Per Policy 636, all payments received on behalf of MTSU must be receipted on official receipts at the Bursar’s Office. All checks in payment to the University should be made payable to Middle Tennessee State University, or MTSU, and should be mailed directly to the Office of Business and Finance, Cope Administration Building, Room 103, by the check writer.
Departments or activities regularly receiving cash in their routine operations must record each transaction in an official University Receipt Book (available from the Bursar Office) or must record the transaction on a cash register in the presence of the customer or payer. Note: Departments which have isolated instances of receipts and do not maintain a receipt book, should not accept currency payments. They should direct the payer to the Bursar Office for obtaining an official receipt. Checks received by these departments should be given to the Bursars Office accompanied by a Departmental Deposit Form Excel form.
Departments or activities regularly receiving cash in their routine operations must record each transaction in an official University Receipt Book (available from the Bursar Office) or must record the transaction on a cash register in the presence of the customer or payer.
When a payment is to be recorded in an official receipt book, the original receipt must be initialed by the person accepting the money and delivered to the payer.
Receipt instructions:
The receipt must be initialed by the person accepting the money and then delivered to the payer.
The type of payment (cash or check) must be noted on the receipt
The purpose for which the money was collected should be noted on the receipt
Deposits of funds should be made when the accumulated funds have totaled at least $500.00 or once each work week. $500 is considered in excess of any established change fund amount.
The official University Receipt Book, on which receipts have been recorded, must be transmitted with cash or checks for deposit. The original Bursar Office receipt will be given to the transmitting department for their records.
For departments recording sales using a cash register, funds must be balanced against the cash registers’ sales summary. The reconciliation between the funds collected and the recorded sales via the cash register must be presented to the Bursar Office cashiers at the time of deposits.
Any overages and shortages must be recorded.
Department heads should see that proper safekeeping facilities are available and that proper safeguards are taken to protect official funds until transmitted to the Bursar Office for Deposit.
Policies explicitly outlined by the University are as follows:
Currency should never be transmitted through campus mail
Safe Combinations should be changed whenever employees having the combinations are terminated
No more than 2 or 3 responsible employees should have access to funds stored in a department
Cash and checks should not be left in cash registers, drawers, or other unsecured locations overnight
If unusually large sums are on hand, arrangements should be made for use of the night depository procedure, making deposits daily (or more frequently), or for a University Police officer to accompany the deposit
An employee who does not handle money should perform reconciliation
A Reconciliation consists of comparing the original receipt copies in the departments receipt book to the official receipt printed from the Bursar Office and the entry recorded to the department’s account. If departments are unable to separate duties due to insufficient staffing, Audit and Consulting Services may be contacted to find an alternat solution
Personnel handling University funds should be advised of the proper actions to take in the event of a robbery
In the event of a robbery or theft of funds, the University Police and Audit and Consulting Services should be immediately notified
