Cash Handling Procedures - Lake Tahoe Community College

LAKE TAHOE COMMUNITY COLLEGECLUBS/ASC CASH HANDLING PROCEDURESPurpose“Cash” is defined as currency, coin, checks, and money orders.To provide a clearly understood guidelines for appropriate cash handlingproceduresTo ensure the adequate safekeeping, prompt deposit, and proper accounting forall funds received by any LTCC student organizationTo ensure that proper controls are in place to prevent mishandling of fundsAuthorization and OversightLTCC Board Policy 7.03: The Vice President, Business Services shall be responsible tothe Superintendent/President for the proper accounting of all District funds. All fundsreceived are considered to be “District Funds” and will be administered by the VicePresident, Business Services in coordination with appropriate administrators.Student organizations must be authorized to receive cash by Fiscal Services, and arerequired to follow the prescribed cash handling procedures. Fiscal Services willconduct periodic reviews, and any department found to be noncompliant may lose theircash handling privileges.Cash handling procedures include the following:Accounting for cash as it is receivedSegregation of duties for cash collection, deposits, and reconciliationAdequate safeguarding of moniesPrompt deposits of cash receivedReconciliation of deposit forms to supporting documentationGeneral StandardsAll checks must be made payable to Lake Tahoe Community College, must beendorsed immediately, and may not be assigned to any other partyA valid form of identification, such as a driver’s license, is required with eachcheck received. The initials of the recipient, the identification type, with theissuing state and number, should be noted on the face of the checkChecks should have a preprinted address and telephone number. If not, it mustbe written on the upper left of the check when identification is confirmedAll cash receipts are to be deposited at Fiscal Services, without any portion beingused to cash personal checks or as a petty cash fundA completed deposit form and all supporting documentation, such as tally sheetsand unused tickets, should be submitted with each cash depositAll deposits are to be submitted at the end of each day of activity. If after hoursor a weekend, monies should be secured on campus until the next business dayNo monies are to be removed from the campus for safekeeping\\ltccdomain.local\profiles\shaferl\My Documents\Club Forms\Club Cash Handling Procedures.doc

Segregation of DutiesThe proper segregation of duties will be maintained to ensure strong internalcontrolsNo one individual should be responsible for more than one of the cash handlingcomponents. For example: collecting, depositing, and reconciling duties should beassigned to separate individualso The individual responsible for the deposit will verify the collection amounto The individual responsible for reconciliation will verify that the amountdeposited equals the amount collectedTicket SalesPre-numbered tickets are required for all events where tickets are sold. Whenissued, these tickets are to be logged and signed for in Fiscal ServicesResponsibility for ticket sales and ticket-taking must be separatedCash receipts are reconciled to the number of tickets sold per the ticket logLeftover tickets are to be accounted for and retained in a secure locationReconciliation includes verification of pre-numbered tickets, ticket log, and totalcash received to the actual depositComplimentary Ticketso Event manager must pre-approve the number of complimentary tickets issuedand to whomo All complimentary tickets are signed for by the recipiento Event manager approving the issuance of complimentary tickets will maintaina signature log and collect all unused tickets at the conclusion of the evento Another individual should review the reconciliationsConcessionsPrior to and at the conclusion of each event, an inventory count of all concessionitems is performed and recordedTally sheets listing items and amounts sold are completed for each dayPre and post event inventory is reconciled with the tally sheets of items soldThe individual responsible for the inventory counts will not perform collecting,depositing, or reconciliation dutiesOther Services AvailableCash boxes and $25 change funds may be checked out through Fiscal Services\\ltccdomain.local\profiles\shaferl\My Documents\Club Forms\Club Cash Handling Procedures.doc