The department should establish written policies and procedures for processing cash receipts.
Internal control is a process effected by a college or university's governing board, administration, faculty and staff designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Cash receipts must be processed through Student Account Services and University Billing.
- Checks received by the department should be listed by a person independent of any further processing of the check (see next item). This same person should immediately restrictively endorse the check "Central Michigan University" and "For deposit only" on the back of the check.
- The department should establish a segregation of duties, so that the same person does not receive the cash/check, prepare the deposit for Student Account Services and University Billing and reconcile the deposit prepared for Student Account Services and University Billing to the account during the monthly reconciliation.
- Cash and checks received by the department should be deposited with Student Account Services and University Billing as soon as possible (preferably daily, depending on the volume of receipts).
- While in the department, cash and checks should be securely locked and access limited.
- If money collected is from the sale of taxable items, the department should calculate the amount of tax and deposit that amount into a separate sales tax account.
- Cash short/over amounts should be monitored.