Adopted: 02/2004
Revised: 08/09/2016
Updated: 12/11/2020

Responsible Office
Division of Finance

POLICY STATEMENT

Departments as cash receiving locations are to follow these provisions in the Cash Receipts Manual.  Exceptions to be approved by the Division of Finance-Accounting.

Expanded definition and information for this policy is available under Resources below.

PROCEDURES

The following procedures assist with ensuring compliance with the above policy:

All funds received by the University must be deposited with the campus depository bank.  Monies must be secured and deposits must be made at least once daily.  Transportation of monies to Division of Finance-Cashiers made in hand, not via campus mail.

Departments must provide a written or printed acknowledgement (receipt) made immediately for each transaction resulting in payment or transfer of money to the University. A Cash Received Report (CRR) must be prepared in advance of deposit funds within the Division of Finance-Cashiers.

RESOURCES

Forms

• To access a Cash Receipt Report (CRR) form, log into UM Web Applications at https://webapps.umsystem.edu/, select link for “PS CRR”.

• Additional information available through Office of Cashiers-Faculty & Staff-Reference Documents-Cash Receipt Report Procedures

Cross References

• UM System Policies – Finance
• Business Policy 25201: Receipts
• CRR and ARR Training Guide