Published January 20, 2017
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:
This policy applies to all cash collected by university departments and deposited into a state, RF or UBF account.
Questions can be directed to Financial Management at 716-645-2660.