Revenue
Description
Kentucky State University receives revenue for a variety of reasons. This includes cash collected at various locations on campus. Revenue processing has inherent risks that are magnified in a service-oriented environment such as higher education. It is critical that appropriate measures are in place to ensure that revenue collected is properly handled.
| Self-Assessment | ||||
| Standard | Yes | No | N/A | |
|---|---|---|---|---|
| 1 | Are there documented policies and procedures for revenue activities? | |||
| 2 | Are revenue receipts and documentation physically safeguarded? | |||
| 3 | Is revenue deposited in the Bursar Office immediately upon receipt at the department, regardless of the amount? | |||
| 4 | Are numbered receipts (either system generated or pre-numbered manual receipts) provided for each individual revenue transaction? | |||
| 5 | Is access to revenue limited to the individual responsible for processing transactions? | |||
| 6 | Is there proper segregation of duties to ensure individuals serving as cashiers can not obtain activity reports (e.g., cash register readings) for the activity they process? | |||
| 7 | Is someone independent of the processing comparing on hand revenue to activity reports in the presence of the responsible cashier at the close of each work shift? | |||
| 8 | Are signatures of both parties obtained to document transfer of custody of funds (e.g., cashier giving revenue to supervisor to count and reconcile)? | |||
| 9 | Is someone independent of the revenue receipt process reviewing and approving void and refund transactions? | |||
| 10 | Are revenue receipt variances (overage / shortage) identified, analyzed, recorded, and reported? | |||
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