University Bursar Cashier Operations will retain original. If units want a copy returned, they should include a second copy with the deposit.
- Checks and/or cash
- Adding machine tape, check log, or equivalent (for checks)
University Bursar Cashier Operations processes deposits within three business days after receiving the funds and applicable deposit form. However, deposits with discrepancies will delay the process and are the unit's responsibility to resolve. University Bursar will contact the deposit preparer if there are questions.
At month-end, calendar-year-end, or fiscal-year-end, on the last business day of the appropriate fiscal period submit deposits by 2:00 pm to ensure processing in the appropriate fiscal period. Fiscal year for the University of Illinois System is defined as July 1–June 30.
Department Deposit
Instructions for using the Online Department Deposit Form
Related Policies and Procedures
10.2.1 Accept Checks as Payment
University Bursar office locations and hours
First Published: February 2008 | Last Updated: June 2024 | Last Reviewed: March 2023