Cash, Collections, Receivables and Investments

  1. Introduction and Contact Information
  2. Definitions
  3. General Internal Control Requirements
  4. Bank Accounts
  5. Cash Handling and Receipting
  6. Deposit Procedures
  7. Check Cashing
  8. Returned Checks and Electronic Checks/ACH/EFT(s)
  9. ACH/EFT and Wires
  10. Investments
  11. Petty Cash and Change Funds
  12. Credit Cards, E-Commerce Security and Management Policy
  13. Student Accounts Receivable
  14. Financial Aid Disbursements

1. Introduction and Contact Information

    1. The purpose of these University of Florida Directives and Procedures is to provide direction for the management of cash, receivables, and investments for University departments. Department heads and managers of units that collect University funds remain primarily responsible for ensuring that adequate control procedures are in place to secure University collections and funds. These Directives and Procedures have been established to provide a framework for guidance to establish minimum control standards for cash handling and investments.
    2. Contacts:Treasury Management
      S-113 Criser Hall (Map to Criser Hall)
      PO Box 114050
      Gainesville, FL32611
      Phone: 352-392-9057 (general information)
      Phone: 352-392-0185 (cashiering)
      Fax: 352-846-3576University Bursar
      S-113 Criser Hall
      PO BOX 114050
      Gainesville, FL 32611
      Ask Bursar Help
      Phone: 352-392-0181 (Customer Service)
      Fax: 352-392-3448Disbursement Services
      114 Elmore Hall
      PO Box 115350
      Gainesville, FL32611
      Phone: 352-392-1241
      Fax: 352-392-0081


2. Definitions

    1. Cash– for purposes of this policy cash is defined to include currency, checks, money orders, and credit/debit card collections.
    2. Internal Controls– Internal controls generally comprises the plan of organization and all of the coordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies. For purposes of this policy the emphasis on controls will generally be related to the methods and practices necessary to ensure the safeguarding of University cash, collections, deposits, petty cash and change funds.
    3. Treasury Management – This University department is responsible for cash management of the University. These responsibilities include banking administration, managing investments, receiving and depositing university revenue, assisting with internal control issues, follow-up of audit, and reconciling University bank accounts.  The areas within this department are the University Cashier, deposit controls, credit card compliance, cash reconciliations, human subject payments and investments.
    4. University Bursar –This University department is responsible for billing and collection of student charges for tuition and other charge amounts (such as housing, parking fees, library fines, prescriptions and lab work at the Infirmary, laser print copies at Academic Technology, etc..) in the PeopleSoft Student Financial system and student loans.  This department also disburses student aid and bills third parties for student receivables.  Areas in this department include Student Account Receivables/Customer Service, Fee Accounting, Student Financial Aid Accounting, Financial Aid Disbursements and Collections.


3. General Internal Control Requirements

    1. It is recognized that no one control model effectively or efficiently fits the needs of all cash collection areas. However, there are certain standard control procedures that are expected to be in place, unless there is a demonstrated and justifiable reason for not doing so. In such cases, there would be an expectation that alternative or compensating control procedures be put in place. The standard control procedures generally expected to be established for each University department are as follows:
        1. For collections not received through the mail, but rather in person, it is expected that proper receipting devices, such as, cash registers, cashiering terminals or Cash Receipts, be used to receipt funds at the initial point of collection and that all customers be provided with a receipt or cash register tape. Checks should be restrictively endorsed immediately upon receipt. Cash registers should have appropriate control features and the operator should not have the ability to reset totals. Treasury Management should be consulted about the control features of any planned cash register purchases. For more information see the “Cash, Handling, and Receipting” section in these directives.
        2. An employee with no cash handling responsibilities (who does not collect or deposit funds) should ensure that all funds receipted for have been properly deposited and recorded. This separation of duties is essential to an effective control process. Generally, the individual that provides this check and balance is someone with the accounting responsibility.
        3. Collections received through the mail should be receipted or logged and restrictively endorsed at the earliest point in the collection process. These receipts or logs should subsequently be compared with the deposit and collections recorded.
        4. Persons with the responsibility for maintaining and billing accounts receivable should not be given responsibility for collecting payments.
        5. Different employees should not work simultaneously out of the same cash drawer. Whenever funds are transferred among employees, responsibility should be fixed through some receipting mechanism.
        6. Cash collections, petty cash, research stipend, and change funds should be adequately secured at all times. Cash drawers should be locked when a cashier must be away from his or her workstation. Safe combinations should be changed whenever staffing changes occur among those that know the combination.
        7. Persons with assigned cash handling responsibilities should be given clear written procedures regarding their responsibilities with regard to the handling and control of cash collections or change funds. It should be made absolutely clear to such individuals that personal loans or the cashing of personal checks from cash collections, petty cash, research stipend, or change funds is prohibited. At a minimum, persons handling cash should be required to read these cash handling procedures and sign a copy acknowledging that they have read and understand them. Police background checks should be performed on any new employees who will have significant cash handling responsibilities. This should be coordinated through Human Resources.


