CASH HANDLING AND DEPOSITS

[The following was approved by the Chancellor of Southern Illinois University on November 20, 2002, in accordance with provisions set forth in SIU Board of Trustees Policies ]

DEPOSITING FUNDS: Departments that collect revenue must make deposits to the Bursars Office, located in Woody Hall B-6.  Collections on hand should not exceed $500.  A deposit should be made within one business day when collections exceed this amount.  All other collections should be deposited with the Bursar no less frequently than weekly.  Should collections include credit card payments, a deposit should be made the next business day regardless of the dollar amount.  All credit card terminals should be batched at the end of each day and a separate deposit should be made for each card type (i.e. Discover, MasterCard, American Express, Visa).  Conveyance of collections to the Bursar's Office will be the responsibility of the department.

Additional Receipt Requirements:

  1. All checks should be made payable to SIU, SIUC, or Southern Illinois University.
  2. All checks should be restrictively endorsed with the department name, budget purpose and "For Deposit Only".
  3. An adding machine tape should be attached to all check batches; one batch can include up to two hundred checks.
  4. If the deposit consists of both cash and checks, a tape should be included with the checks and another one with the cash.

Policy Approval Information