Comptroller's Office
 Policies and Procedures Manual

Effective: 01/01/2000
Revised: 05/02/2013 

CMP 301 01: Deposits General Policy


Purpose

To define the procedure for NAU Departments receiving and depositing university funds (hereafter "funds").


Source

Arizona Board of Regents Policy Manual - 3-101

Policy

Funds received on behalf of, or for the benefit of, NAU must be deposited with Student and Departmental Account Services (Student Accounts). These deposits initiate recording the revenue in the university (Peoplesoft Financials (PSFIN)) account. Arizona Board of Regents policy, Chapter 3, Section 3-101, requires that all university funds be deposited only to bank accounts authorized by the Arizona Board of Regents. Student Accounts deposits funds with the bank(s). NAU Departments deal only with the Student Accounts, not with the bank(s) unless otherwise authorized in writing by the Comptroller.

University Funds are defined as:

1. Cash, credit card payments, checks, money orders, travelers checks, or other form of money received by a University Administrative Unit or employee for the benefit or support of and NAU program and/or,

2. Any form of money received for the sale of NAU materials, property, and/or services, or for the use of NAU property. University funds are to be deposited daily with Student Accounts whenever the sum of two hundred dollars or more is accumulated. Funds less than two hundred dollars may be accumulated for up to five working days. In other words, a deposit is required whenever two hundred dollars is accumulated, or five business days pass, whichever occurs first. Under no circumstances should the department hold university funds for longer than five working days from the date of collection. Deans, Department Chairs, Directors, and Fund Custodians who receive funds must assure compliance to procedure. University funds must be deposited as detailed under Deposit of Receipts (III E) and Transportation of Cash (III F) CMP 307.

                


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