4. Bank Accounts

    1. Establishment and Approval of Bank Accounts:
      1. The University Controller has responsibility for provision of banking services for the University. Accordingly, bank accounts in the name of the University of Florida or accounts using the University’s tax id number can only be established by the University Controller.
      2. All such accounts must reside within banks approved by the Board of Trustees as public depositories.
      3. Banking services for direct support organizations are excluded from these provisions.


5. Cash Handling and Receipting

    1. Cash Handling – All monies received by University departments must be receipted by cash register, cash receipt, or check log, and prepared for deposit into an authorized depository account for the University.
    2. Statute requires that all checks submitted for deposit into a University of Florida account must belong to the university; hence, checks should be:
      • made payable to the University of Florida, or
      • made payable to a department/center under the direct control of the University of Florida as reflected on the endorsement, or
      • should be endorsed over to the University of Florida, or should have support indicating the maker intended the check to be deposited by the University of Florida.

      Otherwise, departments will be contacted for resolution. Checks made payable to a university component unit (i.e., the UF Foundation) must be deposited by that component unit into its account or endorsed over to the university.

    3. Checks must be drawn on a United States bank in US dollars and must be restrictively endorsed immediately upon receipt. Any exceptions must be approved by the University Controller’s Office.
    4. Mail Logs – If checks are received through the mail, a check log should be prepared by the person opening the mail. Cash receipts may be used in lieu of a check log when checks are received infrequently. In such instances the cash receipt must be prepared as the mail is opened. If a check log is utilized, it must be constructed and maintained as each check is received. The check log should provide the check date, number, amount, and the payer.
    5. Check Endorsement – All checks must be restrictively endorsed immediately upon receipt. 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 Name (Department ID number optional)

      Each check must be restrictively endorsed with this stamp 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 “Make payable to UF”, and then the check should be restrictively endorsed with the UF stamp. Questions concerning endorsements should be addressed to the University Cashier Office at 352-392-0185.

    6. Use of Cash Receipts:
      1. Issuance of Receipts – Cash Receipts must be issued when cash or checks are received in person. Receipts should be pre-numbered and two-part. One copy should be provided to the payer and the other copy retained by the department to allow the independent verification of deposits by another person. The person verifying the deposit should account for the sequentially numbered receipts, including voided receipts.
    7. Cash Movement and Deposit Procedure
      1. Remission of Deposits to University Cashier – University of Florida departments should remit all cash or check collections to the University Cashier at Criser Hall for deposit into the University bank account no less frequently than weekly (within five business days of receipt). Whenever collections exceed $1,000, they must be deposited within one business day to the University Cashier. Checks that will be deposited into a grant fund or a travel-related account should be remitted to the Contracts and Grants, Office of Research or Travel Office no less frequently than weekly. Whenever collections exceed $1,000, they must be remitted to the Contracts and Grants, Office of Research or Travel Office within one business day. Should collections include credit card or debit/ATM card payments, a deposit should be made by the next business day. The only exception to the general policy is that all collections are to be deposited at fiscal year-end regardless of amount.
      2. Movement of Funds
        1. Deposits – Deposits should not be sent through the campus mail system. Deposits may be dropped in the 24 hour depository located outside the Cashier Office at Criser Hall. Departments may hand deliver their deposits to the University Cashiers, S113 Criser Hall, between 8:30 AM and 10:30 AM, Monday through Friday. An armored car service is also available; however there is a charge for this service. For information on the armored card service contact the University Cashier at 352-392-0185
        2. Cash – Departments will ensure that adequate protection is provided whenever cash is moved between buildings; locked bags will be utilized for the transporting of paper and coin currency. Lockable bags may be purchased by contacting the University Cashier. Each department is responsible for conveyance of their collections to the University Cashier
        3. Special Situations – Large concerts and other productions should make security arrangements directly with the University Police, 352-392-1111, and University Cashier, 352-392-0185 for movements of cash.


