8.3.5 Close a Cash Advance

Policy Statement

Cash advances must be closed upon completion of the event or program for which the cash advance was issued.

Reason for the Policy

To close a cash advance upon completion of the event or program for which the cash advance was issued.

Applicability of the Policy

Whenever the event or program for which the cash advance was issued has reached its completion.

Procedure

Cash advances must be closed within 15 days of the established due date.

Cash advances not closed within 60 days of the established due date may be subject to formal collection activities. If collection activities are unsuccessful, the outstanding amount may be reported as taxable income to employees in accordance with IRS regulations.

To close a cash advance:

If there is CASH to be returned

1. Return the cash or check to the appropriate University Bursar with a completed Cash Advance Closure Form. For University Bursar Contact and Office information, consult Payments to the University » Cash Handling. Notify the cashier that a cash advance is closing. Retain the deposit receipt to submit in Emburse Enterprise. Do not send cash or checks directly to University Payables (UPAY).
2. Consult the job aid Emburse Enterprise—Open and Close an Advance

If there is NO CASH to be returned

Follow step #2 above.