Timely Deposit of Cash and Cash Equivalents Policy
Purpose
To ensure all cash and cash equivalent payments received by the University are deposited in a bank in a timely manner to provide adequate safeguarding of these funds.
Scope
This policy applies to all students, faculty, and staff of the University of Dayton.
Policy History
Effective Date: December 6, 1993
Approval: October 29, 2025
Policy History:
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Approved in original form: December 6, 1993
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Approved as amended: December 11, 1995
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Approved as amended: July 24, 2000
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Approved as amended: March 23, 2016
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Approved as amended: October 29, 2025
Maintenance of Policy: Director of Student Accounts, Finance and Administrative Services
Policy
All cash or cash equivalents (checks, cashier’s checks, money orders, bank drafts, etc.) received by any University department, faculty, staff, or student at locations outside of the Office of Student Accounts must be delivered to the Office of Student Accounts by the end of the next working day. An exception is made if daily receipts are less than $50, in which case deposits to the Office of Student Accounts should be made at least weekly. All deposits must list the correct FOAPAL string when delivered to the Office of Student Accounts in order to ensure they are properly recorded.
Upon approval from the Director of Student Accounts, deposits may be made via a secure armored car pick-up service.
The Office of Student Accounts will deposit cash to the bank on a weekly basis and all other cash equivalents to the bank on a daily basis. Any department approved to use an armored car pick-up service will deposit funds on a daily basis unless prior approval has been obtained from the Office of Student Accounts.