6. Deposit Procedures

    1. Cash and Checks – Before funds are remitted to the University Cashier, the deposit transaction must be recorded in MyUFL. Deposits may only be recorded by employees with the security role of UF_ AR_Cashier. Your Department Security Administrator (DSA) should be contacted to obtain this security role after completion of PST021–Making Deposits in MyUFL, TRM200–Explaining UF Cash/Check Controls, and PST956–Online Journal Entry 9.1 training courses. More information on deposits including training and web tutorials is available on the myUFL Toolkit. All employees that handle cash and checks or that review such transactions as part of compensating controls (even if they do not hold an AR-related security role) should be required to complete TRM200–Explaining UF Cash/Check Controls, as part of the department’s reasonable efforts to train personnel on their responsibilities.
    2. After entering the deposit into the system, print and sign the Deposit Transmittal Form (see the myUFL Toolkit). Forward all collected monies to the University Cashiers office for final processing. Include copies of the:
      • Deposit Transmittal (signed)
      • Adding machine tape(s) that agrees with total of amount sent submitted for deposit
    3. Health Center Deposits – All local Health Center locations, with the exception of the Medical Center Bookstore, may bring their deposits to a central location. Further information on these procedures can be obtained by calling Health Center Post Office at 352-273-5022.
    4. Credit Card Settlements and Deposits – Credit card or debit/ATM card transactions also must be recorded in myUFL (see myUFL Toolkit). Credit card and debit/ATM card transactions must be settled electronically daily and recorded in MyUFL by the following day regardless of amount. Treasury Management will process your deposit daily. It is not necessary to send a Deposit Transmittal to Treasury Management. However, you should keep a copy of the Deposit Transmittal as well as a copy of settlement tape on file. For more information see the section on credit card compliance.
    5. ACH/EFT and Wires – Treasury Management will notify the departments by e-mailing a copy of the bank electronic advice. The department should record a deposit into MyUFL as soon as possible after receipt, but not later than the following day. Treasury Management will process your deposit daily. It is not necessary to send a Deposit Transmittal to Treasury Management. However, you should keep a copy of the Deposit Transmittal as well as a copy of the bank electronic advice on file. For more information see the section on how a customer can send you electronic payments.
    6. Cash Expense Refund – Cash Expense refunds include refunds, reimbursements, rebates, and returned funds from a vendor. In the myUFL system, you must enter the deposit the same way you do a check deposit. For step-by-step instructions, including prior year expense refunds, see the Cash Expense Refund tutorial.
    7. Deposits to Grant Funds – All deposits to funds 201, 209, 211, 212, or 213 must be processed by Contracts and Grants. If you receive a check that must be deposited to a grant fund, restrictively endorse the check and send the check to the Contracts and Grants office (PO Box 113001, 123 Grinter Hall). Note that this rule also pertains to cash expense refunds. If you have a cash expense refund that relates to a grant fund, complete the Cash Expense Refund Form and fax image the completed form using the original voucher’s cover sheet to Fax Imaging (846-1020). Then send the completed Cash Expense Refund Form and restrictively endorsed check to the Contracts and Grants office.
    8. Deposits to Travel Accounts – All deposits to travel accounts (77xxxx) must be processed by the University Travel Office in University Disbursement Services. If you receive a check that relates to a travel account (generally a cash expense refund), complete the Cash Expense Refund Form and fax image the completed form using the original voucher’s cover sheet to Fax Imaging (846-1020). Then send the completed Cash Expense Refund Form and restrictively endorsed check to the University Travel Office (PO Box 115350, 114 Elmore Hall).
    9. Deposit Corrections – If a deposit has been processed (Budget Check) in error, it must be corrected by a DPC journal entry. For step-by-step instructions, see the myUFL Toolkit regarding journal entries. If necessary, departments can correct deposits before they are processed (Budget Check). For instructions, see the myUFL Toolkit. Under no circumstances should a department delete a deposit. If a deposit needs to be deleted, send an e-mail to Treasury Management at For more information on deposit corrections, contact Treasury Management at 352-392-9057.


7. Check Cashing

    1. The University Cashier will accept checks only for the amount due in payment of fees, accounts receivable, loans and other student debts. Checks cannot be cashed on the University of Florida Campus; however, ATM machines are located at the HUB, the Welcome Center, the Orthopedic Center, Gator Corners, the Veterinary School, the Health Professional Nursing School, Broward Dining, and the Stephen C. O’Connell Center.


