Effective Date: January 1, 2017

Last Revision Date: July 3, 2024

segregation of duties, safekeeping of cash, prompt deposit of all cash receipts, and

accurate recording of revenue into university financial systems.

Changes in university cash handling policies and procedures may be made periodically

and will be communicated via Message of the Day. The most current copy of the cash

Procedures, and Forms. The information herein supersedes all previous cash handling

procedures.

Cash handler: an individual designated to receive, count, track, record, secure, transport

or deposit cash on behalf of the university

Cash handling unit: any department receiving cash within their unit

Change Fund: small amount of currency and coin issued and held by departments for

the purpose of making change for sales

Intact: unchanged, remaining complete

Lapping: concealing a shortage by delaying the recording of cash receipts

Petty Cash Fund: small amount of currency issued and held by departments to cover

payments of day-to-day miscellaneous purchases

accurate and in agreement; ensuring two values are balanced at the end of the period

division’s business or financial manager to consolidate their deposits. Alternatively, to

reduce activity and risk within a cash handling unit, the department could list the

Bursar’s office address as the remittance address on invoices. Accordingly, the

department must then provide the Bursar’s office with an electronic copy of the invoice

for receipting purposes.

Before undertaking any new cash handling operation or activity, a department must

assessments, one for each training group. Review of the Financial Operations Cash

Handling Policy and Procedures prior to the assessment will be necessary in order to

successfully complete the assessment at 80% or higher. Successful completion of the

training program ensures the following:

or departmental training opportunities.

prevent fraud and reduce errors.

Each department should separate these duties as much as possible:

Cash in transit shall be safeguarded by a tamper resistant bag (i.e., locked bag) or locked

a backpack or large bag. When transporting currency and/or coin, unverified and

unprepared for deposit, two individuals must make the transport. When transporting

final deposits to Bursar’s office, follow the directions outlined in section 5.C. Transporting

Deposits to the Bursar’s Office.

It is the responsibility of each cash handling unit to make whatever provisions are

necessary to properly safeguard the cash in their area during working and non-working

hours. Access to areas where cash is stored should be limited to only those individuals

should be stored in locking drawers, cash registers, or locked cash boxes. The Bursar’s

office has locked cash boxes available for short term use.

Combinations or keys to safes and other storage facilities should be restricted to the

custodian of the cash and designated back up. Combinations or locks should be

changed as necessary, whenever a person with the combination or key is separated, or

minimally every three (3) years.

Credit card machines, receipts and numbers should not be left unattended; they should

be kept in an inaccessible area. Credit card numbers should never be emailed, stored on

a computer, or be kept in an unlocked area. Once processed, credit card numbers must

Please keep in mind that this statute must be followed under penalty of section (4). S.S.

20.906 Receipts and deposits of money.

https://docs.legis.wisconsin.gov/statutes/statutes/20/x/906

Frequency of Deposits:

Unless otherwise provided by law, all moneys collected or received by any state agency

for or on behalf of the state or which is required by law to be turned into the State

Treasury shall be deposited in or transmitted to the State Treasury at least once a week.

Checks should be made payable to UWSP (department name optional) and be

restrictively endorsed with a check endorsement stamp upon receipt. An endorsement

stamp should include the name of the department or organization and university bank

information. Please use ShopUW+ to order the stamp and contact the Bursar Office

with any questions.

Fund Custodian or must complete the Fund Custodian Cash Handling

Certification program prior to being approved for a new or increased

fund.

Determine the fund amount by estimating expenditures for a one-month

period. Petty cash funds may not be established in excess of $500, unless

Once approved by the Bursar’s Office and a check is issued, the check may

be cashed at the US Bank DUC location. The payee must present

identification to cash the check.

the fund in their possession. Access to the fund should be limited to the

custodian or designated agent. For further information regarding the

safeguarding of cash, review section 4.D. Safekeeping of Funds, directly

establish a new fund in their name and return it to the Bursar’s Office.

IV. Fund Standards

• The amount of the cash plus petty cash receipts should always equal

the amount of the fund.

• No money may be loaned or borrowed from the fund.

• The fund may not be used to cash personal checks.

• The petty cash fund may not be used for purchases outside of the

scope of the fund’s original purpose.

• The fund can be subject to surprise count by Financial Operations

Petty cash is to be used for purchasing and/or reimbursement of small

dollar, unexpected expenditures when other means of payment or

purchase are not available.

Petty cash cannot be used for the following:

• Travel expenses

• Vendor invoices

• Payment for services or other tax-reportable payment

retained for record retention and fund replenishment. Petty cash funds

should be reconciled and replenished on a monthly basis. Disbursements

from your fund may be reimbursed by preparing a Petty Cash

expenditure. Fund variations (over or short) should be fully documented

in writing and reported to the Bursar’s Office.

much, it is the custodian’s responsibility to close or decrease the fund.

The custodian should first reconcile and fully reimburse the fund. If closing the

fund, the full amount is then returned to the Bursar’s Office and a copy of the

Petty Cash or Change Fund Action Form is provided to the custodian as receipt

of the returned fund.

If it’s determined the petty cash fund is too large, use the same procedure

detailed above, returning only the excess amount.

necessary and renew the fund for the next year. Under no circumstances

purchases.

I. Establishing or Increasing a Change Fund

To open or increase a change fund, a Petty Cash or Change Fund Action

Form, approved by the department head or business manager, must be

submitted for approval to the Bursar’s Office. The request should state

the reason(s) the fund is required, and the amount needed for daily

operations.

A custodian for the fund must be appointed and is personally responsible for the

Once approved by the Bursar’s Office and a check is issued, the check may be

cashed at the US Bank DUC location. The payee must present identification to

II. Custodian Responsibilities

The custodian must exercise caution in the administration and protection of

the fund in their possession. Access to the fund should be limited to the

custodian or designated agent. For further information regarding the

safeguarding of cash, review section 4.D. Safekeeping of Funds, directly

within the above policy.

IV. Fund Standards

• The change fund is to be used only for making change in cashiering

operations.

• The change fund must be balanced on a daily basis.

• The change fund cannot be used for expenditures.

• The change fund may not be used for any purpose outside of the

Operations and/or the Internal Audit Department during

normal business hours. Department supervisors should

periodically perform surprise counts on a regular basis.

much, it is the custodian’s responsibility to close or decrease the

fund.

The custodian should first reconcile the fund, then return the full amount to

the Bursar’s Office with a Petty Cash or Change Fund Action Form.