effectiveness of operations, reliability of financial reporting, and compliance with applicable laws and regulations.
The principle of separating key duties (such as authorization, custody, and record-keeping) to prevent one individual from controlling all aspects of a financial transaction.
The KSU Board of Regents delegates authority to the President to establish bank accounts on behalf of KSU and to deposit, disburse, and invest funds from such accounts. The President further delegates this authority to the Chief Financial Officer (CFO).
Segregation of Duties: No one person shall have control over all aspects of a cash transaction. The work of one employee shall serve to verify that of another.
Deposits: All payments must be deposited in a timely manner into Board-authorized KSU accounts.
Disbursements: All disbursements must be appropriately authorized before payment is made.
Reconciliation: All cash accounts will be reconciled monthly by an individual with no access to cash handling, accounts receivable, or accounts payable functions.
KSU will manage its cash flow to meet current obligations. This includes the timely collection of receivables and the strategic timing of bill payments. Bills will be paid within the legal limits granted by the vendor, but not aged to the point that KSU develops a reputation for slow payment.
KSU Cash Handling Procedure
KSU Accounts Payable and Cash Disbursements Regulation
| Subject | Office | Telephone | E-mail |
|---|
| Policy Questions | CFO/Vice President of Fin. & Admin. | (502) 597-6429 | Melissa.Hicks@kysu.edu |
| Revision Type | Date of Issuance/Revision | Drafter(s)/Editor(s) |
|---|
| Issued (New Policy) | August 2024 | YPTC |
| Substantive Revisions | June 2025 | Zach Atwell |