Kutztown University - Policy 1997-122


Collection of Funds

A. Purpose

To standardize the policy and procedures utilized by employees or representatives of the University when collecting funds. B. Scope This policy applies to employees or representatives collecting funds on behalf of the University. C. Definitions Collecting Funds: The receipt of cash, check or other means of payment.
Depositing Funds: The transfer of collected funds to a financial institution. D. Policy & Procedures 1) Depository Agencies

    a) Employees and representatives are prohibited from establishing or maintaining bank accounts for depositing funds collected on behalf of the University.

    b) All funds collected must be deposited in one of the following offices:

    Kutztown University - Bursar's Office
    Kutztown University Foundation - Business Office
    Kutztown University Student Services, Inc. - Student Services Inc., Accounting Office
    Other Entity as designated by the President - Other Entity's Financial Accounting Office

    c) Funds are occasionally received electronically such as wire transfers and ACH credits.  The appropriate university entity should be informed when such transfers are received and transfers must be to an official bank account of the KU entity.  The accounting function should verify the receipt of transfers.

2) Cash Collection Procedures

a) If funds are deposited with the University, the monies must be collected by the Bursar's Office. All billing procedures, including the establishment of due dates, late fees, and installment payment plans must be approved by the University's Bursar. Any exceptions to this procedure must be approved by the University's Comptroller.

b) If funds are deposited with the Kutztown University Foundation, the monies must be collected in accordance with the Foundation's Business Office policies.

c) If funds are deposited with the Kutztown University Student Services, Inc. or Other Entity as designated by the President, the monies must be collected in accordance with the Accounting Office's policies.

3) Appropriate Depository Agencies for Various Types of Funds Collected

University
Tuition & Fees for Academic Programs
Facility Rental Fees
Grants Provided by Governmental Agencies
Camps & Conferences (Internal & External) Fees
Credential Fees
Library Fines/Fees
Parking Fines
SGA Activity Fees (Initial collection point for SGA)

Kutztown University Foundation
Donations and Charitable Contributions
Grants Provided by Private Organizations

Student Government Association
Student Organizations Fundraising and Programming
SGA Activity Fees (Transfer from University)

E. Effective Date: November 12, 1997

Revised 5/15/06 by Gerald L. Silberman

 
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