Financial Services Manual (FIN)

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Effective: 3/18/1985

Revised: 11/1/2013

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[ASU logo]

FIN 301–01: Deposits—General Policy

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Purpose

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To deposit university receipts properly

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Source

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Arizona Board of Regents Policy Manual - 3-101

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Policy

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Funds received for the benefit of, or on behalf of, ASU must be deposited with ASU, or if certain specific criteria are met, as presented in FIN 301–02, “Deposits—ASU-Approved, Financially Related Organizations,” may be deposited to an ASU-approved financially related organization.

Board of Regents’ policy requires that all university funds be deposited only to bank accounts authorized by the board. All funds deposited to ASU bank accounts flow through Financial Services.

University funds are cash, checks, or credit/charge card payments received that do not meet the specific criteria for deposit to a financially related organization as presented in FIN 301–02:

  1. by a university administrative unit or individual for the benefit or support of any ASU program
  2. from the sale of materials and/or services arising from the use of ASU property and/or employment

    and/or

  3. from an activity when there are indications in promotional literature or elsewhere that ASU or one of its departments is the sponsor.

Deans, department chairs, and directors who receive funds must assure compliance with these policies. Financial Services is able to provide guidance about whether specific funds are ASU funds and will identify the proper university agency/org(s) for deposit.

University funds must be deposited as soon as possible—in most cases, on the day received—at Cashiering Services at the Tempe, West, Downtown Phoenix, or Polytechnic campus, except for:

  1. gifts, including all scholarship funds
    Note: These funds are to be forwarded immediately to the ASU Foundation (see FIN 303, “Gift Deposits [Including Gift-in-Kind Donations] and Special Event Receipts with a Gift Component”), which operates the financial management aspects of development at ASU and therefore is responsible for processing all gifts to ASU. The ASU Foundation then deposits all gifts given to ASU with Cashiering Services and issues an official university gift receipt. The ASU Foundation deposits all gifts given for the benefit of ASU, but given to the Foundation, to the Foundation’s bank account(s) and issues an official ASU Foundation gift receipt.
  2. funds designated for an ASU-approved, financially related organization

    Approved financially related organizations are the:

    1. ASU Foundation
    2. ASU Alumni Association
    3. ASU Research Park
    4. Sun Angel Foundation
    5. Sun Angel Endowment

      and

    6. Collegiate Golf Foundation.
    Note: These organizations are audited annually by auditors appointed or approved by ASU (see FIN 130, “ASU-Affiliated Entity Policy,” for the definition of an ASU-recognized affiliated entity, and FIN 301–02, for specific policies and procedures relating to funds that may be deposited to a financially related organization).

    Funds belonging to a financially related organization are to be forwarded immediately to that organization. However, all receipts for research projects and other sponsored projects must be expended through the Office for Research and Sponsored Projects Administration and not directly by any other financially related organization.

    and

  1. checks received for payment of conferences and similar events when there is a possibility that the scheduled event may be canceled. In this case, the checks may be held for a maximum of 30 calendar days before being deposited.

If the pricing for any activity included with the payment takes on the appearance or possibility of being a charitable contribution, the informational or solicited material relating to the activity must be preapproved by the Foundation’s director of strategic planning and marketing. Preapproval ensures that the following comply with ASU policy and IRS requirements:

  1. the wording relative to the payment
  2. any benefits provided to the payor

    and

  3. notification regarding the charitable contribution nature of the payment.

Even for situations where the entire payment represents benefits provided to the payor, if there is the appearance or possibility of it being a charitable contribution, the informational material must state the following: “Due to the value of benefits provided, this payment is not considered to be a charitable contribution.”

This policy applies not only to funds being deposited to ASU, but to funds being deposited to any ASU financially related organization.


Checks

For payments to ASU by check, the desire of ASU is that the payee be Arizona State University and not solely a departmental name, e.g., ASU or ASU Department of Marketing. All promotional literature must specifically indicate this check preparation instruction.

All checks payable to Arizona State University must be stamped with a restrictive endorsement stamp (see FIN 305, “Deposits at University Cashiering Services”) for deposit to ASU. An endorsement stamp can be obtained from Cashiering Services.

For payments by check to an ASU-approved, financially related organization, the payee is to be the financially related organization and not Arizona State University. (See FIN 301–02, “Deposits—ASU-Approved, Financially Related Organizations,” for more information regarding deposits with financially related organizations.)

For payments belonging to ASU where the payee is an ASU financially related organization (e.g., the ASU Foundation), the check must be sent to the ASU financially related organization for endorsement to ASU. ASU departments are not to deposit to ASU Cashiering Services any checks made payable to an ASU financially related organization without the endorsement of that organization.


Cash

All cash receipts are to be deposited in total and may not be used for the direct payment of miscellaneous small purchases. The Business Services section of Financial Services has petty cash funds available for small-dollar purchases.

Cash handling training is available online via the Financial Controls Web site.


Depositing Checks and Cash at Cashiering Services

Checks and cash receipts are to be deposited at Cashiering Services. Best Practices related to the depositing of funds at Cashiering Services are available on the Financial Services Web site.

Cashiering Services at the Tempe campus has two night depository sites for making deposits when Cashiering Services is closed. The site located outside the Student Services Building is available 24 hours daily and restricts the deposit to a thin letter-size envelope. The site located within the Student Services Building next to Cashiering Services is available for deposit pouches daily when the building is open. These cash security procedures apply to all ASU departments and all non-ASU units located in an ASU facility.


Credit Card Payments

Credit card payments processed electronically through an electronic data capture terminal, an electronic ticket system, or other electronic processing system are automatically deposited to the university’s bank account. Records of electronically processed credit card payments are to be maintained by the department in a secure and restricted area in compliance with credit card regulations and federal privacy laws. Records are to be kept in a safe or locking cabinet with access restricted to a business need-to-know basis. Access should be limited to the minimum possible, in most cases, depending upon department size, to no more than two to five persons, and departments are to maintain a log of anyone who has such access.

If a department would like to accept credit cards as a form of payment in person, by mail, or over the Internet, a designated individual must contact the Treasury Services area within Financial Services for information on the university-approved processes.


Electronic Payments

In very limited circumstances it may be necessary for payment to be made electronically, either by wire transfer or by Automated Clearing House (ACH) payment. If a department has a situation in which no other payment method can be used and the circumstances substantiate the need to send a payment electronically, then a designated individual must contact the Treasury Services area within Financial Services to obtain approval and procedures for receiving funds electronically. A per-transaction administrative fee is assessed to departments for handling the processing of their electronic payments.

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