Collection of Funds

Policy number: 4.4

Policy section: Business & Finance

Revised Date: January 2, 2019

1.  Definitions

Definitions of capitalized terms are set forth in Appendix A.

2.  Policy Statement

It is the policy of the University to account accurately for and safeguard all Funds that are collected by the University; to comply with all applicable laws, taxing and banking regulations, and accounting standards; and to safeguard any information gathered while collecting Funds.

3.  Purpose

The purpose of this policy is to establish guidelines and responsibilities with respect to moneys paid to the University.

4.  Applicability

This policy applies to all University Personnel and others responsible for accounting for Funds collected by the University.

5.  Establishing a Collection of Funds Method

Collection of Funds Methods must meet the following criteria, as determined by the Office of Business and Finance in its sole judgment:

  1. The Collection of Funds Method must comply with all applicable University Policies and procedures.
  2. The Collection of Funds Method must use an approved bank account, as directed by the Controller’s Office.
  3. The Controller’s Office must approve all accounting processes.
  4. The Collection of Funds Method processes must comply with Payment Card Industry ("PCI"), the Electronic Payments Association ("NACHA"), and other applicable industry standards.

6.  Consolidating Collection of Funds Methods

The Controller’s Office must review all vendors, software, and service providers to assess redundancies. In order to provide the most effective processes for the University, the Office of Business and Finance may consolidate existing Collection of Funds Methods or recommend new Collection of Funds Methods.

7. Questions

Questions about this policy may be directed to the Vice President for Business and Finance.

Appendix A: Definitions

“Funds” means any currency, financial assets, or other asset that is conveyed to the University as a form of payment for goods or services, a donation, or to be safeguarded or administered by the University.

“Collection of Funds Method” means the specific process, procedures, and technology needed to convey Funds to the University (e.g., credit card processing, transfer of securities or collection of cash).

“University Personnel” means faculty, staff, students, volunteers and contractors.

Revised: January 2, 2019

Adopted: February 25, 2002