The university faces multiple risks related to cash, cash equivalents, and checks that are received by departments, the greatest of which is loss or theft of funds. The best way to mitigate this risk is to deposit the funds in a university bank account as quickly as possible. This practice also allows the university to take advantage of options that will maximize investment returns that could result in reduced economic burden for students, faculty, and staff.
It is the responsibility of each university department making deposits to have their staff complete the Depository Certification Training that covers internal controls as well as deposit methods, locations, and procedures.
For questions regarding the Treasury depository method, please contact email@example.com or 734 763-1299.