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 112008
Gainesville, FL32611
Phone: 352-392-9057 (general information)
Phone: 352-392-0185 (cashiering)
Fax: 352-846-3576

University Bursar
S-113 Criser Hall
PO BOX 114050
Gainesville, FL 32611
Ask Bursar Help
Phone: 352-392-0181 (Customer Service)
Fax: 352-392-3448

Disbursement 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 by writing “Pay to the order of the University of Florida,” followed by their personal signature, and then the check should be restrictively endorsed by the receiving department with the proper UF endorsement 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

Cash Fund Types
There are two different types of cash funds: Change Fund and Petty Cash Fund. Cash Fund throughout this policy will encompass both unless specifically indicated otherwise.

Change Fund – A Change Fund is used solely to make change for customers purchasing goods or services from the University. No purchases or disbursements can be made from a Change Fund. The balance of the Change Fund must remain the same at all times.

Opening a Change Fund – To establish a new Change Fund, departments must submit the following forms:

  1. Request for new Change Fund – The Request for New Fund form requires information such as the department information, primary purpose of the fund, chartfield string being used, custodian delegation, and authorizing signatures.
  2. New Change Fund Information – The New Fund Information – Change Fund form requires information such as how the fund will be secured and reconciled, and the names of staff with access to the fund.

Once both forms are fully completed, the original forms or an image of the signed forms must be sent to Treasury Management via email to, fax to 352-846-3576 or mail to S-113 Criser Hall, PO Box 112008, Gainesville, FL 32611-2008 for approval.

Note that the amount on hand should remain the same at all times; therefore, Change Funds do not require replenishment. No documentation is necessary when providing change for customers.

Petty Cash Fund – A Petty Cash Fund provides a convenient way to pay for minor allowable business purchases. Departments should limit their Petty Cash account to the lowest amount that will meet their needs. Petty Cash Funds should not be used for payments to research participants.

Opening a Petty Cash Fund – To establish a new Petty Cash Fund, departments must submit the following forms: 

  1. Request for new Petty Cash Fund – The Request for New Fund form requires information such as the department information, primary purpose of the fund, chartfield string being used, custodian delegation, and authorizing signatures.
  2. New Petty Cash Fund Information – The New Fund Information form includes the basis for the new fund and specific questions regarding the type of fund. The form includes the department and custodian name, how the fund will be secured and reconciled, how the fund will be used, how purchases will be documented, and the names of staff with access to the fund.

Once both forms are fully completed, the original forms or an image of the signed forms must be sent to Treasury Management via email to, fax to 352-846-3576 or mail to S-113 Criser Hall, PO Box 112008, Gainesville, FL 32611-2008 for approval.

Cash Funds – Treasury Management processes and approves all requests for a new fund. The establishment of a fund requires approval from the dean, director or department head who is responsible for the chartfield and purpose of the fund. The fund must have one person designated as the custodian, although more than one person may have access to the fund. The custodian is responsible for establishing, securing, maintaining, and closing the fund. The custodian must be an employee of the University of Florida.


