Step 3 - Processing Departmental Deposits

Step 1:  Preparing the Departmental Deposit
Step 2:  Preparing  the Deposit
Step 3:  Additional Policies and Procedures

Policies and Procedures

Departmental deposits should be delivered to a Student Account Services and University Billing Drop Box located either in the Student Account Services and University Billing Office, Bovee University Center 119 or on the circle drive in front of the Bovee UC.   Deposits including cash should be sealed in a secure envelope or money bag and dropped off inside the University Billing Office during regular business hours.  Please do not leave departmental deposits including cash in the external drop box on the circle drive.

SAP printing instructions can be obtained on the SAP Website.

Tax must be calculated for items that could otherwise be purchased off-campus.  Deposits for the reimbursement of telephone calls or photocopies do not have to be taxed if they were university business.  Tax must be calculated if the telephone calls or copies were for personal use.  State tax is not charged for international calls.  Please indicate on the departmental deposit form whether it was university business or personal business.

The tax amount should be deposited into the following accounts using the appropriate tax percentage:  

 ​Category Fund Number / Account Rate Fee Code
​ Fax Charges ​10000000 / 225100 ​6% ​STAM
​ Bookstore Charges ​10000000 / 225100 ​​6% ​STAM
​ Copy Charges ​10000000 / 225100 ​​6% ​STAM
​ Guest Meals ​10000000 / 225100 ​​6% ​STAM
​ In-state Phone Charges ​10000000 / 225300 ​​6% ​STAT (state)
 ​All Other Deposits* ​10000000 / 225200 ​​6% ​STAO
* Examples: T-shirt sales, yearbook sales, reimbursement of office supplies, etc.​ ​ ​ ​
 

To figure the amount of tax to deposit into the appropriate fund account (listed  above), multiply the charge by the correct percentage.  If you are depositing money for in-state telephone charges, you will need to figure the 6% state tax.

If you receive a check which includes both the initial charge and the tax due, you will need to divide the amount of the check by 1.06 (for state tax due) to determine how much to credit to the appropriate tax account and how much to credit to the Cost Center or Business Account.

For example: You receive a check for $27.70, which is to pay for Copy charges and the state tax due (6%).  You will take 27.70 and divide by 1.06, which gives you 26.14.  The $26.14 is the amount you will credit to the Copy charges account.  The amount credited to the Fund 9000-22510 (for state tax) is $1.56 ($27.20 - $26.14).

If you receive payment for personal in-state telephone calls, you must calculate the state tax due (based on payment amount).

Calculate the state tax

1. Take the amount of the payment and divide it by 1.06.
2. Subtract this amount from the payment amount to get the state tax due.


The amount to be deposited into the Telephone charge account will be the payment amount minus any taxes.

Any contributions or donations to the University should be reported to the Development Office before making the deposit.

Tom Trionfi in Purchasing should be contacted regarding the sale of any office equipment.

If deposit includes foreign/Canadian currency and/or checks, has the discount been calculated and deposited to the Foreign Exchange account?  You need to call Isabella Bank and Trust for this information.  The deposit also needs to be processed by a cashier the same day.

When a deposit includes currency or checks that have been discounted to Foreign Exchange, detailed information should be written on the departmental deposit form as follows:

  • note what was discounted (currency, checks, or both)
  • note the total amount that was discounted
  • note the discount rate that was used

CENTRAL MICHIGAN UNIVERSITY

1200 S. Franklin St • Mount Pleasant, Mich. 48859
Phone: 989-774-4000

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