A/R Customer Deposit Transmittal Form: Used by departments when submitting invoiced cash receipts to Treasury Services for deposit to an external, non-sponsored Customer ID In Peoplesoft

Cash Receipts: Currency, coins, checks, EFTs, wires, Lockbox or credit card payments.

Deposit Transmittal Form: Used by departments when submitting cash receipts to Treasury Services for deposit to a chartstring in PeopleSoft

EFT: Electronic Fund Transfer

Lockbox: A bank established P.O. Box that receives check payments on behalf of the University

The department chairperson or program director is responsible for the safeguarding of all undeposited currency, coin, and checks held by their department. Responsible individuals are expected to develop prudent business practices for effective internal controls over cash handling for their area, including adequate segregation of duties, supervisory review, independent reconciliation of financial and deposit information, and existence of written procedures. 

In the event of a theft of funds, failure to adhere to the provisions of these procedures could result in disciplinary action to the employee as specified in applicable collective bargaining agreements or employee handbooks. In addition to disciplinary action, the department may be required to cover the loss from the departmental budget. The Office of Audit Services (802-656-3086) is available for consultation on the proper methods of safeguarding of funds and other valuables. All losses or thefts must be reported to University Police Services immediately, and as soon as practical, to Treasury Services and to the Office of Compliance and Privacy Services.

Precautions should be taken to safeguard the cash receipts whenever they are being handled or transported. Security arrangements should be made in advance of departmental cash handling activities, and all movement of funds within auxiliary enterprises (e.g., UVM Bookstore, dormitories), must be accompanied by two University employees. Departments requiring cash courier services on a regular basis should contact the Treasury Services Office to discuss a regular schedule with the service provider under contract.

Transporting of cash receipts through the armored car service under contract with the Treasury Services Office should be done via numbered locked bags or clear plastic deposit bags (with completed pre-numbered deposit slip), as furnished by the University’s armored car service. These bags are available through the Treasury Services Office.

While in the depositing unit’s custody, cash receipts should be secured in a proper and adequate locked container (i.e., cash register, locked cash box, locked cash drawer). Any cash receipts held on premise after business hours should be adequately secured in a safe. NOTE: A “safe” does not include locked desks, file cabinets or other types of containers.

1. The full amount of cash (currency, coin, and checks) received must be promptly deposited with Treasury Services, or the bank via the University's armored car service provider.
   1. All departments and activities of the University must submit a Deposit Transmittal Form with any cash receipt (currency, coin, checks, EFTs, wires, Lockbox or credit card payments) promptly, with the Treasury Services Office, not later than the third business day after receipt. This ensures that all revenue will get recognized in the correct period.
   2. All departments and activities of the University must record and reconcile all cash receipts at the time the funds are received. Auxiliary enterprises (e.g., UVM Bookstore, dormitories) and other departments, which receive cash as part of their normal day-to-day operations, must establish an auditable record such as a point-of-sale register report, a cash register tape, pre-numbered receipts, or ticket reconciliation. Educational, administrative, and other departments, which do not receive cash daily, may satisfy this requirement by using the Deposit Transmittal Form (See Forms section of this document).
   3. After deposits are received by the Treasury Services Office, they are verified and entered into the PeopleSoft A/R module. A record of the deposit can be viewed by the originating department through access to PeopleSoft Finance. The information in PeopleSoft is the department’s official receipt and can be viewed at any time for audit purposes. See Tips to Find a Deposit User Guide.
   4. Deposits prepared by large and frequent depositors for direct delivery to the depository bank by the armored car service shall use sequentially pre-numbered deposit tickets assigned to the depositing unit by Treasury Services. Deposit amounts shall be entered into the PeopleSoft A/R module upon receipt of the corresponding Deposit Transmittal Form by the Treasury Services Office. Any discrepancies between the amount deposited and the amount recorded are to be resolved by the depositing unit immediately.

All departments receiving checks from any source must request that such checks be made payable to either “University of Vermont and State Agricultural College,” “University of Vermont,” or “UVM.” Checks should not be made payable to a specific program name or acronym, though the payer may use the memo line for this purpose. Depositing units should endorse all checks made payable to the University of Vermont on the back of the check with “University of Vermont--For Deposit Only.”

Any checks made payable to a payee other than the University of Vermont should be properly endorsed by the payee on the back of the check and paid to the order of the University. The depositing unit should then endorse the back of the check with “University of Vermont--For Deposit Only.”

It is the responsibility of each department to keep photocopies of all checks and Deposit Transmittal Forms for external/internal audits. Refer to the Records Management and Retention Policy for a retention schedule.

For depositing units serviced by the armored car service, prepare all deposits for pickup in accordance with procedures required by the service provider under contract. Forward a completed Deposit Transmittal Form with a copy of the pre-numbered deposit ticket to the Treasury Services Office for processing via the PeopleSoft A/R module.

For all other depositing units, insert a completed Deposit Transmittal Form in the same envelope or zippered bag with cash receipts. Cash receipts must be dropped off at the depository box located to the left of the Treasury Services Office, 220 Waterman. 

A Deposit Transmittal Form must accompany each deposit. 

Training will be provided on an as-needed basis as determined by the Approval Authority or the Responsible Official.