{"id":319,"date":"2021-07-21T11:48:05","date_gmt":"2021-07-21T16:48:05","guid":{"rendered":"https:\/\/wp.stolaf.edu\/business-office\/?page_id=319"},"modified":"2023-06-07T08:11:33","modified_gmt":"2023-06-07T13:11:33","slug":"procedures-for-department-cash-management","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/business-office\/procedures-for-department-cash-management\/","title":{"rendered":"Procedures for Department Cash Management"},"content":{"rendered":"<div data-modular-content-collection><p><strong>Title:<\/strong> Department Cash Management Procedures<br \/>\n<strong>Effective Date:<\/strong> 06-22-2009<br \/>\n<strong>Issuing Authority:<\/strong> Controller<br \/>\n<strong>Contact:<\/strong> Nate Engle at <a href=\"mailto:business@stolaf.edu\">business@stolaf.edu<\/a> or 507-786-3502<br \/>\n<strong>Last Updated:<\/strong> 09-19-2022<\/p>\n<h3>Purpose of Procedures<\/h3>\n<p>Departments are not allowed to handle cash, checks or credit cards except when it is considered absolutely necessary.\u00a0 Departments are also not allowed to set up electronic payment portals including Square, PayPal, or other methods without prior approval by the Controller.<\/p>\n<p>All college related financial activity must go through the college\u2019s banking accounts.\u00a0 Departments, including Student Organizations, are not allowed to open off-campus bank accounts.<\/p>\n<p>The College strives to safeguard and minimize the cash that is being handled by individual departments around campus.\u00a0 These procedures are intended to provide guidance to departments regarding the handling of payments received and charges to students.<\/p>\n<h3>Who needs to know these Procedures<\/h3>\n<p>These procedures apply to all St. Olaf faculty, staff, and student organizations.<\/p>\n<h3>Procedures<\/h3>\n<p>Departments should utilize the following options before handling cash, checks or credit cards:<\/p>\n<ul>\n<li><strong>Sale of Goods in the Bookstore<\/strong>: Departments should utilize the Bookstore for the sale of any items.\u00a0 The bookstore has the capability and training to handle cash receipts and the collection\/remittance of sales tax.\u00a0 Examples include lab supplies, music supplies, art supplies, and course packets.<\/li>\n<li><strong>OleCard Point of Sale (POS) System<\/strong>: If a department has frequent occurrences where it collects money from students, the department should email a request to the Controller at <a href=\"mailto:business@stolaf.edu\">business@stolaf.edu<\/a><a href=\"mailto:mathews@stolaf.edu\u00a0\">\u00a0<\/a>in the Finance Office for an OleCard POS System.\u00a0 If it is determined that the department will have enough activity to justify the cost of a OleCard POS System, one will be installed for the department and they will be able to collect money from students and employees from their Ole$ account, without having to physically handle any cash.\u00a0 If a department has an event or rare occasion where it needs to collect money from St. Olaf students or employees, please consider checking out an OleCard POS System.\u00a0 This will enable the department to swipe OleCards to collect the money from students and employees, instead of handling cash.<\/li>\n<\/ul>\n<p>If it is determined that the Bookstore and OleCard are not viable options and the department must collect payments, they should follow these procedures for handling cash, checks or credit cards:<\/p>\n<ul>\n<li>All checks received for payment must be immediately stamped \u201cFor Deposit Only\u201d with a stamp provided by the Business Office.\u00a0 Please request a stamp from the Business Office if your office regularly receives checks.\u00a0 Otherwise, please bring checks to the Business Office upon receipt.<\/li>\n<li>Cash, checks, and credit card deposits should be delivered to the Business Office (Tomson 134) daily, using the <a href=\"https:\/\/wp.stolaf.edu\/finance\/files\/2012\/05\/deposit_form.pdf\">Business Office Deposit Form<\/a>.\u00a0 Deposits can be dropped off in the Overnight Deposit slot if the window is not open.\u00a0 Cash, checks, and credit card deposits should not be sent using interoffice mail.<\/li>\n<li>The Business Office does not hold currency larger than $20.\u00a0 Any denominations received that are greater than $20 will be deposited to the bank.<\/li>\n<li>Credit card receipts or other documentation containing credit card numbers must be kept in a secure location or shredded if no longer needed.<\/li>\n<li>Please contact Public Safety at 507-786-3666 to help escort you to the Business Office for deposits over $500 in cash.<\/li>\n<li>Cash and in excess of $500 should not be held in offices without prior approval from the Controller.\u00a0 If approved, all cash must be kept in a locked safe.<\/li>\n<li>Cash and checks less than $500 must be kept in a locked drawer or file cabinet in a room with restricted access.<\/li>\n<li>Departments should contact the Accounting Manager at accounting@stolaf.edu to discuss any potential sales tax implications.<\/li>\n<\/ul>\n<p>Only the Controller or authorized Business Office staff members are allowed to deposit cash or checks at the bank.\u00a0 A Public Safety escort will be used when handling more than $1,000 in cash.<\/p>\n<p>To comply with the Bank Secrecy Act, the USA Patriot Act, Office of Foreign Assets Control, and anti-money laundering regulations, we are required to report the following to the US Treasury:<\/p>\n<ul>\n<li>Cash purchases that aggregate $10,000 or more and<\/li>\n<li>All suspicious illegal activity<\/li>\n<\/ul>\n<p><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Title: Department Cash Management Procedures Effective Date: 06-22-2009 Issuing Authority: Controller Contact: Nate Engle at business@stolaf.edu or 507-786-3502 Last Updated: 09-19-2022 Purpose of Procedures Departments are not allowed to handle 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