Internal controls over cash are necessary to prevent mishandling of funds and to safeguard against loss. Strong internal controls also protect employees from inappropriate charges of mishandling funds by defining responsibilities in the cash handling process. "Cash" includes coin, currency, checks, money orders and credit card transactions.
Definition: The management of cash at the University of Washington is a critical function. The University receives over $3 billion in revenue annually. Although much of that comes via electronic payment methods (wires, ACHs and credit card merchant activity), a significant amount of cash is still handled throughout the University departments. The fiduciary responsibilities related to internal controls and proper cash handling procedures apply to all departments, regardless of their size or amount collected.
For more information about University policy/procedures with respect to the handling, receiving, transporting and depositing of cash, please see the Cash Management website. From there you will be able to link to the documents that discuss topics such as "best practices for internal controls" (see Internal / external audits found as link to the right of the screen) and "where to route cash depending on source".
UW's Banking & Accounting Operations unit offers a number of different cash advance products that can be used to meet departments' miscellaneous or foreign operational cash needs.
- Field Advances
- International Operating Funds (IOF)
- Revolving Fund Accounts
- Cash Handling Internal Controls Flowchart
Although the UW's Student Fiscal Services (SFS) department primarily handles student registration and fiscal responsibilities, it also offers many fiscal services to UW departments, including the management of UW's merchant account relationship.
- Guidance on how to handle money
- Guidance for small units: Small departments or departments that handle a small amount of cash or cash activity should still adhere to cash handling best practices.
The UW may receive a gift in just about any manner conceivable. To find out more about types of gifts that can be received, where the gift or gift notification should be sent and how to record the gift, visit the Gift Processing Webpage.