There were 4 instances in which the grand total of cash, check, credit card and electronic fund transfers recorded on the Cashier Check-Out and/or the Deposit Recap Forms were either non-existent or calculated incorrectly.

There were 17 instances in which the Cashier Check-Out and Deposit Recap Forms were not fully completed.

✓ All cash, check and credit card receipts should be deposited in the bank daily in accordance with Bursar Office policy. This would help safeguard funds and accurately reflect the information within the Banner system.

✓ All funds should be posted to the appropriate Banner system account upon receipt. A major component of any reporting system is proper monitoring and reconciliation. It is imperative that Bursar Office staff provide regular review of individual transactions for appropriateness, and completeness. Ultimately, this will help ensure the reliability of information for management analysis and help providing an effective audit trail.

✓ A university wide policy should be established which instructs departments and programs on when cash and check receipts on hand need to be taken to the Bursar Office for deposit. Consider the following when drafting the policy:

the dollar threshold amount when cash and check receipts should be brought to the Bursar Office for deposit, and

information and documentation required when departments bring check and cash receipts for deposit, and

suggested cash management procedures for departments and programs that may collect cash and checks at special events (i.e., homecoming and sporting events).

✓ The Bursar Office should coordinate with Human Resources to ensure completion of tuition waiver forms are applied to students' accounts in a timely manner. During registration, appropriate Bursar Office personnel should periodically check with Human Resources to identify any approved tuition waiver forms or any forms awaiting approval.

✓ The reconciliation of student payments and departmental deposits received during the month, the related Banner system account, and the related bank account should be performed at least monthly to detect unauthorized activity, unexpected payments, and other discrepancies. Consider the following in performing the reconciliation(s):

reconciliations should be performed on at least a monthly basis, and

any differences identified should be researched and resolved in a timely manner, and

the reconciliation preparer should sign and date the reconciliation upon completion, and