1.4.1 Daily Cash Deposits

Overview

Funds Received by schools, department, or units of the Institute must be deposited at the Bursar's Office.

 

General Guidelines

Normally, all funds received by a unit should be deposited no later than the next business day following the date of receipt. For instances in which a unit receives small amounts of cash or checks (total less than $100) which would not warrant a daily trip to the Bursar's Office, the funds may be held no more than five business days. Each unit must establish operating procedures to ensure compliance with the daily or weekly deposit requirements.

All deposits should be hand delivered to the Bursar's Office in order to comply with the twenty-four hour deposit requirement. The Bursar's Office is open each day from 8:30 to 4:00.

All checks payable to Georgia Institute Of Technology must be deposited to Institute Accounts. Funds may never be deposited to the Account of an Individual or an Account which has not been specifically authorized by the Controller.

Checks and cash must be kept in secure locations at all times.

Procedure

The Deposit Remittance Form should be used as a transmittal sheet for deposits. Forms are available from the Bursar's Office. These forms may be copied for use by units at Georgia Tech.

Form

You may refer to the example Deposit Remittance Form to aid you in completing the Deposit Remittance Form .

  1. SECTION ONE
    1. Go to Page 2 of form and enter check date, check number, remitter's name, amount, and total amount of checks listed.
    2. Go to Page 1 of form
    3. Enter today's date on Page 1.
    4. Enter total amount of Checks listed from Page 2.
    5. Enter total amount of Checks listed on attachment sheets, if applicable.
    6. Enter total of all Checks.
    7. Enter total of any Credit Cards (authorized units only).
    8. Enter total of any Currency.
    9. Enter total of any Coin.
    10. Enter total amount to be deposited.
  1. SECTION TWO
    1. Enter brief description of deposit (30 characters max).
    2. Enter Project Number and Account to which funds should be deposited.
    3. Distribute amount to be deposited for each Project/Account combination.
    4. Enter total distribution amount for this deposit. This figure must be equal to the total of the deposit.
  1. SECTION THREE
    1. Describe the source of funds and/or provide an explanation of the deposit.
  1. SECTION FOUR
    1. Enter signature of the person who prepared deposit transmittal.
    2. Enter the telephone number of the person who prepared the deposit transmittal.
    3. Enter printed name of the person who prepared the deposit transmittal.
    4. Enter title of the person who prepared the deposit transmittal
    5. Enter the name of the department transmitting the deposit.