Fiscal Operations Manual
Section 100: Revenue (External) - Depositing & Recording
Effective: 01/01/2003
Revised: 10/25/2010

 

In unusual circumstances, an OSU employee may be asked to provide cash handling duties for a third party.  OSU cash handling standards apply in these circumstances and every effort should be made to provide employees who are acting as cashiers with protection from risk. 

Prior to engaging in cash handling for a third party review the procedures below with the third party to ensure that they can comply.

  • A locking cash box should be used and each cashier should have their own cash box.
  • Reasonable measures should be taken to ensure that proper security is maintained on cash drawers including, but not limited to, funds being attended at all times or locked and secured in an area not easily accessible by the public.
  • Counting the funds in the cash box should be done at each transfer of custody and should be done in dual custody with an OSU and third party representative present.
  • If credit or debit cards will be accepted, ask the third party to provide documentation on their credit card security procedures and review those together.  If timing allows, review these procedures with Business Affairs Cashier’s prior to the event.
  • If checks will be accepted, the third party must provide an endorsement stamp so the checks can be restrictively endorsed as soon as they are received. If no endorsement stamp is provided, write “For deposit only” on the reverse of the check to reduce the risk of fraud.
  • Tools for documenting the sales or transactions should be obtained from the third party in the format they prefer for tracking and reconciling. A log, tally sheet, ticket journal, or receipt book should be used. If the third party does not provide these types of forms, the OSU employee must still perform the documentation noted below.
    • Keep a copy of an event program, advertisement, notification, etc. as a record of the date, time, and sponsor of the event.
    • Maintain a list of all OSU employees and third party individuals who will have access to the cash and cash equivalents.

Prior to the event, record the starting balance of the fund. The starting fund in the cash box should be counted in dual custody to verify the initial amount of the fund.  Document the starting balance on a voucher, log, or tally sheet which both parties sign and date to acknowledge that the count was completed and both people are in agreement on the starting amount of the fund.

During the event, record each transaction that affects the change fund.  This log should be complete and accurate so as to provide the detail required to balance and reconcile the change fund at the end of the event.

At the end of the event, complete a count of the ending change fund in dual custody with a representative of the third party.  Document the ending balance on the voucher, log, or tally sheet used for the starting balance and have both parties sign and date to acknowledge that the count was completed and both are in agreement on the ending amount of the fund.

Once the dual custody count of the ending cash fund is completed, the funds in the locked cash box can be transferred back to the third party. If the cash and cash equivalents cannot be immediately handed over to the third party, the cash box should be secured in a locking cabinet, office, etc.  Be aware this requires a second dual custody count at the point when the funds are handed over.  This must be done so both parties again agree on the balance of fund at the point of transfer.

Both the OSU employee and the third party should receive full copies of all documentation.

For additional information see the Cash Handling Handbook.