8. Returned Checks and Electronic Checks/ACH/EFT(s)

    1. When a check is returned by the bank for any reason the University Cashier will charge the responsible department for the amount of the check and forward the returned check to the appropriate department.
    2. When a payment (check or electronic check/ACH/EFT) is returned, the following return payment charges should be assessed: $25 if the payment  is $50 or less; $30 if the payment  is greater than $50 but less than $300 and $40 if the payment  is greater than $300. Payment to satisfy the returned payment amount and applicable returned payment charge must be in the form of a cashier’s check or money order. Personal check, credit card, debit card and cash will not be accepted.
    3. When an electronic check/ACH/EFT is returned, due to unintentional processing error by the    payer, such as entering an incorrect bank account number, the following return payment charges should be assessed: No charge if less than $10; $10 if the electronic check/ACH/EFT payment of $10 or more was returned. Does not require payment in cashier’s check or money order.
    4. Student Returned Items
      1. Student Returned  Payments for tuition or non-tuition charges –If the returned payment was to pay student tuition, or non-tuition charges recorded in the  Student Financial System (SFS) those charges are reinstated in the SFS system along with a return payment charge. A financial hold is placed on the student’s account. University Bursar will continue the  collection activities.
      2. Student Returned Payments for Other Charges – If the returned check was from a student for charges other than tuition or  non-tuition charges the University cashier will reverse the accounting entry and return the check to the University department. The department may place the total debt (returned check amount and returned payment charge) in the SFS system or begin collection activities itself. It is the  responsibility of the department to begin appropriate collection procedures immediately. If the department  does not place the debt in SFS system then the following steps for non-students should be taken.
    5. Each department will establish and maintain procedures for the collection of returned checks to include, but not be limited to those outlined below. The University Controller must approve any exception to this policy:
      1. Send a certified letter of notification to the issuer of the returned check within seven days of the department’s receipt of the returned check. The certified letter will include notification of the assessment of a returned check charge and demand immediate payment by cashier’s check or money order.
      2. The total check, including returned check charges, is less than $100, and collection actions fail, then the department should include the check in the annual bad debt write-off.
      3. Non-employees – If the department’s collection efforts have failed, non-employees will be sent to an external billing service and collection agency if the returned check and the return check charge total greater than $100.  Collection cost may be assessed as well.
    6. Employees – If the department’s collection efforts have failed, the University Bursar will help you to begin payroll deduction set-off procedures for university employees for any amount of the returned check. For question on this process call University Bursar, Collections Unit at 352-392-0766.


9. ACH/EFT and Wires

    1. To receive domestic ACH/EFTs or domestic/international wire payments into the University of Florida bank account for the first time, an agency or customer must be authorized to do so. If the agency or customer is not authorized, departments must contact Treasury Management at 352-392-9057 and request that an agency or customer be allowed to send payments to the UF bank account.
      1. For new ACH/EFT and wires, departments should provide Treasury Management the following information using the ACH/Wire Request Form:
        • Name of the department that will receive the money
        • Name and address of payer (in the case of international wire: add country)
        • Any information to help the payee identify the reason for the payment (invoice number, name of keynote speaker, department name etc.)
        • Payer’s telephone, fax and email address
        • Any special instructions that apply to the transactio
        • Copy of the contract, payment order, payment instructions, invoice, registration form, etc. related to the payment
      2. Treasury Management will contact the agency/customer and provide the following information:
        • All necessary banking information (i.e. Routing and Transit, account number, etc.)
        • Any special instructions that apply to the transaction
        • Copy of the contract, payment order, wire instructions, invoice, registration form, etc. related to the payment
      3. Bank service fees related to processing the wire will be passed on to the department. International wire payments may be subject to additional fees charged by the originating or destination bank and/or taxes, which will be deducted from the incoming funds unless other arrangements for payment have been made.
      4. ACH/EFT and wire instructions will not be provided to countries on the Office of Foreign Asset Control (OFAC) sanctions list. Additionally, bank information is not provided to Venezuela or Nigeria.
    2. For ongoing ACH/EFT or wires, Treasury Management should be informed by the department at the time of billing, or prior to receipt of each ACH/EFT or wire transfer of the following details:
      • Customer name and address
      • Billing amount
      • Expected time of customer payment
      • Reference, such as invoice numberCommunication with Treasury Management results in quicker tracking of the incoming payment and proper recording of those funds into the correct department’s accounts
    3. Once the benefiting department of an incoming ACH/EFT- or wire transfer is identified, Treasury Management will email the department an “EFT Advice Report” (deposit statement extracted from the UF bank account).
    4. The department will use the information on the EFT Advice Report to record this transaction by means of a deposit into PeopleSoft, whereas the following guidelines have to be maintained:
      • The deposit’s accounting date has to be identical with the date of the EFT Advice Report. If the accounting period is closed due to month end procedures, the date of the following month’s first business day will be used.
      • Treasury Management will provide the accounting date and payment reference to use when recording the deposit.
    5. In the event of a duplicate payment or a money transfer sent to UF in error, the following guidelines apply: The department will record the duplicate transaction like a regular ACH/EFT or Wire transfer into PeopleSoft. Once properly posted to the General Ledger, the department will then process a voucher in the PeopleSoft payables module, which will result in the generation of a check to be mailed to the originating party of the transfer in error.