    1. Obtaining the Cash Fund Once the request is approved and submitted to Treasury Management, a check will be issued to the assigned custodian. An appointment will be arranged for the custodian to come to the Treasury Management department at Criser Hall, room S-113 to pick up the check. Upon receiving the check, the custodian must sign the Custodian Receipt and Responsibility Statement. The custodian has the option to cash the check with the Cashier Office or at any bank. The Cashier Office will need to be notified two days in advance with the specific denominations the custodian requests to ensure the amount needed is available.
    2. Securing the Cash Fund – The custodian is responsible for safeguarding the fund against theft and misuse. It is recommended to secure the funds using a lockbox or safe that is in a secured place such as a locked office, desk drawer, or cabinet. The custodian should keep any key or code combination for the lockbox in a secure place that is not left accessible to anyone who does not have authorized access to the fund. The key or code combination must change when there are staff changes involving those with authorized use of the key or access code. Funds should never be left unattended or unsecured.
    3. In Case of Loss – Cash funds should be counted regularly to ensure that the fund is not over or short, and any discrepancies should be investigated and resolved. In case of discrepancy or loss please notify Treasury Management. In the event of suspected fraud or theft, the custodian should immediately notify Treasury Management and the University Police Department. A copy of the police report should be submitted along with accompanied documentation to Treasury Management. Petty cash is a loan, this means that in the event there is a discrepancy or loss, the fund must be replenished to its original balance from departmental sources.
    4. Cash Fund Management – The fund should be accessible when needed, therefore, at least one additional person should have access to the fund. Any additional employees with access to the fund should be included on the “Request for New Fund” form and carries the same responsibility of managing the fund as the custodian. All cash funds are subject to review by Treasury Management. A Cash Fund Activity Log is used to record when funds are taken offsite. The custodian and authorized employee must complete the Cash Fund Activity log when checking out and returning funds. The authorized employee is responsible for safeguarding the fund while in transit.
    5. Cash Funds must not be commingled with any other funds – Funds must be kept physically separate from other Change or Petty Cash Funds, and separate from other department or personal money. If a custodian has more than one Cash Fund, it is best to have separate lockboxes for each fund. If one Cash Fund is low on funds, custodians are NOT allowed to “supplement” that Cash Fund with money from another fund – this is considered commingling of funds.
    6. Changes to a Cash Fund – Any changes to a fund should be communicated to Treasury Management by completing a “Change to Existing Fund” form. Changes include the following:
      1. Location of the fund
      2. Custodian of the fund
      3. Chartfield information
      4. People with access to the fund
      5. Increasing a Cash Fund – Cash Funds might occasionally need to be increased due to a change in business procedures or increased activity (e.g. expansion of operations requiring additional cash registers). In cases where an increase of funds is necessary, the custodian will complete the “Change to Existing Fund” form with the requested amount and the reason for the increase. If approved, an increase to an existing fund will be handled similarly to a new fund: Treasury Management will generate a check, made payable to the custodian, for the amount of the increase. The custodian will be asked to come in and pick up the check from Criser Hall.
      6. Decreasing a Cash Fund – Cash funds might occasionally need to be decreased due to decreased operations. This is accomplished by a partial closure to the fund. The custodian will complete the “Change to Existing Fund” form with the requested amount and the reason for the decrease. Treasury Management will then create a deposit for that amount, and the department must deposit the money with the cashier’s office.

Note: When a department is transferring ownership of a fund from one custodian to another, the process must be documented by the department, and by submitting a “Change to Existing Fund” form to Treasury Management. In addition, a physical count of the fund should be completed to verify the cash on hand, receipts, and money that has been checked out is equal to the original amount of the fund. The department must document the transfer of custodian and assure the Cash Fund amount is accounted for.

  1. Reconciliation – The Cash Fund should be reconciled by comparing the amount of authorized fund balance to actual cash and receipt totals. Someone independent of the custodian should perform a reconciliation at least once a month. Reconciling the cash fund ensures that the sum of replenished receipts, cash on hand, and money that has been checked out is equal to the original amount of the fund. Management will review and approve all reconciliations for accuracy. Retaining the monthly reconciliations, reimbursement records, and replenishment records for current and previous fiscal year is required for auditing purposes.
  2. Closing a Cash Fund – It is the custodian’s responsibility to immediately close the cash fund once the purpose for which it was initially established for has ended or has changed significantly. If the custodian assigned to the cash fund ends employment with the University, the cash fund must be closed or assigned a new custodian using the “Change to Existing Fund” form as previously stated. The cash fund balance must be reconciled by comparing the amount of authorized fund balance to actual cash and receipt totals. The fund must be replenished to its original balance before being closed. To close a Cash Fund contact Treasury Management at Management will create a deposit in PeopleSoft and will notify the department of the deposit number. The department’s fiscal office then proceeds with the remaining steps of the deposit (creates a deposit transmittal form and submits the deposit to the Cashier Office at Criser Hall as with other departmental deposits).
  3. Review of Cash Funds – Treasury Management is responsible for the sound stewardship of the University’s cash and investments. This includes Change Funds and Petty Cash Funds. Treasury Management is responsible for regularly reviewing all Cash Funds to confirm whether the fund is being used for the purpose it was initially set up for, and to ensure the controls surrounding the funds are in place and operating effectively. Departments will complete and return cash fund balance confirmations annually. Petty Cash funds should be active. Inactive funds should be closed out by contacting Treasury Management. Funds are considered inactive if they have no activity during a fiscal year.
  4. Unannounced Counts – All Cash Funds are subject to periodic, unannounced counts and reviews. The count and review will consist of counting the fund’s cash on hand along with reviewing any unreimbursed receipts for proper documentation. The amount of cash on hand along with un-replenished receipts and money that has been checked out should always equal the total amount of the authorized fund balance. Any discrepancies between cash, receipts, and the Cash Fund Activity Log will be investigated further. It will also consist of assessing the controls around the Cash Fund to confirm that the fund is being used for its intended purpose and whether it is still necessary. The custodian is responsible for maintaining the Cash Fund and having it available, via backup custodian, for Treasury Management review even when they are not available. The custodian should witness the count and review, as well as provide explanation for any variances. The custodian will be provided a copy of the Cash Count Sheet t for retention purposes. At the completion of the Cash Fund review process the reviewers will provide the custodian the results of the review. The “Cash Fund Checklist” form should be reviewed, signed, and returned to Treasury Management at
  5. Annual Confirmation – Treasury Management will send out an annual balance confirmation to be completed by the custodian and signed off by the dean, director, or department head by March 31st. Departments with Cash Fund(s) will complete and return a balance confirmation annually. It will confirm the balance of the fund, whether the fund is still necessary and being used for the same purpose it was initially opened for, the name of the custodian responsible for the fund, and the location of the fund. Completed and signed Cash Fund balance confirmation form should be returned to Treasury Management at

