Operating Policy and Procedure
HSC OP: 50.35, Unidentified Receipts and Holding Account Maintenance
PURPOSE: The purpose of this Health Sciences Center Operating Policy and Procedure (HSC OP) is to establish rules and guidelines for depositing and distributing unidentified receipts and for maintaining holding accounts.
REVIEW: This HSC OP will be reviewed on April 15 of each year (EY) by the Director of Accounting Services, with recommendations for revisions forwarded to the Executive Vice President of Finance and Operations.
POLICY/PROCEDURE:
1. Definition. Unidentified receipts are defined as cash, checks, or EFTs (Electronic Funds Transfers) that are either not clearly identifiable to an established fund or that are awaiting the establishment of a new fund. In compliance with HSC OP 50.07 and Deposit Procedures manual, all receipts must be deposited within three (3) business days, without exception, and receipts totaling $500 or more must be deposited by the following business day.
2. Procedure. A depositor of HSC funds should make every effort to identify the FOAP that should receive credit for a deposit before submitting the deposit. Recognizing that the time requirements on deposits may interfere with identifying the proper credit FOAP, several holding accounts have been established for unidentified receipts. If the appropriate FOAP cannot be identified within the required time period, the depositor should deposit the unidentified receipt into one of the holding accounts listed below (using the online Cash Receipts system accessible on the Webraider portal, F&A Work Tools Tab, Business Affairs section under Student Business Services in accordance with HSC OP 50.26).
Questions regarding amounts in Foundation holding funds should be directed to Institutional Advancement. Amounts currently recorded in holding accounts in Fund 241033 are available for review in monthly reports available on the Holding Reports page of the Accounting Services website.
The original depositor is responsible for clearing the unidentified receipt from the holding account to the appropriate departmental FOAP. The depositor can send a written request to Accounting Services to have the funds deposited to their departmental FOAP.
If distribution of the receipt is not made within six months of the original deposit date, Accounting Services will transfer the unidentified receipt to an institutional scholarship endowment fund for use in scholarship support.