10. Investments

    1. The University’s investment goal is to maximize investment earnings while maintaining adequate cash to meet the University’s operating needs. Investments are made in accordance with applicable State statutes and University policy. Both cash invested and cash in our bank accounts are analyzed daily and investments are purchased or sold according to our operating cash needs. Invested cash is kept in an interest bearing account. Earnings on investments will be distributed monthly as prescribed by University, State, and Federal Laws, Rules, and Procedures, depending on the source and type of invested funds.
    2. Departments responsible for disbursing funds via bank wires must notify the Investment Accountant at 352-392-2441 or fax 352-846-3576, in advance of any wires for disbursements exceeding $10,000. Treasury Management reserves the right to send any wires the following business day since they are subject to available cash in our bank accounts. Timely notification will allow for the efficient investment of excess funds and insure adequate funds are made available to cover disbursements. Significant costs may be incurred if proper notification is not received.


11. Petty Cash and Change Funds

    1.  Contact Information

      1. Treasury Management
        S-113 Criser Hall (Map to Criser Hall)
        PO Box 112008
        Gainesville, FL32611
        Phone: 352-392-9057 (general information)
        Phone: 352-392-0185 (cashiering)
        Fax: 352-846-3576
      2. Disbursement Services
        114 Elmore Hall
        PO Box 115350
        Gainesville, FL32611
        Phone: 352-392-1241
        Fax: 352-392-0081
      3. Change, Petty Cash, and Research Stipend Fund Coordinator
        Lee Johnson (Accounting Coordinator III with Treasury Management)
        Phone: 352-273-0493
    2. Types of Funds

      Effective September 1, 2015, the University of Florida has two different types of cash funds: change funds and petty cash funds.

      1. Change fund – As the name implies, a change fund is used to make change, generally for customers who are using cash to purchase a good or service from the University. No expenditures or disbursements can be made from a change fund. As a result, the balance of a change fund will always remain the same.
      2. Petty cash fund – Petty cash funds are used to complete minor business cash transactions as part of a department’s daily operations. Petty cash funds specifically exclude payments to research participants for participation in a study as these are included under research stipend funds.
    3. Opening a New Fund

      General Information – Applications for new funds are processed by Treasury Management and approved by the Controller’s Office. Funds using Foundation or Contracts and Grants money will be submitted for review by those offices as part of the approval process. As a result, processing a new change, petty cash, or research stipend fund often takes up to two weeks. Departments should be sure to allow sufficient time for processing of their request.

      One person should be designated as the custodian of the fund, although more than one person may have access to the fund. The custodian is the person that is responsible for all aspects of the fund, including establishing, securing, maintaining, replenishing, and closing the fund. The custodian must be a UF employee (either regular or OPS) of the University of Florida.

      Required Forms – the “Request for New Fund” form needs to be completed for all funds. In addition, a “New Fund Information” form will also need to be completed, which has questions specific to each type of fund. Select the “New Fund Information” form that applies to your type of fund. These forms should be completed and the originals sent to Treasury Management (S-113 Criser Hall, PO Box 114050, Gainesville FL 32611). To speed processing, copies can be faxed to 352-846-3576 or emailed to as long as the originals are also sent via mail.

      Links to forms to open a new fund:

      Change fund forms: Request for New Fund
      New Fund Information – Change Fund
      Petty cash fund: Request for New Fund
      New Fund Information – Petty Cash Fund

      Picking up the fund and cashing the check – Once your application is approved, a check will be generated that is payable to the custodian and the custodian will be asked to come to the Treasury Management offices (S-113 Criser Hall) to pick up the check. The check can generally be cashed by the Cashiering department (also in Criser) or by any Wells Fargo branch. If you want the check to be cashed by the Cashiering department, please give a minimum of 2 days advance notice so we can be sure to have the proper denomination of funds available for you.

    4. Securing the Fund

      The custodian is the person responsible for safeguarding the fund against theft and misuse. Departments generally secure their change or petty cash by means of a lockbox or safe. To secure the lockbox and safe so they cannot be taken offsite without permission, the lockbox or safe is generally maintained in a locked office, desk drawer, or filing cabinet. Keys should be kept by the custodian and not left accessible to anyone not listed as having access to the fund.

      To ensure that the fund is generally available when needed, it is best practice to designate at least one other person to have access to the fund. Anyone with access to the fund must be listed on the application form and must be aware of the policies and procedures regarding the fund.

      If the fund or a portion of the fund is taken off-site, it should be secured while it is in transit. A second lockbox or locked bag might be needed to ensure that the fund (or any portion of the fund) is kept secure.

      Funds must not be commingled with any other funds. This means that the funds must be kept physically separate from other change or petty cash or from other department or personal money. If a custodian has more than one fund, it is best to have separate lockboxes or safes for each fund. If one fund is low, custodians are NOT allowed to “supplement” that fund with money from another fund – this is considered commingling of funds.

