Safeguarding Cash

Published January 20, 2017

The Safeguarding Cash and Cash Equivalents Policy, approved and signed by President Tripathi, is available in the University Policy Library

Overview

University at Buffalo departments that handle cash and cash equivalents must have both an awareness of and commitment to strong internal controls. Internal controls encourage good stewardship, safeguard assets, promote accurate financial reporting, prevent mishandling and loss of funds, and protect employees from allegations of impropriety.

The university’s objective is to minimize handling cash and cash equivalents across all departments and affiliates. To reduce risk and prevent theft, loss, or misappropriation of funds, whenever practical, acceptance of cash and checks should be avoided.

The university’s preferred method for receiving payments is via the ePay process, collection through a student account for student-related charges, electronic funds transfer (EFT), and credit or debit cards. Cash transfers between affiliates (State, Research Foundation (RF), University at Buffalo Foundation (UBF), Faculty Student Association (FSA)) will be conducted via EFT and credited to departmental accounts.

University departments that collect cash and cash equivalents are responsible for implementing strong internal controls, including:

  • Depositing all cash received daily into an approved university, RF, UBF, or FSA bank account
  • Maintaining proper segregation of duties
  • Establishing written procedures for receiving, depositing, and reconciling cash or checks
  • Restricting access to cash and checks to individuals with authorized fiscal responsibility
  • Accurately recording all cash collected at the time of receipt with record of receipt documentation
  • Safeguarding all cash and checks:
    • immediately upon receipt
    • by restrictively endorsing all checks immediately
    • by storing in a locked and secured location until the funds are deposited

Applicability

This policy applies to all cash collected by university departments and deposited into a state, RF or UBF account.

Guidance

Questions can be directed to Financial Management at 716-645-2660.