���񱦵�

Accept payments for ���񱦵� business only (checks must be made payable to the University of Colorado). If your department is involved in a non-university activity that generates funds, such as soliciting contributions for a retirement function, instruct people not to make the checks payable to the University of Colorado. The university cannot endorse these over to an individual, an organization or deposit them into a FOPPS account combination and withdraw the funds. When this situation occurs, you must return the check to the payer with an explanation and a request to re-issue the check with a correct payee.

Checks must be properly and legibly endorsed with the following information:

For deposit only
The Regents of the University of Colorado
A corporation
Wells Fargo Bank (please contact OCM 2-7219 for the bank account number)
Department Name: (the department name should be the name of the department submitting the cash receipt)
Speed Type: _________________
Account Code: ________________

The FOPPS account combination should be the FOPPS you want to use to record an account receivable in the event the bank returned a check. An auxiliary FOPPS should always be used for the check endorsement.

Do not write social security numbers on checks.

Daily deposits must be made through the Office of Cash Management (OCM) in Regent Administrative Center, Room 175. Deposit of university cash to outside bank accounts is prohibited unless authorized by the regents. We are located inside the Bursar’s Office at the department window.

Daily receipts must be deposited intact and must not be used to pay expenses, create unauthorized petty cash or change funds. Do not substitute checks for cash.

Designate an individual to be responsible for preparing the daily deposit. Require the cashier and the person responsible for preparing the daily deposit to sign the cash drawer balancing form. The signature will denote the approval of cash account totals and the transfer of custodianship.

Deposits must be made in person at OCM. Never send cash and/or checks through campus mail.

A record of all overage/shortage balances should be maintained. This should be included on the daily cash balancing forms.

The Office of Cash Management (OCM) handles foreign (international) checks for campus departments. International money orders can be included in a normal deposit. Checks that can be deposited normally must meet all of the following criteria:

• Drawn on a U.S. or Canadian bank
• Issued in U.S. funds
• Have a bank routing number

Checks without the above criteria must be submitted to OCM for special handling. Checks drawn on foreign banks in foreign funds should be submitted on a separate cash receipt (CR) with the “Cash Receipt Total” field left blank. The following information needs to be included:

• Department’s information completed on CR
• Department’s speed type, account code and FOPPS
• Amount of check

Upon receipt of the cash receipt, OCM will:

• Prepare a separate deposit slip for the foreign item
• Forward the deposit to the university’s bank via courier service
• When the bank receives the funds for the foreign item, a credit will be deposited into the university’s depository account
• After the credit is received from the bank, OCM will fill in the amount on the CR form and then post the funds to the department’s PeopleSoft account specified on the CR
• OCM will send a copy of the validated CR and bank documentation to the department

We do not accept international coin; however, for instructions on depositing international currency, contact our office at ext. 2-7219.

Occasionally, the bank will return checks accepted for payment due to one of the following:

• Insufficient funds
• Stale date
• Missing endorsement
• Held funds
• Account closed
• Stop payment

Therefore, sufficient information should be obtained for each check accepted to facilitate the collection process should that become necessary. At minimum, this information would include:

• Name
• Address
• Phone number
• Colorado driver’s license number

Please refer to The Guide, Chapter 12, for guidance on the administration of accounts receivable.

When a check is returned, the Office of Cash Management will charge the departmental FOPPS the amount of the returned check by debiting an accounts receivable account per information on the check endorsement. The original check will be returned to the department. The department shall impose penalty charges (i.e., $20 per returned item) to the debtor and take debt collection action.