      Any changes to the way that the fund is secured, the location of the fund, or the people that have access to the fund should be communicated to Treasury Management by means of the Change to Existing Fund form (see “Changes to a Fund“).

    5. Documenting Expenditures from a Fund

      The custodian is responsible for ensuring that all expenditures from a fund are documented appropriately and done in accordance with UF policy.

      Petty cash fund – Accounting for expenditures under a petty cash fund can be done in a variety of ways. Treasury Management has provided a Petty Cash Expenditure Log to use as a template if departments wish to do so, or they may develop their own procedures. It is important, however, that the procedures in use by a department include the following aspects:

      • Every expenditure should have the date, amount, and purpose for the expense noted on the expenditure log.
      • If a lump sum is given to an employee to make a purchase (i.e. $25.00 to purchase emergency office supplies), that employee should be required to sign to evidence receipt of that money.
      • Receipts should be required for all expenditures, regardless of amount. Those receipts should be kept as support for the expenditure log and used to replenish the fund.
      • At any given point in time, the amount of cash on hand plus unreplenished receipts, plus money that has been checked out (as evidenced by the employees’ signatures) should equal the total fund balance.
      • Funds must be replenished monthly. Funds that are not regularly replenished should be assessed whether or not they are still necessary.

      Note that petty cash funds may not be used for personal loans, travel expenses, or taxes for which the university is not liable (sales tax, freight taxes, or federal excise taxes).

      Funds in which the payments are mailed are considered high-risk and are approved on a case by case basis by the Controller’s office. In all cases, the Controller’s office will need ample assurance that adequate controls are in place to ensure the funds are being protected and used appropriately.

    6. Replenishing a Fund

      Replenishing a fund is the act of creating a check to reimburse the fund for the money that has been spent from it. Because petty cash is a loan, money that is spent must be replenished at least once to bring the fund back to its full balance. Fund balances are generally set such that the fund will need to be replenished once a month, so funds that are open for extended periods may be replenished multiple times.

      To replenish a fund, an unencumbered voucher must be created payable to the custodian vendor account “[Custodian name] for petty cash”. The voucher must be supported by an expenditure log and receipts must be maintained and kept available for auditing in accordance with UF record retention requirements (as the rules for record retention depend on the type of funds used and the nature of the information, please contact the Records Management Office at 392-4180 for more information). All funds must be replenished to the same chartfield that is on file with Treasury Management, except for the account which will depend on the nature of the expenditure. If the chartfield information needs to be changed, please see “Changes to a Fund” for more information.

      For instructions on how to create an unencumbered voucher, see the myUFL instruction guides. To expedite the replenishment process, departments are requested to complete an “alternate check delivery” form and email If this is done before 3:00pm and the voucher is sufficiently supported and has no problems, a check is generally cut and available for pickup by noon the next business day.

      Note that commitment control/PeopleSoft is not charged for a petty cash or research stipend funds expenditures until the fund is replenished. Once the voucher is created as part of the replenishment process, the payments will be reflected in the system (and will therefore show under the project expenditures, if applicable).

    7. Closing a Fund

      The first step in closing a fund is to replenish the fund back to its original balance (see “Replenishing a Fund“). Once the fund is back to its original balance, notify Treasury Management ( that the fund is ready to be closed. The closing process is similar to a standard UF deposit and will need to be done by someone with the ability to make deposits in PeopleSoft (generally a fiscal assistant or administrative person). Once notified, Treasury Management will create a deposit in PeopleSoft (the deposit requires using balance sheet accounts, which is a security limited to core offices) and will notify the department of the deposit number. The department’s fiscal office then proceeds with the remainder of the deposit (creates a deposit transmittal form, completes a support documentation form, and submits the deposit to the cashiering office at Criser Hall as with other departmental deposits). Once Treasury Management receives confirmation that the deposit has been completed, they will forward a receipt to the custodian indicating that the fund has been closed.

    8. Changes to a Fund

      Changes to fund information – Treasury Management must be notified of any of the following changes to the fund:

      • Change in custodianship;
      • Change in fund location;
      • Change in chartfield information;
      • Change to the people that have access to the funds.

      Changing the fund’s location or the people that have access to the fund does not require TM approval – just notification.

      All of the above changes can be done by completing the Change to Existing Fund form.

      Increasing a fund balance – Custodians sometimes find that increasing the balance of a fund is necessary. This is generally due to a change in business procedures (expansion of operations requiring additional cash registers, for example), but can also be due to increased activity (a research project that started slowly but now has full participation). In these cases, an existing fund balance can be increased. To do this, a custodian completes the Change to Existing Fund form, specifying the desired amount of increase and the justification for the increase.

      If approved, an increase to an existing fund will be handled similar to a new fund: a check for the increase amount will be generated by Treasury Management payable to the custodian, and the custodian will be asked to come in and pick up the check from Criser hall.

