Campus Organizations Accounting Office

Procedures for Collecting Money

Organizations should establish procedures for collecting money. People collecting the funds should be made aware of the treasurer's requirements for proper documentation of receipts and timely deposits of funds. Topics listed below give details of these types of requirements. Treasurers should make all persons collecting money aware of these issues to facilitate proper handling of cash and checks.

Receipt Books

Treasurers or persons in charge of receiving payments should prepare receipts for all cash and checks received. Exceptions are made for small cash sales such as bake sales where it would be impractical to receipt each sale and raffle tickets where the ticket stub acts as a receipt. Give the original copy to the individual making the payment; the carbon copy should remain intact in the receipt book. Receipt books are furnished by the Campus Organizations Accounting Office.

Depositing Income

Deposit all income from all sources into the organization’s account. Make deposits in 1220 Beardshear Hall. Timely deposits reduce the risk of returned checks and lost or stolen cash. The university's policy is that all funds collected must be deposited within 48 hours.

List all checks individually on the deposit slip. Endorse all checks with the name of the organization and the account number. Attach a calculator tape adding all of the checks together to the deposit slip. Identify all income with a brief description of the source of income so the Campus Organizations Accounting Office may properly classify the income. If receipts are for more than one type of item, list the amounts on the deposit slip. Examples of income sources include: dues, fundraisers, T-shirt sales, banquet contributions, etc.

Paypal Policy

The Treasurer’s Office, 1220 Bearshear, must approve of any credit card transactions. Currently, utilizing Paypal as a revenue collection service is not permitted.