asi financial services cash handling training presentation · 2018-05-08 · to authorize/designate...

FINANCIAL SERVICES

CASH HANDLING Training Presentation

Presentation Out

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Purpose

Responsibilities Club President/designee(s)

Cash & Cash Equivalents

Risk & Controls

Collecting Cash

Cash Handling Policy

Questions

Purpose

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Understand the principles of good cash handling

Segregation of duties

Follow Financial Services cash handling policies and procedures

A Serious Issue

• If you are responsible for handling cash you are

accountable for that cash. You must comply with

ASI Financial Services policy & Procedures

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President’s Responsibilities

To authorize/designate a cash handler responsible for handling cash and cash equivalents.

Ensure that a current signature card with specimen signatures from authorized student and advisor signors is submitted to ASI Financial Services upon registration.

Ensure that all signers/cash handlers attend the annual mandatory cash handling training.

Ensure that cash handling is operated in accordance with CSU and ASI policies and procedures.

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President’s Responsibilities (Cont.) How is the cash going to be secured?

Locked cash box or secured area until deposited

Who is going to prepare the deposit? & How?

President, Treasurer or designated student

Prepare a Deposit Form

Deposit must be prepared by someone who didn’t collect the cash

or open the mail. It that is not possible then it must be reviewed

by someone other than the preparer.

When to bring deposit to ASI Financial Services?

Make deposits daily even if it’s a small amount. Deposits should

never be held longer than five business days.

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President’s Responsibilities (Cont.)

Who needs training?

Any person that is handling cash or cash equivalents

Establish an effective internal control system

Delegate responsibility for cash handling duties, maintain proper segregation of duties

Require that students handling cash be properly trained & follow all of the ASI Financial Services policies and procedures

Review receipts on a regular basis

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Cash & Cash Equivalents

What is included in “Cash handling”?It’s not just “cash”. It includes the following:

Coins

US Currency

Checks (Cashier Checks)

Money Orders

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US Currency (Counterfeit)

US currency has been redesigned to stay ahead of counterfeiters.

Quick ways to Authenticate cash

Even when pressed for time, you can still take simple steps to authenticate the cash you are handed. All you need to do it Feel, Tilt, and check

Feel the paper: Run your fingers over it-the note should feel slightly rough in touch

Tilt the note: A 3-D Security Ribbon and color shifting Bell in the Inkwell

Check the Light: Holding the cash to light you will be able to see the watermark and the security thread. If the watermark is nonexistent or not visible from both sides, you may be handling counterfeit currency.

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Cash & Cash Equivalents (Cont.)

Check Requirements

Checks for deposit must be payable to: Clubs and Organizations

Additional requirements:

Be recently dated (no more then 180 days old)

Properly signed or stamped “For Deposit Only”

Numeric and written amount must match

Be legibly written in ink

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Who or what is at risk?

The Money & You

Risk & Controls

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What are the risks?

Cash is stolen

Cash is lost

Documentation does not agree with records:

No audit trail

Finger pointing and accusations

Loss of revenue

Risk & Controls (Cont.)

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In the cash collecting process, YOU are just as

important as the cash!

Controls are designed to protect both YOU and

the cash you are handling.

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Risk & Controls (Cont.)

Segregation of Duties

Segregation of duties must be maintained when cash is

received and no single person should have complete control.

Risk & Controls (Cont.)

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In person or By Mail

Student clubs and organizations shall be accountable for the

collection and deposit of cash and checks received.

Upon receipt of check endorse the back of check

“For Deposit Only “

Complete the ASI Deposit Form: Deposits of cash and

checks must be on separate form.

Collecting Cash

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Collecting Cash (Cont.)

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Collecting Cash (Cont.)

Deposits must be taken to the ASI Financial services within a week

(5 business days) of receipt or daily if accumulated cash is greater

than $300.00 or if total of checks is greater than $2,000.00

Student clubs and organizations shall keep cash and or checks in a

secure location at all times.

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Collecting Cash (Cont.) Record the Cash?

An official receipt shall be recorded for each collection using a pre-numbered book or

daily receiving log.

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Cash Handling Policy & Procedures can be obtained at:

http://asi.cpp.edu

Resources

Public Documents

Cash Handling Policy

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QUESTIONS ????

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Louisa KeyesAccounts Receivable Vault Cashier

(909) 869-2846lmkeyes@cpp.edu

Ivonne CabezasAssociate Director of Revenue Management

(909) 869-6859imcabezas@cpp.edu

Carol LeeDirector of Financial Services

(909) 869-2942cllee@cpp.edu

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