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