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13.01 / Deposit of Cash Receipts

Purpose:
To provide guidance concerning the deposit of University funds. To ensure cash  receipts are deposited in accordance with State of Kansas laws and statutes and to provide an accurate accounting of taxable sales.

Any authorized individual handing University cash receipts is responsible to Wichita State University for proper security and accountability. Due to the personal liability involved in performing cash receipt handling functions, it is important that only authorized employees accept funds for University business. Employees are required to appropriately safeguard, account for and document all cash receipts collected on behalf of the University.

Policy Statement:
Per K.S.A. 75-4215, "All moneys collected by any state agency shall be remitted daily to the state treasurer unless otherwise authorized by the board to remit less frequently." 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 or name ("Wichita State University" or "WSU") by faculty, staff or student groups on financial institution accounts is prohibited.

Cash receipts, as defined by the University, includes currency, coins, checks, bank drafts, money orders, traveler's checks, cashier's checks, foreign drafts (but not foreign currency), credit card receipts (see Section 13.14, Security of Credit Card Data, for related information) and wire transfers received electronically, by mail or in person. All cash receipts are to be locked in a secured location while in the department's possession.

The Office of Financial Operations and Business Technology is responsible for assisting University departments in the implementation and procedural training for accepting all cash receipts. Prior to any department or student organizations receiving cash, they must have approval from Accounts Receivable.

Implementation:

University Departmental (Restricted Fee) Accounts
Cash 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 cash receipts subject to sales tax, the sales tax collected shall be deposited in account code R80121, State Sales Tax.

Student and Faculty Safekeeping Accounts
The Office of Financial Operations and Business Technology administers safekeeping accounts for the convenience of faculty, staff or student groups. These groups are encouraged to use safekeeping accounts for nonpublic moneys. Student groups registered with and receiving Student Government Association (SGA) allocations are encouraged to have a safekeeping account. Safekeeping 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 safekeeping 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 cash receipts outlined in the two previous sections. For cash receipts subject to sales tax, the sales tax collected shall be deposited in account code R80121, State Sales Tax.

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 cash 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 Associate Vice President, Financial Operations and Business Technology.

Revision Date:
August 21, 1999
June 5, 2002
May 10, 2013
August 17, 2016

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