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STATUTORY REQUIREMENTS

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Depositing Revenue

The following excerpt from the Wisconsin State Statute relates to the receipt and deposit of moneys. This statute must be followed by all state agencies. Section (4) indicates the penalties for noncompliance.

S.S. 20.906 Receipts and deposits of money.

"(1) Frequency of Deposits. Unless otherwise provided by law, all moneys collected or received by any state agency for or in behalf of the state or which is required by law to be turned into the state treasury shall be deposited in or transmitted to the state treasury at least once a week...."

"(4) Penalties. If any state agency fails to make deposits of money, or to make such reports as are required by this section, the department of administration, with the approval of the governor, shall withhold all moneys due such state agency until this section is complied with; and upon such failure to make such deposits of money, the officer or employee so failing shall be liable to the state treasurer for an amount equal to the interest upon the moneys so withheld from deposit at the same rate as that received by the state upon moneys held in the state investment fund, for the period for which such deposit is withheld; and such interest shall be a charge against the officer or employee and shall be deducted from his compensation."

Please note that S.S. 20.906 (1) reads "...at least once a week...". Departments which collect larger sums of money (more than $100.00 daily or whenever on hand revenue exceeds $300.00) should deposit daily or more frequently that once a week.

UWEX REVENUE HANDLING PROCEDURES

Revenue collections require proper collection, recording, safekeeping, and deposit procedures. Each department that has revenue collections must maintain a defined set of procedures to be followed in the handling and depositing of those revenues. The following should be included in your procedures.

  1. Store money collected in the most secure facilities available, preferably a safe or vault. Assign responsibility for monies collected to one or two staff persons within the department.
  2. Never leave money unattended. The tightest security measures possible should always be implemented.
  3. Secure cash boxes into a locked file cabinet, desk drawer, or closet.
  4. Hold to a minimum the number of individuals with keys to cash boxes or safe combinations. Locks and safe combinations should be changed every two years and when employees terminate.
  5. Restrict access to places of safekeeping, such as safes and cash boxes, to those responsible for monies collected.
  6. Verify currency in a designated area away from public access. If someone requests access to records, or wants to count money in your possession, require proper identification and proof of authorization. Cash counts must be performed in the presence of the person responsible for the cash.
  7. Provide a prenumbered receipt for any transaction involving currency. Receipt books may be purchased from UW stores.
  8. Checks should be accepted for the amount owed only. In the event that a check is received for an amount greater than owed, the excess must be returned via the normal refund process. DO NOT make refunds from cash on hand.
  9. Do not accept post dated checks or two party checks.
  10. Endorse all checks, postal money orders, and travelers checks immediately, using your department's "For Deposit Only" endorser, to make the checks non-negotiable if stolen. A sample of the correct endorser can be obtained from the Cashier Services Department.
  11. Examine all checks to be sure they are complete and accurate and are made payable to the University. The digit amount and the written amount must be the same*. Each check must be signed, and travelers checks must be signed in two places. If any of these are missing or incorrect, the check should be returned by your department to the maker to be corrected. (*Differences of amounts within $1.00 can be brought to the Cashier's Office for a guarantee stamp and need not be returned to the maker.)
  12. Deliver all revenue to UWEX Cashier Services along with proper documentation within 5 days of receipt so that deposit can be made within one week in compliance with Wisconsin State Statue.
  13. Avoid having large amounts of revenue on hand over the weekend or holidays.
  14. Make daily deposits if daily receipts exceed $100.00, and anytime your on-hand receipts exceed $300.00. No sizable amount of currency should accumulate.
  15. Never use campus mail to send currency for deposit. Currency must be hand delivered to the Cashier's office, Room 104 Extension Building, and verified by both the cashier and the person delivering the currency.
  16. Assign the responsibility for collection, deposit, and reconciliation of revenues to different individuals. The degree of separation of duties would depend on the revenue activity and the number of staff in the department.
  17. Maintain proper records, including receipt and deposit records backup, inventories of saleable items, reconciliation of deposits, etc. The Cashier Services staff may be of assistance in designing a record keeping system which would be acceptable for accounting purposes.
  18. Consult the Cashier Services Department if cash is needed to make change when collecting revenues. Cash receipts are not to be withheld from deposit to establish a change fund nor should personal funds be used. A change fund is not to be used for cashing personal checks, as a petty cash fund, or for any other non-business purpose.
  19. Security of revenue is the responsibility of the department. Theft of amounts over $500.00 will be covered by University insurance when there is evidence of forced entry. If there is no evidence of forced entry, only amounts over $1000.00 will be covered by insurance.
  20. Report any burglary or theft to UW Police and Risk Management as soon as discovered. Safeguard your department by following these revenue handling procedures.

DEPOSITING REVENUE

Each department is responsible for the revenue received in their office. All revenue received from external sources must be forwarded to the Cashier Services Department for deposit along with the Report of Registrations and Collections (RRC) form.

DO NOT USE AN RRC IF:
the revenue is for an invoice payment (this should be sent directly to accounts receivable, room 104 Extension building);
the revenue is for a program currently being registered by a registration unit on behalf of the department (this should be sent directly to the registration unit for deposit);
the revenue is for an internal sale to another University department (this should be sent to the UW Extension Business Office);
or a refund of disbursement (this should be sent to the UW Extension Business Office to be deposited against the original expenditure).
REMEMBER TO:
Follow the revenue handling procedures to ensure proper handling and security of all revenue.
Double check all addition on the RRC before submitting to the Cashiers.
Include an adding machine tape of the checks and cash to show that the amount of revenue equals the paper documentation.
Retain a copy of the RRC for your department's records. Submit 3 copies to the Cashier's office so that a copy will be returned to your department with a PAID stamp to show when the funds were deposited.
Contact the Cashiers if you do not receive a receipt copy within one week of submitting the RRC and revenue.
Deliver completed RRC and revenue to the Cashier's office, Room 104 Extension Building.
Download the RRC form (Word 6.0). Your department may develop a computer generated RRC as long as layout of information remains similar to RRC form.
COMPLETING THE UWEX REPORT OF REGISTRATIONS & COLLECTIONS FORM
Course Title - show the program title from the IF or the type of revenue being deposited for non-program related deposits.
Dept. No. - show your Unit Division and Department number where the revenue is to be deposited.
Location (City-State) - show the location (as shown on IF) for programs or the location where the revenue was collected for non-program related deposits.
Prog. No. - show the IF program number or use 0000 for non-program related deposits.
Inclusive Dates - show the starting and ending dates of the program as shown on the IF, or the inclusive dates when revenue was collected for non-program related deposits.
Fund Acct Rev - show the fund, account, and revenue code where the revenue should be deposited. Contact the Cashier Services Department if unsure.
Body of the report - list all enrollees and their check numbers for program related deposits. List all payers and check numbers for non-program related deposits. If your department chooses to not list the individual names on the RRC then supporting documentation must be retained in the department for five years for audit purposes. Show the amounts in each applicable column. Also indicate the county code when the taxable includes county and state sales tax as explained in Wisconsin Sales Taxes section.
Date of Submission - the date the report is typed and sent to Cashier Services.
Totals - the total for each column. Double-check for accuracy.
Submitted by, Phone - the name and phone number of the person completing the RRC.
Total of Above - the grand total of all columns.
Address (for paid receipt) - where the pink paid receipt copy should be sent.
Checks - the total amount of checks being submitted on the RRC.
Cash - the total amount of currency and coin being submitted on the RRC
Amount Remitted - the total amount of revenue being deposited on this RRC. This must reconcile to the amount of checks and/or cash. Include an adding machine tape to show that this amount and the total of checks and cash agree.