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Depositing Cash and Cash Equivalents
Cash receipts include currency, coins, checks, money orders and credit card receipts received from all sources such as participant fees, ticket sales, damage charges, deposits and parking fines. Learn how to comply with UB policies and ensure strong internal controls when handling cash and cash equivalents.
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You must have an approved rate on file before collecting revenue, whether it is via ACH, wire transfer, UB Marketplace or in person. Read more about Developing and Managing Fees.
Best Practices
When electronic payments are not viable, cash receipts can still be deposited.
- All cash receipts must be deposited daily into an approved university, RF, UBF, or FSA bank account.
- Cash receipts should be deposited daily. If not feasible, you must request approval from Financial Management to have checks and cash held overnight.
- Lock cash and checks in a secure location (safe or lockbox) and minimize employee access.
- Accurately record all cash collected at the time of receipt with a record of receipt documentation.
- Examine appropriate denominations of currency received for possible counterfeits.
- Process refunds through Financial Management or UBF; do not make refunds from cash receipts.
The university's preferred method for receiving payments is via electronic payments.
Locked bags are required for transporting deposits through campus mail. If a locked bag is needed, email ubs-fees@buffalo.edu.
Any cash must be hand delivered for a signed receipt.
- Refer to the U.S. Currency Education Program on how to authenticate U.S. currency.
- Endorse checks immediately and log all checks into a log book. Do not keep copies of checks.
- Departments may contact University Police for same-day requests for a police escort to transport deposits centrally.
- Departmental deposits must be delivered in person or through campus mail via a locked deposit bag. Do not use a locked bag for cash deposits.
- Request a locked deposit bag by emailing UBS-Fees@buffalo.edu
Internal Controls
When departments need to handle cash transactions, they must accept responsibility for administering these transactions with sufficient internal controls and advise Financial Management or UBF that they are handling cash transactions.
Internal controls require good stewardship: safeguarding assets, promoting accurate financial reporting, preventing mishandling and loss of funds and protecting employees from allegations of impropriety. Proper internal controls call for the separation of duties. This requires different individuals to receive, record, deposit and reconcile cash. Cash receipts must never be used for change, petty cash or to make refunds.
Departments must have written procedures for receiving, depositing and reconciling cash or checks.
Submitting Cash Deposits
Accounts that Accept Cash Receipts
- Income Fund Reimbursable (IFR).
- Dormitory Income Fund Reimbursable (DIFR).
- State University Tuition Reimbursable Accounts (SUTRA).
Checks should be made payable to The State University of New York at Buffalo.
If a check is made payable to another UB entity, we will send it to that UB entity for endorsement.
Checks Payable To
Checks should be made payable to:
The State University of New York at Buffalo
If a check is made payable to another UB entity, we will send it to that UB entity for endorsement.
Required Form
Use the State Cash Receipts Transmittal Form.
- Blank Cash Transmittal Forms can be requested from Student Accounts: 716-645-5761.
- If departments would like to order forms with their department and account information already populated, they can do so through Print Services’ new ordering system at buffalo.webdeskprint.com.
Obtain blank cash transmittal receipt forms by calling Student Accounts at (716) 645-5761.
Deliver Deposits To
Office of Student Accounts is open Monday through Friday 8:00 a.m. to 4:00 p.m. for hand-delivered deposits. The office is closed on university holidays.
214 Crofts Hall
North Campus
Deposit a Check Not Drawn On a US or Canadian Bank
- The state can only deposit checks drawn on a US or Canadian bank account. Financial Management is notified from the bank about the rate of exchange for any Canadian checks.
- Acceptable foreign checks for deposit must be drawn on a U.S. bank and have routing and account numbers along the bottom of the check. This type of check can be for any amount.
Availability of Funds
The funds are posted to departmental accounts every 15 days.
Contact an Expert
Sean Gardner
IFR, Revenue Accounting and Treasury Management
Financial Management
Phone: 716-645-2621
Email: spg1@buffalo.edu
Leah Kerr
IFR, Revenue Accounting and Treasury Management
Financial Management
Phone: 716-645-0232
Email: leahkerr@buffalo.edu
Repayments of Expenditures
Certain transactions are considered repayments of expenditures, including reimbursements from the original vendor. Reimbursements have different deposit instructions.
Administrative Fees on Revenue
Depending on what type of revenue is deposited different administrative fees are assessed.