FINANCIAL SERVICES CASH HA NDLING Training Presentation - PowerPoint PPT Presentation

FINANCIAL SERVICES CASH HA NDLING Training Presentation

Presentation Out Ø Purpose Ø Responsibilities Club President/designee(s) Ø Cash & Cash Equivalents Ø Risk & Controls Ø Collecting Cash Ø Cash Handling Policy Ø Questions

Purpose Ø Understand the principles of good cash handling Ø Segregation of duties Ø Follow Financial Services cash handling policies and procedures

A Serious Issue • Whether you take in lots of money or … you collect “pennies” you are responsible for handling cash and accountable for that cash. You must comply with ASI Financial Services policy & Procedures

President’s Responsibilities Ø To authorize/designate a cash handler responsible for handling cash and cash equivalents. Ø Ensure that a current signature card with specimen signatures from authorized student and advisor signors is on file. Ø Ensure that all signers/cash handlers attend the annual mandatory cash handling training. Ø Ensure that cash handling is operated in accordance with CSU and ASI policies and procedures.

President’s Responsibilities (Cont.) Ø Establish an effective internal control system Ø How is the cash going to be secured? v Locked cash box or secured area and limit access until deposited Ø Who is going to prepare the deposit? & How? v President, Treasurer or designated student v Prepare a Deposit Form v Deposit must be prepared by someone who didn’t collect the cash or open the mail. If that is not possible then it must be reviewed by someone other than the preparer. Ø When to bring deposit to ASI Financial Services? v M ake deposits daily even if it’s a small amount. Deposits should never be held longer than five business days.

President’s Responsibilities (Cont.) Ø Who needs training? Ø Any person that is handling cash or cash equivalents Ø Delegate responsibility for cash handling duties, maintain proper segregation of duties Ø Require that students handling cash be properly trained & follow all of the ASI Financial Services policies and procedures Ø Review receipts on a regular basis

Cash & Cash Equivalents What is included in “Cash handling”? It’s not just “cash”. It includes the following: Ø C oins Ø US Currency Ø Checks (Cashier Checks) Ø Money Orders

US Currency (Counterfeit) Ø US currency has been redesigned to stay ahead of counterfeiters. Ø Quick ways to Authenticate cash v Even when pressed for time, you can still take simple steps to authenticate the cash you are handed. All you need to do it Feel, Tilt, and check § Feel the paper: Run your fingers over it-the note should feel slightly rough in touch § Tilt the note: A 3-D Security Ribbon and color shifting Bell in the Inkwell § Check the Light: Holding the cash to light you will be able to see the watermark and the security thread. If the watermark is nonexistent or not visible from both sides, you may be handling counterfeit currency.

Cash & Cash Equivalents (Cont.) Check Requirements Ø Checks for deposit must be payable to: Clubs and Organizations Ø Additional requirements: Ø Be recently dated (no more then 180 days old) Ø Properly signed or stamped “For Deposit Only” Ø Numeric and written amount must match Ø Be legibly written in ink A $40 Processing fee will be assessed for each returned check

Risk & Controls Who or what is at risk? The Money & You

Risk & Controls (Cont.) What are the risks? v Cash is stolen v Cash is lost Ø Documentation does not agree with records: v No audit trail v Finger pointing and accusations v Loss of revenue

Risk & Controls (Cont.) Ø In the cash collecting process, YOU are just as important as the cash! Ø Controls are designed to protect both YOU and the cash you are handling.

Risk & Cont rols (Cont.) Segregation of Duties This is the most important control in the cash collection process, and often, the most difficult to manage. A different person should be involved at each stage of the process. Segregation of duties minimizes risk. Segregation of duties must be maintained when cash is received and no single person should have complete control.

Collecting Cash Ø In person or By Mail Ø Student clubs and organizations shall be accountable for the collection and deposit of cash and checks received. Ø Upon receipt of check endorse the back of check v “For Deposit Only “ Ø Complete the ASI Deposit Form: Deposits of cash and checks must be on separate form.

Collecting Cash (Cont.)

Collecting Cash (Cont.)

Collecting Cash (Cont.)

Collecting Cash (Cont.) Ø Deposits must be taken to the ASI Financial services within a week (5 business days) of receipt or daily if accumulated cash is greater than $300.00 or if total of checks is greater than $2,000.00 Ø Student clubs and organizations shall keep cash and or checks in a secure location at all times.

Collecting Cash (Cont.) Ø Record the Cash? An official receipt shall be recorded for each collection using a pre-numbered book or Ø daily receiving log.

Cash Handling Policy Cash Handling Policy & Procedures can be obtained at: http://asi.cpp.edu Resources Public Documents

QUESTIONS ? ???

v Louisa Keyes Accounts Receivable Vault Cashier (909) 869-2846 lmkeyes@cpp.edu v Ivonne Cabezas Associate Director of Revenue Management (909) 869-6859 imcabezas@cpp.edu v Carol Lee Director of Financial Services (909) 869-2942 cllee@cpp.edu