Processing of Deposits
Each department will be responsible for preparing the necessary paperwork and forms of submitting deposits and forwarding the material to the College of Education's Business Office for review, approval, and deposit. Departments are permitted to process their own deposits if they choose. However, such deposits must be made only by those individuals authorized in writing to do so. A copy of this authorization must be signed by the Department Chair and copy forwarded to the Business Office of the College of Education. Additionally, copies of all paperwork of deposits processed by the Department must be forwarded to the Business Office. This change in procedure is necessary in order to fully comply with USC policy (see attached) and generally accepted accounting practices.
Specifically, each department is to write a receipt for each amount of funds received. A USC pre-numbered receipt book must be used for all receipts. These can be obtained from the College's Business Office. The goldenrod copy is given to the party transmitting the funds, the blue copy is filed in numerical order by the department receiving the funds, and the pink "treasurer's" copy is sent to the College's Business Office for final processing. The pink copy is to be accompanied by a completed deposit transmittal form, the funds to be deposited, and a copy of all checks and related correspondence. Funds received by mail should have receipts mailed by the department to the party giving the funds. Receipt of cash is discouraged when possible.
Two specific areas of interest in the process are emphasized as they relate to current audit findings: (1) All funds are to be deposited no later than 24 hours form the date received, checks and other funding received must be "stamped" or documented with the date received to document compliance with the University's24-hour time frame. Failure to do so will result in action from my office, and (2) The copies of the receipts referenced above need to be distributed consistently. Specifically, the yellow copy must be issued to the payee upon a receipt of money. Any receipts not processed in the compliance with the directive will be returned home for corrective action.