GENERAL & ADMINISTRATIVE INFORMATION1035May 2004
GENERAL AND ADMINISTRATIVE INFORMATION
Tickets must be sold whenever admission is charged for an event held by a division, department, or other units of the University, including student organizations and entities whose activities are accounted for in the agency fund. Accounting Services must review the ticket sale process before sales are initiated unless the following conditions exist:
- Ticket sales are an integral part of the unit’s daily functioning (e.g., Athletics Ticket Office, Concert Series, MSA/GPC Box office, Hearnes Center, etc.).
- The unit uses ticketing software to record and reconcile their ticket sales, e.g., Metrotix, Paciolan, etc.
- The division business & finance officer has reviewed and approved the ticket sale process.
- The division business & finance officer (or designee) reviews and approves reconciliations at least monthly but no later than 10 business days after the event.
Tickets should be pre-numbered and contain:
- The name of the unit sponsoring the event.
- The name of the event.
- The date and time of the event.
- The ticket price. List the amount of sales tax on the tickets or state that sales tax is included in the ticket price.
- For preprinted tickets, print different color tickets for each price category.
Recording Ticket Sales
The process for recording ticket sales must include the following procedures:
- As soon as tickets or ticket stock are received and before ticket sales begin, examine/count the tickets or ticket stock (at least two individuals should examine/count the tickets and report the count to the division business & finance officer or designee.
- Deposit money from ticket sales on a timely basis following University policy (2:060).
- Keep a list of all recipients of complimentary tickets, including the ticket numbers. This list must be approved with the signature of someone authorized to decide who is eligible to receive free tickets. The recipients of the complimentary tickets must also sign this list or an acknowledgment form at the time they receive their tickets.
- If another University unit purchases tickets, use University processes to record the sale rather than collecting money. Because the University is exempt from sales tax, if the ticket price includes sales tax, reduce the ticket price by the amount of sales tax.
- Refunds should be made only after the ticket is returned and should not be made in cash. The ticket should be defaced or otherwise marked so it is not resold.
- After the event, prepare a reconciliation of the ticket sales. All tickets must be classified as sold, complimentary, or unsold. The number of tickets sold at each price should equal the amount of deposits on the CRRs. Obtain a reconciliation format from Accounting Services, 325 Jesse Hall.
- Provide the ticket sales reconciliation and the following documentation to the reviewer designated by the division business & finance officer:
- All unsold tickets.
- The list of complimentary ticket recipients with their signatures.
- A listing of the CRRs that includes the date, CRR number, and amount.
- A listing of any other revenue sources.
- Copies of documentation of any refunds.
- An explanation of any reconciling items.
NOTE: The listing of CRRs, other revenue sources, and refunds are not needed if the ticket sale proceeds are deposited into a MoCode and PeopleSoft account that is only used for this particular event. In this case, provide the MoCode and PeopleSoft accounts.
The reviewer will prepare a report that describes the procedures used to review the ticket sales. The reviewer will:
- Count the returned (unsold) tickets and trace this number to the reconciliation.
- Count the number of complimentary tickets and trace this number to the reconciliation. Verify that the list of complimentary tickets has been approved.
- Recalculate the number of tickets sold. (Beginning number of tickets issued, less unsold tickets, less complimentary tickets = tickets sold.)
- Verify the number of tickets sold times the price of the tickets equals the total deposits on the CRRs and/or made to the MoCode and PeopleSoft account.
- Contact the unit if additional information is needed on reconciling items or if there are problems with the reconciliation.
- Send a copy of the report, along with the reconciliation and other documentation including unsold tickets, to the unit. The unit should retain the reconciliation, the review report, and other documentation in accordance with the University retention policies.
- Send a copy of the review report to the division business & finance officer, who should follow up on all exceptions and document the resolution. As appropriate, this may involve other departments such as MUPD, Accounting Services, and the Cashiers Office.