University of Massachusetts Boston Internal Controls for 2008
Cash Receipts
General Controls The University Accounting System is the official book of record for financial activities of the University. All cash receipts, regardless of source, must be recorded within this system. Cash receipts include currency, checks, credit card receipts and electronic funds transfer. All receipts collected in a department should be deposited in the Bursar’s office the same day. The Bursar’s Office deposits all cash received by the next business day. All cash receipts are secured in the Bursar’s Office and collected by armored transport daily. The University’s banking relationships are managed by the University Treasurer and/or designee. The major cash receipts as of 2008 at UMass Boston are collected by the following departments: Parking and Transportation, Office of Research and Sponsored Programs, Institutional Advancement, Student Financial Aid, Student Life, Health Services, WUMB, Campus Center, Athletics and Community Relations. Segregation of Duties: The responsibility for collecting, controlling and depositing funds must be segregated from maintaining accounting records and monthly reconciliations. Responsibilities for cash receipts are segregated from those for cash disbursements. Signature Authorization: For departments with major cash receipts, authorization to receive cash, balance it to the reported collections and sign the deposit slip to be deposited with the Bursar’s Office on a daily basis, is documented in the Campus Signature Authorization Form which is on file in the Controller’ Office. In the academic departments, authorization to receive cash must be approved by the Provost’s Office. Specific Controls
All receipts collected in a department before 3pm must be deposited daily into an authorized University account through the Bursar’s Office. Outstanding receipts collected after 3pm are to be secured within the department and deposited with the following day’s receipts. Cash receipts are accounted for by the Bursar and balanced to reported collections on a daily basis. The record of reported daily collections must be reconciled to the University Accounting System reports by each department on a monthly basis. These two activities must be segregated.
Last Updated: September 23, 2008