The University's treasury management activities include managing the University’s banking relationships, cash receipts and cash position, daily depository account activity, payment card processing and compliance, debt management, and post-issuance bond compliance. These services are provided by Treasury Services within University Financial Services (UFS).
Cash Receipts & Deposits
Departmental deposits and payments on account may be submitted via the depository box outside of the Treasury Services Office (220 Waterman) before, during, or after normal business hours. Payments on student accounts should reflect the individual’s 95-number on the memo line of the check, and be made payable to UVM. Departmental deposits must be accompanied by a Cash Transmittal Form. The depository box is checked several times throughout the business day.
Credit and debit cards may be accepted as payment only by UVM-Authorized Merchants given authority by the Controller’s Office. Permission to accept payment cards is based upon volume of payments and existing internal controls, and requires a commit to adhere to the Payment Card Industry Data Security Standards (PCI DSS). Please see the Accepting Payment Cards and eCommerce Payments Policy (PDF) for more information.
Electronic Fund Transfers received by the University are to be settled on daily basis, and recorded to general ledger through the Treasury Services Office via Cash Transmittal Form initiated by the department responsible for the revenue. Any unrecorded EFTs appearing as reconciling items on the monthly bank statement reconciliation will be brought to the attention of the responsible individual. Any EFT that is not recorded as a deposit with the Cashier’s Office in a timely manner is subject to forfeiture after two monthly notifications.
Billed student and other customer receivables paid by check received through the lockbox are processed by the depository bank and updated to the general ledger through a daily file upload to the subsidiary receivable system (Banner Student Information System, or PeopleSoft AR Billing, as applicable.) Online payments of tuition (via credit card or electronic check) processed by a third-party, are electronically transferred to the University’s depository account, and updated to general ledger through a daily feed to Banner Student Information System.
Treasury Services can disburse cash for travel advances and petty cash replenishment. Twenty-four (24) hours’ notice is required for large amounts or special denominations.
For those requesting a travel advance, please be aware that you may elect to receive an advance via direct deposit or in the form of a check, in lieu of cash. See the Cash Advance User Guide (PDF).
Treasury Services manages the University’s cash position in accordance with the Cash Management and Liquidity Policy (PDF) adopted by the Board of Trustees. This policy governs the investment of UVM pooled cash and sets the minimum liquidity target for the University. “Pooled cash” includes all funds of the University other than the funds that are held in the University endowment and certain plant, restricted and loan reserves, for which separate investment guidelines have been established.
In general, the University’s goal is to optimize Cash Management through (1) accelerating the collection of revenues, (2) receiving a rate of return on such funds, so that collected funds may contribute to the operations of the University, and (3) controlling disbursements.
Treasury Services also prepares monthly cash position statements and cash flow projections based on data provided by operating units. Cash flow forecast reports are used by the Vice President and Treasurer to make liquidity and investment decisions, and to minimize the cost of short-term borrowing.
Treasury Services supports the Vice President for Finance and Treasurer in managing debt funding in accordance with the University’s Debt Policy (PDF) and Debt Management Policy (PDF) adopted by the Board of Trustees. This includes new debt issuance, external debt payments, internal debt payments and processes, the investment of excess funds, debt covenant monitoring, financial reporting and performance measures, and ongoing bond compliance, including filing the annual disclosure statement and private business use. The University’s bond issues are rated by Moody’s and Standard and Poor's.