CASHCONTROLGUIDELINES

General
Thetermcashincludescurrency,coin,checks,moneyorder,credit/debitcards,ACHonline
paymentsandelectronicfiletransfers.
Alldepartmentsreceivinganyformofcash,includingcashreceipts,changefundsandpettycash
fundsmustbeauthorizedbytheDirectorofStudentAccounts.Thisauthorizationisestablished
throughaMemorandumofUnderstandingthatoutlinestheresponsibilitiesofthecashsiteand
assignsaccountabilitytoanindividualusuallytheDirectororManagerwithinthe
departmentwhomustsigntheMemorandum.
Allcashsitesaresubjecttoauditandtheauthorizedindividualatthosesitesmustensurethat
thedepartmentcomplieswithallgovernmentalregulations,universitypolicies/proceduresand
therecognizedstandardsforinternalcontrolsasrelatedtocash.Allemployeesassignedcash
handlingresponsibilitiesmustbeinstructedregardingthecashregulationsandguidelinesthat
thedepartmentmustfollowed.

INTERNALCONTROLS
Stronginternalcontrolsarenecessarytopreventmishandlingoffundsandsafeguardassets.
Theyprotectboththeuniversityandtheemployeeshandlingcash.
Thestandardinternalcontrolcategoriesthatauthorizedindividualsshouldbeawareofare:
SafeguardingCash,CashReceipts,Reconciliation,SegregationofDuties,andOther.

SafeguardingCash
YoungstownStateUniversityscashcontrolguidelinesaregovernedbyOhioRevisedCode,Section9.39,
andrequirethatthefundsheldovernightbeminimized.Itrequiresthatallpublicmoneysreceivedbe
depositedonthebusinessdaynextfollowingthedayofreceipt,ifthetotalamountofsuchmoneys
receivedexceedsonethousanddollars.Ifthetotalamountofthepublicmoneyssoreceiveddoesnot
exceedonethousanddollars,thepersonshalldepositthemoneysonthebusinessdaynextfollowingthe
dayofreceipt,unlessthepublicofficeofwhichthatpersonisapublicofficialadoptsapolicypermittinga
policypermittingadifferenttimeperiod,nottoexceedthreebusinessdaysnextfollowingthedayof
receipt,formakingsuchdeposits,andthepersonisabletosafeguardthemoneysuntilsuchtimeasthe
moneysaredeposited.

Accesstocashshouldberestrictedatalltimes.Itshouldbekeptinalocked,securestorage
facilitytowhichonlydesignatedindividualshaveaccess.Thiscouldbealockablecashdrawer,
safe,safecompartmentorfilingcabinet.Thedegreeofsecurityprovidedbythestoragefacility
shouldbecommensuratewiththeamountsbeingstored.
Combinationsorkeystosafesandotherstoragefacilitiesshouldberestrictedtothecustodian
ofthecashanddesignatedbackup.Combinationsorlocksshouldbechangedasnecessary,and
wheneverapersonwiththecombinationorkeyisseparated.
Appropriateprecautionscommensuratewiththeamountsbeingtransportedshouldbetaken
whentransportingcashfromthedepartmenttotheOfficeofStudentAccounts.Alllarge
depositsorthosedepositsmadeonaregularbasisshouldbearrangedbythedepartmentfor
transportbytheYSUPolice.Undernocircumstancesshouldcashbesentthroughcampusmail
orcarriedbyanemployeeinanobviouscontainerorafterdark.

CashReceipts
Allcashshouldberecordedimmediatelyuponreceiptbyuseof:cashregister,dataentryto
computersystem,prenumberedreceiptorhandwrittenlog.Eachindividualcashreceiptshould
beidentifiedandcontrolledbyaunique,sequentialtransactionnumber,suchasacashregister
orhandreceiptnumber.
ChecksshouldbemadepayabletoYSU(departmentnameoptional)andrestrictivelyendorsed
(departmentalnamerequired)immediatelyuponreceipt.Anendorsementstampmaybe
obtainedfromtheOfficeofStudentAccountsandUniversityReceivablesforthispurpose.
Cashreceiptsshouldbedepositedintact.Thefundsdepositedshouldreflectamountsonhand,
lesstheamountofanyassignedchangefunds.Thedepositandsupportingrecordsshould
reflectanycashoveragesorshortages.
Cashreceiptsshouldnotbeusedforpettycashdisbursements,checkcashing,makingchange,
loaning(IOUs)orforanypersonalpurposes.

