Section 10 - Cash Handling
Section 10.1 - Cash Handling Function
Date: 9/25/06 — Approved: Finance Board
Cash represents one of the Associated Student's most sensitive assets. Due to its nature, there should be clear accountability for cash--in its receipt for deposit and custodianship.
The AS decentralizes cash handling through extensive delegations of responsibility to facilitate operations and provide for convenience and flexibility. The cash handling function is the ultimate responsibility of the Controller. Delegations are made to the various AS divisions not under the Controller’s direct control. Budget manager supervision is especially important for this delegation process to be effective. Adequate internal controls are also important to ensure appropriate stewardship of public funds and provide employee protection. The appropriate Division Manager, with assistance from the Controller as requested, monitors internal controls of divisions not organizationally responsible to the Controller.
CASH HANDLING FUNCTION
The cash handling function is divided into two general areas:
Cash collections
The collection, control, and deposit of amounts due to the AS from cash sales, collection of accounts receivable, credit card sales, and other sources.
Cash disbursements
The dispensing of cash (both currency and check) for expenditures for miscellaneous reasons and the control of funds set up for this purpose.
CASH HANDLING OPERATIONS
The AS Finance Board has delegated authority for procedures to the Controller. The Controller formulates and, after necessary consultations, publishes general policies and guidelines required to define responsibility for the proper handling of cash.
The AS Accounting Department Responsibilities
The Controller has been delegated responsibility and authority for the following operations:
- Development and dissemination of standards for the custody and accountability of cash;
- Development and maintenance of systems to deposit cash to the AS cashiers office and record cash in the accounting software;
- General supervision for AS cash handling operations;
- Helping divisions develop procedures for the collection, custody, and reporting of cash;
- Overseeing the day-to-day cash handling function;
- Developing and issuing specific cash handling procedures; and
- Coordinating with divisions.
Division Manager Responsibilities
The heads of AS divisions:
- Develop and issue cash handling procedures for their division;
- Ensure compliance with established standards;
- Obtain approval of these procedures from the Office of Business and Financial Services;
- Supervise individuals assigned responsibility for cash handling.
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