      Decreasing a fund balance – If a custodian feels that a portion of their fund is no longer necessary (due to decreased operations, or a research project slowing down as it nears completion), the fund can be decreased. This is done by means of a partial close to the fund. The custodian contacts Treasury Management and tells them of the amount of the close, Treasury Management creates a deposit for that amount, and the department deposits the money (see “Closing a Fund“).

    9. Review of Funds (Counts and Confirmations)

      Treasury Management is responsible for the sound stewardship of the University’s cash and investments, including change funds and petty cash funds. As such, we have a responsibility to regularly review the funds to ensure they are still being used as described and that the controls surrounding the funds are in place and operating effectively. This is done through a variety of ways, the most significant of which are the surprise counts and annual confirmations.

      Surprise counts – All funds are subject to periodic, unannounced reviews and counts. During a review and count, the cash on hand will be counted and unreimbursed receipts will be reviewed for adequacy of documentation. The cash on hand, plus unreimbursed receipts, plus money checked out should agree to the total amount of the fund. Any discrepancies will need to be investigated, and the controls that were documented when the fund was approved will be assessed to see if they are in place and operating as expected. Funds should be maintained in an organized manner such that a review and count could be performed even if the custodian is not available (assuming that someone with access to the fund is present).

      Annual confirmations – Confirmations are sent out on an annual basis, requesting the custodian and the dean, director, or department head to confirm that the fund is still in place, is still being used for its original stated purpose, and is still necessary. Custodians are asked to complete the confirmation and return back to Treasury Management.

    10. In Case of Loss

      Funds should be counted regularly to ensure that the fund is not over or short and any discrepancies should be followed up on and resolved. In case of loss, immediately notify the University Police Department (352-392-1111) and Treasury Management (352-392-9057). When a loss occurs, the fund must be replenished as described in “Replenishing a Fund“. A copy of the police report should be submitted along with accompanying documentation to Disbursement Services and Treasury Management.


12. Credit Cards, E-Commerce Security and Management Policy

    1. Introduction
      As a convenience to our customers, University of Florida units and departments may accept credit card payments  or may outsource payment card processing to approved third-party vendors.Any activity involving the acceptance of payments for products or services by means of credit- and/or debit cards requires the initial approval of the University Controller’s Office. Departments may accept

      • VISA,
      • MasterCard,
      • Discover,
      • American Express, and
      • Debit cards with a VISA or MasterCard logo.

      Treasury Management coordinates all payment card related endeavors, including, but not limited to, applications to create merchant accounts or to make changes to an existing account. Contact the Credit Card Coordinator at 352-392-9057 for more information.

      Credit card merchants at the University of Florida are required to follow strict procedures to protect customers’ credit card data. These directives apply to all types of credit card activity (storage, processing and transmission of card information), including transactions processed face-to-face, over the phone, via fax, mail or the Internet.

      Furthermore, these directives provide guidance to maximize compliance with the Payment Card Industry (PCI) Data Security Standards (DSS) and to ensure appropriate integration with the University’s financial and other systems. PCI DSS compliance is required of all merchants and service providers that store, process, or transmit cardholder data and applies to all payment channels, including retail, mail/telephone order, and e-commerce.

      The PCI DSS are standards developed by the credit card companies (including the ones mentioned above) to be followed by all merchants. These standards include controls for handling and restricting credit card information, computer and Internet security, as well as the reporting of a credit card information breach.

      All university credit card merchants, including merchants transmitting via a terminal on a dedicated phone or Ethernet line, must prove compliance with the PCI DSS by completing an annual self-assessment questionnaire and, if applicable, allow for remote external scans by our PCI approved quality assessor. For the complete policy please review the University of Florida Merchant Credit Card Policy (PDF).


