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Receipt, Custody, and Deposit of Revenue




The University follows the System Regulation 21.01.02 on the receipt, custody and deposit of revenue (
http://policies.tamus.edu/21-01-02.pdf.).

All funds due to the University should be received and receipted in the Bursar's Office. However, departmental receipting may be necessary and subsequently feasible. Prior approval from the Comptroller's Office must be granted before commencement of any departmental receipting. Each department must develop its own cash collection procedures in coordination with the Bursar's Office. The collection procedures will be kept on record in the Bursar's Office.

Types of revenue collected:

Student Related

Student related revenue (tuition, fees, graduation fees, transcript fee, clinic, emergency tuition loans, book emergency loans, and returned items) are received, receipted, and recorded in the Student Information System (SIS) at the Bursar's Office. Parking permits and fines are primarily receipted at the University Police Department. Library fines are primarily receipted at the University Library.

Continuing Education

All continuing education course monies are received and receipted at the Continuing Education Department.

Grants and Contracts

All revenue is received, receipted, and recorded at the Bursar's Office based on Grants and Contracts instructions.

Gifts and Donations

All revenue is received and receipted at the Institutional Advancement Office. The Office maintains their records on the Black baud system. The system records dates, amounts, description, account numbers, and the source of payment. A copy of the report, along with the monies, are transmitted to the Bursar's Office for receipt of funds.

Reimbursements


1. Third Party Billing

a. Third Party Billing for student related items are under the authority of the Bursar's Office.
b. Third Party Billing for non-student related items are under the authority of the Comptroller Office.


2. Refunds

a. Refunds of expense for expenditures paid with state monies items are generally returned back to the State Treasury.
b. Refunds of expense for expenditures paid with local monies are returned back to the local account.


Receipt

A department will be offered three receipting options:

1. Receipts

A receipt will be issued to all payers. At a minimum, the receipt will state the following:

a. Date
b. Name(s) of the payer(s)

c. Quantity

d. Prices per unit

e. Amount due

f.  Amount paid

g. Balance remaining

h. Source(s) of payment

i.  A signature of the person receiving the payment

j. Departmental account the monies will be deposited to
k. A brief description
l.  Reason or description if receipt is voided

The receipt will be issued utilizing SIS or a sundry receipt. The Bursar's Office will issue the receipt books upon request, maintain a record of assigned receipt books, monitor used, and voided receipts.

2. Cash registers

A cash register should be equipped with codes to identify type of receipts, overages and shortages, specific cashier identifiers, and provide daily, monthly and yearly readings. Cash registers are recommended for small frequent receipting.

3. Admission tickets

Tickets may be purchased by the departments and must be pre numbered. However, unissued tickets must be remitted to the Bursar's Office for disposal. If necessary, unissued tickets may be scheduled for future use and an inventory of tickets on hand will be submitted to the Bursar's Office on August 31 of each year. The Bursar's Office will keep a genetic type of ticket and will issue upon request, maintain a record of assigned tickets, monitors used, and voided tickets.


Custody

In addition to System regulations, the Bursar's Office must advise departments on type of facilities that are adequate for the securing of funds. For nominal amounts (less than $100) a lock desk drawer or filing cabinet may be used for funds kept in a department overnight. For amounts more than $100, a small vault/safe with a lock combination should be purchased.

Department transmittal of collections to Fiscal Department

All monies should be deposited daily at the Bursar's Office. Departments collecting nominal amounts of monies are exempt from the daily deposit requirement. However, a deposit must be made at least once every three business days regardless of the amount or if the daily deposit is $200 or more.

A balance (reconciliation) sheet must accompany each deposit. The balance sheet forms are available at the Bursar's Office. The balance sheet at a minimum will note:

1. Denominations of monies,
2. Working fund,
3. Beginning and ending receipt or ticket numbers,
4. Comparison of monies receipted to monies collected,
5. Shortages or overages,
6. Theft

Any theft must be reported to the University Police Department and the balance sheet must accompany the police report.

Special events held after normal business hours, holidays, and weekends will follow different requirements for transmittal of collections to the fiscal department. Monies collected and a balance sheet will be placed in a locked money bag issued by the Bursar's Office and placed in the night depository box (lock box) located outside the Bursar's Office. The department will maintain custody of the key until the next business day. Arrangements will be made to deposit the funds at the Bursar's Office at that time.


Back to TAMIU Policies & Procedures

Office of the Comptroller

Phone: (956)326-2378, Fax: (956)326-2159

5201 University Blvd. KL 162

Laredo, Texas 78041-1900