REG 07.30.02 – Receipt Centers – Deposit of Funds

Authority: Vice Chancellor for Finance and Administration

History: First Issued: November 1, 2001. Last Revised: May 4, 2004.

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:
University Controllers Website

Contact Info: University Controller (919-515-3824)

1. Purpose

Funds received by schools, departments, or units of the University must be deposited at the University Cashier’s Office by personnel from authorized receipt centers. The following statement provides procedures for the deposit of funds.

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 unless the amount of the receipts is less than $250. When as much as $250 has been collected, a deposit must be made. Additionally, a deposit must be made at least once per week even when less than $250 has been accumulated, as well as at the end of the month. Each unit must establish operating procedures to ensure compliance with the General Statutes.

All checks received as payments of University Invoices (Form JVS-3) should be forwarded to the Accounts Receivable Section of the University Accounting Office. Campus receipt centers should not deposit these checks with the University Cashier.

A Notification of Gift (Form BA-151) must be completed for all deposits coded to revenue object codes 0269 and 0270 and forwarded to the Development Office. See Section E.

When a new account must be established, checks can be deposited with the University Accounting Office in a holding account and transferred to the new account when it has been authorized. The General Accounting Office (extension 2159) should be contacted regarding these deposits.

In accordance with State policy, when a foreign country is sending payments to the University, all 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). This policy is considered reasonable since foreign checks will not clear through the normal U.S. banking deposit process. A foreign check can be presented separately to a U.S. Bank as a “collection item”, however, the collection costs range from $50- 100. Questions about this foreign check policy should be directed to the Director of the University Cashier’s Office, extension 2986.


3. Procedures

3.1. Complete a University Deposit Slip, NCSU Form BA-027 (see instructions on page 2).

3.2. Record the financial code on the back of each check which is to be deposited.

3.3. Make an adding machine tape of all checks if Form BA-027A, Supplement to University Deposit Slip, is used and attach the tape to the deposit slip package.

3.4. All deposits should be hand carried to the University Cashier, 1101 Pullen Hall, in order to comply with the twenty-four hour deposit requirement. The Cashier’s Office is open each workday from 8:15 a.m. to 4:15 p.m.

4. Form

Forms BA-027, University Deposit Slip, and BA-027A, Supplement to University Deposit Slip, may be purchased from Central Stores.

5. Instructions for Completion of Form

5.1. University Deposit Slip (BA-027)

5.1.1. Enter financial code(s) to which funds are to be deposited.

5.1.2. Enter amount to be deposited for each financial code.

5.1.3. Enter name of school or organizational unit and department.

5.1.4. Enter brief description of deposit on line 01.

5.1.5. Enter name of individual preparing deposit slip, date of preparation, and campus extension number of individual preparing deposit slip.

5.1.6. Enter payor’s name.

5.1.7. Enter check number. When depositing cash, enter the word “Cash” in this column.

5.1.8. Enter date of check.

5.1.9. Enter invoice number, if applicable (Normally, not for department use).

5.1.10. Enter amount of each item deposited. Total deposit must equal total amount in item 2 above.

NOTE: Checks must be listed separately when received in payment of University Invoices. Each column must be completed.

When more than four (4) checks are involved in a single deposit, use Form NCSU BA-027, Supplement to University Deposit Slip, as a continuation form.

5.2. Supplement to University Deposit Slip (BA-027A)

5.2.1. Enter document number and date prepared from University Deposit Slip.

5.2.2. Enter payor’s name, check number, check date, invoice number, and amount.

5.2.3. Enter total amount (this page only). Total amount of each supplemental sheet plus each item listed on the University Deposit Slip must equal the “Total Listed Items For Deposit” shown on the deposit slip.