Cash Handling Practices at UC San Diego

UC San Diego’s Blink website provides comprehensive guidelines on cash handling practices, aiming to ensure accountability, security, and compliance with university policy and regulations, as well as federal and state laws. The information covers various aspects of managing cash, from receipt to deposit, and emphasizes internal controls to minimize the risk of loss or misappropriation.

A core principle highlighted is the separation of duties. Individuals responsible for receiving cash should not also be responsible for reconciling accounts or depositing funds. This separation acts as a check and balance, reducing opportunities for error or fraud. Clear documentation is emphasized throughout the entire process, from initial receipt to final deposit. Departments are required to maintain detailed records of all cash transactions, including date, amount, source, and purpose. These records are subject to audit and must be readily available for review.

Specific procedures are outlined for accepting cash payments. Designated cashiers must be properly trained and authorized. They should use pre-numbered receipts or point-of-sale systems that provide an audit trail. Cash receipts should be reconciled daily, comparing actual cash on hand with the recorded transactions. Any discrepancies must be investigated and resolved promptly. Secure storage of cash is paramount. Departments are expected to utilize secure locations, such as locked drawers or safes, to prevent theft. Access to these areas should be restricted to authorized personnel only. The amount of cash kept on hand should be minimized to reduce the risk of loss. Regularly scheduled deposits are crucial. Departments are required to deposit cash receipts into the university’s designated bank account as frequently as possible, ideally daily or at least weekly, depending on the volume of transactions. This minimizes the risk of loss and ensures timely reconciliation of funds.

The website also addresses specific scenarios, such as accepting checks or electronic payments. Checks should be made payable to UC Regents and properly endorsed. Policies are in place for handling NSF (non-sufficient funds) checks. While the focus is primarily on cash, the guidelines acknowledge the increasing use of electronic payments and encourage departments to utilize these methods whenever feasible to reduce the risks associated with handling physical cash. Proper security measures are also discussed in relation to processing payments, including securing payment portals and adhering to PCI (Payment Card Industry) compliance standards.

Furthermore, the information underscores the importance of regular internal audits and self-assessments to ensure compliance with established policies and procedures. Departments are encouraged to proactively identify and address any weaknesses in their cash handling practices. The Blink page serves as a valuable resource for UC San Diego employees involved in cash handling, providing them with the knowledge and tools necessary to maintain sound financial controls and protect university assets. It emphasizes the shared responsibility of all employees in safeguarding cash and adhering to ethical business practices.