As a State agency, the University is required to comply with Connecticut General Statute 4-32 (CGS 4-32).  The Statute requires all funds received totaling $500 or more must be deposited within 24 hours.  All funds received totaling less than $500 must be deposited within 7 calendar days.  Additionally, all funds must be accounted for in the University's accounting system daily regardless of total amount collected.  All monies must be deposited into a University's bank account.

To ensure the University is in compliance, departments are required to properly document receipt of payment and attach documentation to their depositing edocs.  Cash Operations compares the date of receipt to the date of deposit to ensure compliance.  Departments who do not abide by CGS 4-23 may lose the privilege to collect payments.

Departments are highly encouraged to be cashless.  Areas with a necessity to accept cash must be able to securely store cash received through the day and until deposited.  Cash deposits should be prepared as outlined below.

All bills must face the same direction and denominations must be banded as follows:

Please do not band cash in any way different from what is stated above.

Any coin that can be rolled must be rolled as follows:

Coin wrappers can be ordered through the university’s supply catalog.  Cash Operations will supply coin wrappers in small quantities to small-volume departments.  Coin that is of insufficient quantity to wrap should be contained in a sealed envelope.  Please do not deposit coin loose.

Departments may choose to accept check as a payment method.  Checks should be logged, especially when no other record of receipt is created such as when checks are received via mail.  The date the check is received should also be stamped or handwritten on the top of the check.

The University can only accept checks written off a U.S. bank and issued in USD.  Foreign checks will be returned and will not be accepted by the bank.

RDSO - Departments who regularly receive check payments should be setup for with Remote Deposit Service Online (RDSO). RDSO is a web-based application that allows departments to make electronic deposits using a desktop PC, eliminating the need to deliver checks to Cash Operations. RDSO terminals scan and capture images and MICR data of U.S. dollar items drawn on U.S. banks and then use a network connection to transmit this data directly to the bank. Departments interested in depositing with RDSO should contact cashoperations@uconn.edu.

Returned Checks - Any check presented to the University that is not initially honored will automatically be resubmitted for payment. If after this resubmission the check is still not honored, Cash Operations will be notified. We will then contact the originating department to request reversal of their original deposit in the University's accounting system.

Vendors often prefer to make payment to UConn with an electronic fund transfer (EFT).  It may also be referenced as ACH or Wire.  If a vendor requests the University's banking information to submit payment, please submit a UConn Vendor EFT Info Request Form.  If you know the amount of the expected payment, please submit an Advance Deposit (AD) eDoc ahead of time.  This will ensure Cash Operations can readily identify the payment when received by the bank.

Cash Operations and the Bursar's Office Reconciliation Team regularly send emails to an Incoming Payments group when electronic payments are received but unidentified.  Please email cashoperations@uconn.edu to join the group.  If funds are not claimed timely, they may be returned or deposited into a central University holding account.

When preparing funds for deposit, staff should compare total expected funds (by adding receipts, totaling log, etc.) to what is physically on hand (total cash, total of checks, etc.).  If there is a discrepancy, the overages/shortage must be properly recorded in the University's general ledger.  Same applies for change funds.

• Full amount of true revenue collected for that day should be credited to the appropriate KFS account
• Any over/under amounts in the deposit should be recorded on a separate Accounting Line, using object code 1122. Attach a completed over/under form to eDoc.
• Submit Accountability Form C1 on Controller’s website to report loss
• Over/Under amounts in change fund also must be recorded in KFS using 1122 object code. A DV can then be submitted to replenish the fund. Notify Cash Operations when discrepancies are found in your change fund.
• Regardless of amount, if the shortage is a result of suspected or documented theft, the shortage must be reported immediately to the Bursar, Controller, and University Police.
• Review full over/under guidelines for more information

Change Funds are highly discouraged.  However, there are certain departments with a necessity to keep cash on hand to make change for customer payments.  Cash Operations administers change funds and are the approvers to establish, increase, decrease, or close a change fund.

• Only purpose of a Change Fund is to provide change for cash payments.  It is not to be used to cash checks, issue loans, refund customers, or any other purpose.
• The amount on hand must remain constant and should be verified daily.  Any discrepancies in the amount must be reported and accounted for per the Over/Under Guidelines.
• Change Fund Request Form must be submitted to Cash Operations to establish a fund.  A new KFS account will be assigned for the Change Fund.
• Change Fund Adjust Form must be submitted if any changes to the amount or custodian are required.  Any changes in the fund must also be reflected in KFS.
• Additional information is outlined in the Change Fund Guidelines .

Change Order Requests may be submitted to Cash Operations if a department needs to break larger bills or exchange denominations for their Change Funds.

A Short Term Advance is an advance of funds issued for a period of two weeks or less for the purpose of making change for cash payments for a specified University event.  Advances may be an alternative to holding a change fund when cash payments are irregular and accepted only at pre-determined events.

Advances must be requested through Cash Operations by submitting the Short Term Advance Approval Request form.  Departments with recurring requests may submit the Recurring Short Term Advance Request after receiving the initial approval.  Cash must be stored securely at all times and reconciled before returning to Cash Operations.  Departments must abide by the Short Term Advances Policy.

Cash Collection and Deposit Policy

Cash Handling Basics PowerPoint

Cash Operations & Accounts Receivable Knowledge Base Articles

Change Fund Adjustment Form

Change Fund Guidelines

Change Fund Request Form

Change Order Request

Over/Under Form

Over/Under Guidelines

Returned Check Policy

Short Term Advance Approval Request