All cashiering transactions performed by University offices must be processed through the Cashiering Office in the Office of Finance, even if the department posts transactions to Banner. Departments responsible for collecting money must adhere to all applicable state and University policies and procedures and are designated either off-line or on-line collection sites.
- ¹ÏÉñÍø Official Revenue Deposit FormÌý- This form must be used for all online & offline sites to transmit funds to the Cashiers' Office. This is a fillable PDF form and may be saved to your computer.
Bank accounts must not be established at the departmental level in the University's name or any derivative thereof. Existing accounts must be closed and funds deposited in the University's bank account, which includes both State and University Funds.
Our policies and procedures for collecting funds are mandated by the Commonwealth of Virginia and by University policy. The State Comptroller mandates that all state agencies must deposit all funds collected within 24 hours of receipt of the funds. Exceptions to the 24-hour rule must be justified by the small amount collected ($200 or less) and by the availability of adequate safekeeping facilities.
The University only accepts MasterCard, VISA and Discover credit cards for departmental charges. Credit card information MUST be safeguarded to ensure compliance with Payment Card Industry (PCI) Standards.
- Departmental Credit Card Payment FormÌý-ÌýDepartments that do not use a credit card machine must use this form when taking credit card payments (Visa, MasterCard, and Discover only). These forms should be submitted via the bank bag and NOT via campus mail. If a department keeps a copy, hole-punch all but the last 4 digits of the card number on theÌýdepartmentalÌýcopy. If the credit card is declined, the cashier will contact the department and the individual whose card was declined.
Procedures & Training
Forms
Cash Intake Form and Policy
¹ÏÉñÍø Cash Intake FormÌý- Anytime the University receives over $10,000 in cash, money orders, travelers checks or cashier's checks in one or more related reportable transactions, the IRS requires the University to file Form 8300. This form must be filed within 15 days of reaching payments totaling over $10,000 and must also identify the individual making the cash payment. Reportable transactions include payment of services such as tuition, room and board, fees, and other related educational costs.ÌýAny individual making a cash payment of $1,000 or more will be required to complete a Cash Intake Form.ÌýIf the individual refuses to complete the form, the cash payment cannot be accepted.
If the cash payments are received as one of the following, the University is required to file Form 8300 to reportÌýall cash payments paid over $10,000Ìý:
- One lump sum of over $10,000
- Installment payments that cause the cash received within one year of the initial payment to total more than $10,000
- Other previously unreported payments that cause the total cash received within a 12-month preiod or less to total more than $10,000, or
If received in a single transaction or in several related transactions
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