13. Student Accounts Receivable

    1. General Procedures
      1. University Bursar serves as the central billing agent for university debts to the University that are entered into the PeopleSoft Student Financials System (PSSF).  .  Email notices are sent to students and faculty/staff with a balance on their account.  These emails are sent the 10th of each month to registered and non-registered students’ and faculty/staffs’ gatorlink email addresses.  They are advised to check their accounts at for specifies on charges due.  Departments needing information concerning the operation of the  PSSF should contact University Bursar at 352-392-0181.
      2. Departments may enter university charges into the PSSF system online after requesting and receiving security access to the system. Charges for less than one dollar should not be entered.
      3. Departments should develop guidelines in the management of receivables, whether student or other. These guidelines should protect university resources and insure that management goals and objectives are achieved. As a minimum they should include:
        • Written policies and procedures for the recording and collection of accounts receivable
        • Adequate internal controls to assure the proper separation of duties and safeguarding of assets
        • A reporting system that accurately reports information
        • Ability to determine compliance with policies, plans, procedures, laws, and regulation
        • A periodic review of aged accounts receivable
      4. The UF Board of Trustees contracts with the following collection agencies on behalf of the University of Florida. Use of an agency other than those listed below should be documented with the approval of the Purchasing Department or other relevant authority. In addition, the department accepts the responsibility of performing any contract monitoring, such as obtaining current bond insurance, for contracted collection agencies.
        • Coast Professional, Inc.
        • Collecto, Inc.
        • Conserve
        • Enterprise Recovery Systems, Inc.
        • General Revenue Corporation
        • National Collection Systems
        • NCO Financial Systems
        • Todd, Bremer and Lawson
        • Williams and Fudge
        • Windham ProfessionalInformation on how to contact the collection agencies may be obtained by calling University Bursar, Collection Department at 352-392-0766.
    2. Student Collections:
      1. Students may make payments for tuition and fees and charges in the PSSF System at the.University Bursar (UB).  Payments on all financial obligations to the University are applied on the basis of the age of the debt.  The oldest debt will be paid first.  UB is open for business Monday through Friday from 8:30 a.m. through 4:00 p.m. These hours are subject to change according to seasonal and workload demands.
      2. Payments can be made at  UB in person, by personal check, cashier’s check or money order .   Payments can be made by personal check, cashier’s check or money order through the mail or at the 24 hour depository box located outside S-113 Criser Hall. Additional drop boxes are located at all residence hall offices and .   UB is unable to accept cash and debit card payments.  Payments by check may be mailed to: University Bursar, PO Box 114050, Gainesville, Florida 32611-4050.
      3.  Credit card payments may be made by MasterCard, Discover or American Express via  MyUFL. A convenience service charge will be charged on the transaction.
      4. Electronic check payments via Electronic Funds Transfer (EFT) for tuition, fees and other student obligations can be made by using MyUFL.
    3. Delinquent Accounts
        1. Delinquent accounts, that are not satisfied after the University has exercised a reasonable collection effort, will be placed with  a University  contracted billing service.The billing service may report certain charges to credit bureaus and place these charges with University contracted collection agencies for action, which may result in litigation on behalf of the University.
        2. If for any reason a student has been delinquent in his accounts, the university temporarily shall suspend further academic progress of the student by placing a financial hold on the student’s record,  which prevents the release of grades, schedules, transcripts, registration, diplomas, loans, the use of university facilities and/or services, and admission to university functions and athletic events, until the account has been  satisfied. The University reserves the right to require that settlement of certain delinquent accounts, including those debts for which the student’s records have a financial hold, be in the form of payment by cashier’s check or money order.


14. Financial Aid Disbursements

The University Bursar disburses financial aid (including Bright Futures and private scholarships) after the aid has been awarded and scheduled by the Office of Student Financial Affairs (Financial Aid Office) and when funds become available.  These funds are first applied to applicable charges due on the student’s account (tuition and fees, housing, book deferments, meal plans, parking decals, etc.) before any refunds are issued.  Students are notified via their Gatorlink email when financial aid has been posted to their UF student accounts.

The University Bursar also refunds financial aid and student overpayment credit balances on the student’s account.  All financial aid refunds (loans, Pell Grants, Bright Futures, other grants and scholarship) are delivered electronically to students’ checking accounts.  Therefore, students are required to sign up for Direct Deposit to receive financial aid refunds. Direct Deposit refunds are processed every business day and are the fastest and secure method for receiving refunds.  Check refunds could take up to 14 days to process.  Parent PLUS loan refunds are sent to the parent borrower via check unless the parent has designated for the refund to go to the student.

The University of Florida administers Federal Title IV financial aid funds on behalf of the U.S. Department of Education.  Title IV funds are financial aid students or Parent PLUS loan borrower may receive as a part of their financial aid award package from UF, and may include one or more of the following:

  • Federal Pell Grant
  • Federal Supplemental Education Opportunity Grant (SEOG)
  • Federal Teacher Education Assistance for College & Higher Education Grant (TEACH Grant Federal Perkins Loan
  • Federal Direct Stafford Loans – Subsidized, Unsubsidized, Grad PLUS and Parent PLUS

Federal regulations require all schools to apply Title IV financial aid funds to “allowable charges”, which are tuition, mandatory fees, housing charges and book deferments without the student and/or parent PLUS loan borrower’s permission.  All other charges are considered “non-allowable” and therefore permission is required.  A recipient of Title IV aid may receive a refund with charges still due on the student’s account because the permission was not granted to the school to pay those charges.

The university financial aid process is very complex and staff should be encouraged to attend the Pro 3 series (academic track) training class, “Managing the Scholarships Process” to get an understanding of the entire financial aid process.