Cash Handling and Controls
The purpose of the cash handling procedures is to provide direction for departments in the collection of funds by clearly defining the responsibilities in the cash handling process.
Internal control requirements have been established for each University department to ensure the protection of the University’s assets. These controls include the following:
- Segregation of duties
- Proper receipting and documentation
- Use of restrictive endorsement
- Adequate safeguards for handling and transporting of cash
- Timeliness of deposits
For more information, please see the Cash, Collections, Receivables and Investments section of the Directives and Procedures.
For training guides, please see the myUFL Toolkits.
For a thorough discussion about Internal Controls please take training class PRO303 available online through UF Training and Organizational Development.
It is critical that there is a segregation of duties in order to maintain the security of the University’s assets. The responsibility of receiving cash, the depositing of cash and the reconciliation of the deposit should be separated and performed by different individuals. In other words, in no case should the person taking the cash be the same person making the deposit or reconciling the deposit.
All monies received by University departments must be properly receipted by cash register, Uniform Cash Receipt or check log and then prepared for deposit into an authorized account for the University.
For more information see Directives and Procedures – Cash Handling and Receipting.
A Cash Handling Tutorial is also available.
Checks should be made payable to the University of Florida or to a department under direct control of the University. All checks must be restrictively endorsed immediately upon receipt and recorded appropriately. This includes endorsements by any individuals also named as payee on the check. If the check is made payable to an individual, that person must endorse the back of the check first with “Payable to UF,” followed by their signature and then the check should be restrictively endorsed with the UF stamp.
Note: Departments may order their own stamps. The following format should be used when ordering an endorsement stamp:
For Deposit Only
Wells Fargo Bank, N.A.
University of Florida
Board of Trustees
(Department ID number optional)
Questions concerning endorsements should be addressed to the University Cashier’s Office at 352-392-0185.
Each department is responsible for the conveyance of their cash & check collections to the University Cashier’s Office. Money must be carried in person in a lockable bag. Campus mail system should not be used for transporting deposits. An armored courier service is also available for a fee. For information on the armored courier service contact the University Cashier’s Office at 352-392-0185.