Safeguarding University Assets
University assets must be safeguarded from loss or unauthorized use. Assets can be financial (such as cash or cash equivalents) or property.
Adequate safeguards ensure that:
- All cash, checks or cash equivalents collections at major cashiering stations and collections in excess of $500 at subcashiering stations are deposited on the day they are received. Cash equivalents that total less than $500 at subcashiering stations may be deposited weekly.
- Cash equivalents that cannot be readily identified with a particular unit must be deposited to the Full Accounting Unit (FAU) specified by the Office of Accounting Services.
- All cash shortages and excesses must be promptly reported to a supervisor, who must investigate them immediately.
- All petty cash and change funds must be authorized by Finance. Once established:
- Only one employee per unit can manage these funds.
- A second employee must monitor and review the fund to ensure honest and accurate disbursement.
- A physical inventory of all inventorial equipment must be conducted at least once per year. All discrepancies must be promptly reported and investigated.
- Adjustments to asset records must be documented and approved.
- Access to any forms or online systems that can be used to alter financial balances must be restricted to employees who require such access to perform their University duties.
- Delinquent account balances must be carefully examined and all follow-up collection or write-off actions must be completed in a timely manner.
For further information, contact Audit and Advisory Services.