Many University units, both on and off campus, provide goods and services that require
cash/checks to be collected. All funds collected should be deposited intact with Bursar
and Treasure Services or deposited intact with the University’s bank if the unit has
been given prior approval to do so by Bursar and Treasury Services. It is mandatory
that all funds collected be properly safeguarded and that the unit’s recording and
depositing practices provide an unbroken audit trail which reflects where funds were
initially recorded, deposited and appear as a credit in an official University account.
Sales records should be kept according to the record retention policy.
There should be a dated, chronological record of the original entry for each individual
payment. Any method is acceptable as long as an audit trail is maintained. Examples
are: pre-numbered receipt, cash register, validating machine, cash journal, or computer
prepared record. The recording of the receipt of all payments should be prepared as
soon as practicable after the payment is received. It is not acceptable to wait several
days to prepare the receipt.
Units with a high volume of cash typically should make deposits daily. Smaller units
may deposit less frequently. All units should make deposits at least weekly. All funds
collected must be deposited intact; i.e. the exact amount collected must be deposited.
Units may not establish a cash fund from cash collected or make cash refunds from
cash collected. It is inappropriate for University personnel to cash personal checks
or to make loans (via IOU’s) from cash receipts.
When preparing the deposit, the unit should deposit the exact amount collected since
the last deposit. The unit should prepare a deposit transmittal form which should
reflect receipt numbers and/or dates of the funds collected. The depositing unit must
specify the account(s) to be credited. A copy of each transmittal should be retained
by the depositing unit. The deposit should be transported in a secure fashion. Currency
and coin should not be transported by campus mail.
The deposit unit must specify the accounts to be credited including the appropriate
object code. It is important to ensure that the credit was applied to the specified
account. The depositing unit should examine the monthly account status report (the
University official accounting department) to ensure that the credit was properly
Due to the Federal Reserve Bank requirements and the refusal by some banks to process
counter checks and drafts, University of Georgia units may not accept counter checks
or drafts. Payers must obtain encoded checks from their respective banks before making
payments to the University by check.
Any checks made payable to University of Georgia or a unit thereof must be deposited
with the University Office in a University account. A check made payable to the University
of Georgia or a unit thereof cannot legally be deposited in a non-University of Georgia
account. Units of the University include schools, colleges, divisions, departments,
and other organizations identified in the University’s State budget.
Unrestricted gifts not requiring the services or expenditure of state funds must nonetheless
be deposited in a University account if the payee is University of Georgia or a unit
thereof. If the maker or a check erroneously indicates the University of Georgia or
a unit thereof as payee, the Bursar’s Office will work with the organization or individual
involved to either seek a reinsurance of the check or to otherwise record the check
for the benefit of the intended recipient.
University units may accept checks only if University of Georgia is the named payee.
The University of Georgia may be named as payee in one of two ways:
- Preferably, a check should be made to the order of University of Georgia. University
units regularly receiving monies should use a stamp to endorse checks to the order
of University of Georgia. The stamp should also indicate the name of the receiving
- However, if a check made to the order of someone other than the University is presented
by the payee, the University may be named payee by endorsement. Endorsement by a payee
naming University of Georgia as the new payee should include the following language:
Pay to the Order of
University of Georgia
(Signature of Original Payee)
If a check made to the order of someone other than the University is presented by
someone other than the payee, and the check is endorsed by the payee, the University
may be named by the endorsement of the presenter, as follows:
(Signature of Payee)
Pay to the Order of
University of Georgia
(Signature of Presenter)
Checks may be transmitted for deposit with Bursar and Treasury Services by campus
mail; however, in no case may currency or coins be transmitted by campus mail.