Reconciliation
Thefollowingreconciliationproceduresshouldbeperformedbyanindividualnotdirectly
involvedinreceivingandrecordingcash:

Cashreceiptsmustbecountedandbalancedtothecashrecordingsattheend
ofbusinessday;similarly,creditcardsmustbesettledandbalancedaswell.

AreceiptforeachcashdepositwillbesentbytheOfficeofStudentAccounts
backtothedepartmentandmustbecomparedtothedepartmentsdeposit
amount.
Adatedandsignedrecordofthereconciliationsmustbemaintainedandis
subjecttoreview.

SegregationofDuties
Adequatesegregationofdutiesreducesthelikelihoodthaterrors(intentionaland
unintentional)willremainundetectedbyprovidingforseparateprocessingbydifferent
individualsatvariousstagesofatransactionandforindependentreviewsofthework
performed.Thebasicpremiseunderlyingsegregationofdutiesisthatnooneemployeeor
groupofemployeesshouldbeinapositionbothtoperpetrateandconcealerrorsor
irregularitiesinthenormalcourseoftheirduties.
Ingeneral,theprincipalincompatibledutiestobesegregatedare:authorization,custodyof
assets,andrecordingorreportingtransactions.Inaddition,acontrolovertheprocessingofa
transactiongenerallyshouldnotbeperformedbythesameindividualresponsibleforrecording
orreportingthetransaction.
Ifoverlapsintheperformanceofthesedutiesareidentified,managementisrequiredto
restructurejobdutiesassignedtoenhancetheprotectionofassets.Insmallerdepartments,it
maynotbepossibleorreasonabletohavecompletesegregationofduties.Inthesecases,
restructuringandadditionalmanagementreviewandsupervisionwillbenecessarytoensure
thatproperinternalcontrolsaremaintained.

Other

ChangesatCashSites
Whenthereisachangeinreceiptingpurposes,theauthorizedindividualassigned,oranyother
significantfactoraffectingcashoperationsthedepartmentmustnotifytheDirectorofStudent
AccountstodetermineifachangeintheInternalControlsortheMemorandumof
Understandingisrequired.

LossorTheftofFunds
AnysuspectedlossortheftoffundsmustbeimmediatelyreportedtotheYSUPolice
DepartmentandtheDirectorofStudentAccounts.

Ordinaryoperatingerrorsshouldbereportedasoverages/shortagesaslongastheamountis
deemedreasonablebytheauthorizedindividual.Overages/shortagesexceeding$50should
alwaysbediscussedwiththeDirectorofStudentAccounts.

DocumentationofProcedures
Writtenproceduresforreceiving,recording,reconciling,safeguardinganddepositingcash
shouldbepreparedandprovidedtoemployeeswithcashhandlingresponsibilities.Also,
responsibilitiesforhandlingcashshouldbedocumentedinemployeejobdescriptions.

OHIOREVISEDCODEREQUIREMENT
Paymentordepositofpublicmoneys

9.38.Paymentordepositofpublicmoneys.
Asusedinthissectionandsection9.39oftheRevisedCode:
"Ifthetotalamountofthepublicmoneyssoreceiveddoesnotexceedonethousanddollars,theperson
shalldepositthemoneysonthebusinessdaynextfollowingthedayofreceipt,unlessthepublicofficeof
whichthatpersonisapublicofficialadoptsapolicypermittingadifferenttimeperiod,nottoexceed
threebusinessdaysnextfollowingthedayofreceipt,formakingsuchdeposits,andthepersonisableto
safeguardthemoneysuntilsuchtimeasthemoneysaredeposited.Thepolicyshallincludeprovisionsand
procedurestosafeguardthepublicmoneysuntiltheyaredeposited.