Fiscal Operations Manual
Section 100: Revenue (External) - Depositing & Recording
Effective: 01/01/2003
Revised: 11/13/2014

 

WARNING:  THESE ARE NOT CURRENT POLICIES!!

Please see current Fiscal Policy Manual for current policies

 

As a State of Oregon entity, Oregon State University falls under rules of the Oregon State Treasury. Proceeds from any activity sponsored by OSU, evidenced in part by the use of OSU letterhead, and/or using state resources such as employee time and effort, state facilities, state vehicles, etc. are deemed to be State of Oregon revenue and must be deposited into an OSU fund.

Units receiving checks are responsible for their safekeeping and timely deposit. Units should do the following:

  • Immediately, place a restrictive endorsement on the check.
  • Deposit all checks received with the Cashiers Office within one business day of receipt. Deposits should be made more frequently if the unit lacks secure safekeeping for holding funds.
  • Unless the total is less than $1,000 and, there is sufficient justification, deposits must be made daily. Under no circumstance should deposits be held for longer than one week.
  • Exceptions may be made where a valid business reason exists to provide for deposits of at least one time per week. Contact OSU Cashier's Office for assistance. All checks received and held overnight must be in a secure area.

Business Affairs orders all the new endorsement stamps for the campus departments to ensure the required information and format is consistent. The cost of the stamp is charged to the department. Business Affairs also orders all new credit card merchant numbers from the State Treasury.

The Name/Description Field on the deposit form is for indicating where/who the deposit is from or what the deposit is for, not the depositing department. It could include Name, Invoice Number, workshop, etc. as this is what appears in the description field in FIS Banner and Data Warehouse. See “Completing a Cash Receipts Record.”

Generally, cash receipts should have an Index and an Account Code beginning with 0 (0xxxx series) or a Fund and an Account Code beginning with A or B (the Axxxx or Bxxxx series of accounts).

Do not use 09xxx “Internal Sales” or 79xxx “Internal Reimbursements on cash deposit transactions. Do not use account codes beginning with 2xxxx, 3xxxx, or 4xxxx on cash receipts records forms (deposits) unless you can reference an original FIS “I” document number, or credit for the goods and services was received.

The description includes the reason (i.e. refund, overpayment). If the vendor was overpaid and a refund was received, the refund must be credited to the Fund and Account Code to which the purchase was charged. An overpayment may be the result of returning prepayments, returned defective merchandise, or credit for early payment. Please note that this does not include employee reimbursement of personal expenses, because personal expenses are not allowable disbursements. Cash receipts which may be deposited as a reduction of expense are very limited under Oregon Executive Department rules.

Departments holding workshops, conferences or issuing invoices that are not recorded as part of OSU Accounts Receivable should notify the Cashier’s Office that they are expecting funds so that incoming checks and transfers can be readily identified and deposited to the proper fund/index/account.

See:

Deposits to OSU Foundation (OSUF) and Agriculture Research Foundation (ARF) are restricted to true gifts or proceeds from fund raising events in which the donor intends that the gift go to the foundation(s). All checks made out to OSU must be deposited at OSU. Deposits from OSUF to OSU must be recorded in specified funds (FSxxxx, FExxxx, 438xxx, 8xxxxx or 9xxxxx). Deposits from ARF to OSU must be recorded in FAxxxx funds. When a check is written to OSU, but there is evidence from the donor that the intent was to gift the dollars to the OSUF or ARF, contact the intended foundation. There are procedures in place within Business Affairs to move the dollars from OSU to OSUF or ARF in these cases. For further information see the Grant, Contract, Gift Accounting Policy & Procedure Manual.