10.3.3 Deposit Unit Funds Directly to the Bank

Policy Statement

If a Cash Handling Unit has been authorized by University Bursar Cashier Operations to deposit funds directly to the bank, units must deposit when$200 is collected , or within 5 business days of receiving the funds. Deposit all foreign checks with University Bursar Cashier Operations as discussed in 10.3.2 Deposit Foreign Checks with University Bursar.

Reason for the Policy

Cash Handling Units authorized to deposit funds directly to the bank should deposit the funds with the bank when $200 is collected, or at least within 5 business days of receiving funds to minimize risk and ensure adequate safeguarding of the University’s funds. Foreign checks should be deposited with University Bursar directly to ensure proper handling and adjustments related to the foreign checks.

Applicability of the Policy

This policy applies to authorized University of Illinois Cash Handling Units.

Procedure

To deposit unit funds directly to the bank:

1. Contact University Bursar Cashier Operations for secure transportation options available.
2. Endorse the back of the check via stamp or hand. Include “for deposit only,” unit name, and C-FOAP. Note: UIUC Cash Handling Units may provide the department form reference number in lieu of C-FOAP.
3. Create an adding machine tape, check log, or equivalent listing the amount for each check and the deposit total for the batch. Write your unit's name on the tape.
4. Complete either the Department Deposit form, the Report of Cash Sales form, or the Report of Money Received form and submit it to University Bursar as appropriate. Keep a copy for unit records.
5. Complete a preprinted bank deposit slip. Keep a copy for unit records.
6. Compile the information for the scheduled bank pickup:
   • Checks and/or cash
   • Adding machine tape, check log, or equivalent (for checks)
   • Bank deposit slip
7. Submit the original and a copy of the deposit form to University Bursar Cashier Operations.
8. University Bursar receives a receipt and a copy of the deposit slip from the bank and processes or reconciles the transaction.

Forms Used in this Procedure

Department Deposit
Instructions for using the Online Department Deposit Form

Paper form:
    Report of Cash Sales (item #11485880) (available for purchase from the Urbana university iStores)

Related Policies and Procedures

10.3.1 Deposit Cash and Checks to University Bursar

10.3.2 Deposit Foreign Checks with University Bursar

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023