Policy Statement:
Per Kansas Statutes Annotated "All moneys collected by any state agency
shall be remitted daily to the state treasurer." To comply, all
University
departments are expected to deposit funds in accounts designated by
this
policy. Funds received by the University must not be deposited in
checking, savings, or any other accounts at financial
institutions.
The use of the University's federal identification number by faculty,
staff,
or student groups on financial institution accounts is prohibited.
Implementation:
University Departmental (Restricted Fee) Accounts
Receipts from the following sources shall be deposited in University
departmental accounts as restricted fees: amounts collected for
educational
programs, sales of merchandise or property, services rendered, or
admissions
to events; revenue received as compensation for the authorized use of
state-owned
property; grants received from private or public sources; other revenue
(such as fines or delinquency charges); and nonrevenue receipts (such
as
recovery of expenditures or refunds). For receipts subject to
sales
tax, the sales tax collected shall be deposited in account code R80121,
State Sales Tax.
Student and Faculty Service Fund Accounts
The Office of Financial Operations and Business Technology administers
service fund accounts for
the convenience of faculty, staff, or student groups. These
groups
are encouraged to use service fund accounts for nonpublic moneys.
Service fund accounts are not intended for use by a University
department
in the conduct of its business. No purchase of supplies,
equipment,
or other operating expenditures is to be made on behalf of a University
department through a service fund account. Faculty, staff, or
student
groups are responsible for remitting sales tax to the State of Kansas
for
any taxable sales.
Foundation Accounts
Foundation accounts should be used only for gifts, certain grants made
specifically to the Foundation, or other purposes specifically
designated
by the Foundation. Foundation accounts should not be used for
receipts
outlined in the two previous sections.
Opening new accounts for University departments and/or any exceptions to this policy by the Foundation require the advance approval of the Vice President for Administration and Finance.
Board of Trustees Accounts
Board of Trustees accounts should be used for activities conducted
by the Board of Trustees. Board of Trustees accounts should not
be
used for receipts outlined in the three previous sections.
Opening new accounts for University departments and/or any exceptions to this policy by the Board of Trustees require the advance approval of the Vice President for Administration and Finance.
Revision Date:
August 21, 1999
June 5, 2002