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Operations Manual The University of Iowa

PART V. ADMINISTRATIVE, FINANCIAL, AND FACILITIES POLICIES

CHAPTER 4: CASH AND CREDIT CARD RECEIPTS

(Amended 9/93; 5/95; 9/97; 9/98; 3/06; 1/08; 2/08; 10/12)

4.1 Receipt of Funds
4.2 Deposit of Funds
4.3 Return Checks
4.4 Credit Cards
4.5 Change Fund Advances
4.6 Miscellaneous Cash Advances
4.7 Prohibited Cash Advances: Local Sports Clubs
4.8 Other Applicable University Policies and Procedures

4.1 RECEIPT OF FUNDS.
No money may be received on behalf of the University by any unit without local desktop cash handling procedures approved by Accounting Services. The University cash handling policy requires that every unit administrator and employee responsible for overseeing, receipting, depositing, or reconciling cash and its equivalents undergo the departmental and staff certification process.

Refer to the cash handling policies and procedures document located at the following Web address: afr.fo.uiowa.edu/cash-handling.
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4.2 DEPOSIT OF FUNDS.
(Amended 4/03)

Persons authorized to receive money for the University are accountable for all money received by them and must deposit such money promptly at the bank designated by the University. No part of these funds may be used for refunds or to pay bills or expenses unless special approval has been received from Accounting Services.

Refer to the cash handling policies and procedures document located at afr.fo.uiowa.edu/cash-handling and to information about the e-deposit system at http://ubill.fo.uiowa.edu/ui-departmental-deposits.
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4.3 RETURN CHECKS.
A service charge of $30 will be imposed for each check, ACH payment, or other draft tendered to the University which is subsequently dishonored or otherwise refused by the bank or other payer. Acceptance by the University of any check or other draft shall be only upon this condition, to which the person tendering the check or draft is deemed to have consented.
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4.4 CREDIT CARDS.
(3/06; 10/12; 4/14)

Any unit may request authorization to become a University of Iowa credit card merchant by completing a Payment Card Merchant Agreement form. Upon approval by the University Controller, Treasury Operations will assist the new credit card merchant by providing the necessary information and training required to comply with the University's credit card handling policy and payment card industry data security standards. The procedures outlined in the policy are mandatory when processing, recording, and reconciling credit card sales. Under no circumstance should a unit contact any credit card processor to obtain the ability to accept credit cards for the sales of goods and/or services.

Any unit accepting credit cards also must be in compliance with the University of Iowa cash handling policy. Noncompliance with either policy may result in the loss of privileges to process credit card payments and the revocation of credit card merchant status.

Refer to the credit card acceptance and security guidelines document located at:
http://treasury.fo.uiowa.edu/policies-and-procedures/credit-card-acceptance-security-guidelines.
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4.5 CHANGE FUND ADVANCES.
Requests for advances of cash to be used for making change must be made in writing to Accounting Services. The amount of each advance should be kept at a minimum needed to transact business, and arrangements for safekeeping must be made by the department.
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4.6 MISCELLANEOUS CASH ADVANCES.
(Amended 2/08)

For events that require cash payments such as freight charges, payments to research subjects, meal charges on sponsored student trips, etc., departments must submit requests for advances in writing to Accounting Services. Each request must provide an explanation of the need for the cash advance. Every reasonable effort should be made to identify an alternative to the use of a cash advance. Alternatives include direct payments, procurement cards, and the use of the ProTrav system for travel advances and reimbursements.

4.7 PROHIBITED CASH ADVANCES: LOCAL SPORTS CLUBS.
(5/95; 9/97)

Local sports clubs, associated formally or informally with The University of Iowa athletics programs, shall not issue cash advances to students and University employees. The University of Iowa Athletic Department shall assure that all local sports clubs receive periodic reminders regarding their role in support of University of Iowa athletic teams.

4.8 OTHER APPLICABLE UNIVERSITY POLICIES AND PROCEDURES.
(3/06)

See V-2.3(a) Transfers of Funds to The University of Iowa Foundation; V-22 Travel Regulations; and the cash handling policies and procedures document located at afr.fo.uiowa.edu/cash-handling.
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Page last updated June 2014 by Office of the Senior Vice President for Finance and Operations