Petty Cash Funds:

  1. Documenting Petty Cash Purchases – The custodian is responsible for appropriately documenting all purchases of a Petty Cash Fund. Treasury Management has created a Cash Fund Activity Log that departments can use as a template, if desired. The department also has the option to create their own log to track purchases. Regardless of what Cash Fund Activity Log is being used the department should include: authorized employee’s name, date, amount, purpose, and initials from both the custodian and the authorized employee. Receipts from purchases must be retained with the fund to support the total amount of the Petty Cash Fund and the replenishment of the fund. A petty Cash Fund provides convenience for small transactions for when using a PCard or other payment methods are unreasonable. Petty Cash Funds may not be used for personal loans, reimbursements of purchases made on personal credit cards or debit cards, travel expenses, or taxes for which the University is not liable (e.g. sales tax, freight taxes, or federal excise taxes). It is important that the procedures in use by a department include the following aspects:
    1. Any cash received by an employee to make an approved purchase should be recorded on the Cash Fund Activity Log confirming receipt of the money.
    2. Receipts for each transaction are required regardless of the amount. Receipts are kept as evidence for the Cash Fund Activity Log and are required to replenish the fund.
    3. The amount of cash on hand along with un-replenished receipts, and money that has been checked out should always equal the total amount of the authorized Petty Cash Fund balance.
    4. If goods and services purchased using a Petty Cash Fund are returned to the supplier, the custodian must be notified. The custodian should properly document the return.
    5. Petty Cash Funds that are not regularly replenished should be assessed to determine whether they are still necessary.
  2. Replenishing Petty Cash Funds – The custodian is responsible for replenishing the Petty Cash Fund on a regular basis or when the cash fund is running low. Petty Cash is a loan from Treasury Management, which means the money spent must be replenished at least once to bring the Petty Cash Fund back to its authorized fund balance. Before the Petty Cash Fund can be replenished, it must be reconciled by comparing the amount of the authorized fund balance to actual cash and receipt totals.

To replenish a Petty Cash Fund, an unencumbered voucher must be created in myUF Payment Solutions (MPS) payable to the custodian using the associated supplier ID number. The supplier naming convention is “[custodian name] for Petty Cash”. The expenditure(s) will be recorded against the appropriate departmental chartfield. The voucher must be supported by the Cash Fund Activity Log and an image of the receipts must be attached.

UF’s Disbursement Services website provides detailed instructions on how to create an unencumbered voucher. Section 5E on the “Disbursements Directives and Procedures (PDF)” discusses unencumbered disbursements.

Note that commitment control/PeopleSoft General Ledger is not charged for a Petty Cash expenditure until the Petty Cash 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 up under the project purchases, if applicable).

The department should keep all original receipts for auditing purposes 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).

Original receipts must be provided by departments when seeking reimbursements for their Petty Cash Fund. A “Replacement Receipt Form” must be completed and signed by both the supervisor and an authorized employee in the case of a missing or lost receipt.

Contact Information

Treasury Management
S-113 Criser Hall (Map to Criser Hall)
PO Box 112008
Gainesville, FL32611
Phone: 352-392-9057 (general information)

For additional contacts please see the Employee Directory, Treasury Management staff will be happy to provide assistance regarding Cash Funds.


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.