Authority: Executive Vice Chancellor for Finance and Administration

History: First Issued: November 1, 2001. Last Revised: September 16, 2025.

Source Document: General Statute 147-77 “Daily Deposit of Funds to Credit of Treasurer,” April 23, 2004 Letter from Department of State Treasurer

Additional References:

General Statute 147-77
University Cashier’s Office    

Contact Info: University Controller’s Office (919-515-3824)

1. Purpose

Funds received by colleges, divisions, departments, and units (colleges/divisions) of the university must be deposited at the University Controller’s Office (Controller’s Office), the University Cashier’s Office (Cashier’s Office), or through remote deposit capture, if approved.

2. General Guidelines

All university receipts must be deposited in compliance with General Statute 147-77, which requires that all revenues and receipts collected by a state agency shall be deposited no later than the next business day following the date of collection, with some exceptions. NC State has established when $500.00 or more has been collected, a deposit must be made within one business day. A deposit must be made at least once per week even when less than $500.00 has been accumulated. If a month ends during the middle of a week, a deposit should be made prior to month end regardless of the accumulated amount. Each unit must establish operating procedures to ensure compliance with the General Statutes.

All checks received as payments of university invoices should be forwarded to the Accounts Receivable unit of the Controller’s Office. Campus receipt centers should not deposit these checks with the Cashier’s Office. If previously approved, deposits can be made via remote deposit capture.

When a non-United States (U.S.) entity is sending payment to the university, departments must request payment by means of a U.S. Postal Order, a Cashier’s Check drawn on a U.S. Bank, or a check payable in “U.S. Dollars” drawn on a U.S. bank or a bank located in a U.S. Territory (e.g., Puerto Rico, Guam, U.S. Virgin Islands, American Samoa). Additionally, Canadian checks presented in U.S. dollars drawn on a Canadian bank are also accepted. This policy is considered reasonable since non-U.S. checks will not clear through the normal U.S. banking deposit process. A non-U.S. check can be presented separately to a U.S. bank as a “collection item”, however, the collection costs range from $50 – $100. Questions about the non-U.S. check policy should be directed to the Accounts Receivable Unit of the Controller’s Office.

ALL CHECKS PAYABLE TO NORTH CAROLINA STATE UNIVERSITY MUST BE DEPOSITED TO UNIVERSITY ACCOUNTS.