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Timely Deposit of Funds Policy

Timely Deposit of Funds Policy


To ensure all cash and checks received by the University are deposited in a bank in a timely manner, in order to ensure adequate safeguarding of these funds.


This policy applies to all University units/departments.

Policy History

Effective Date:  December 6, 1993

Approval:  March 23, 2016

Policy History: 

  • Approved in original form: December 6, 1993
  • Approved as amended: December 11, 1995
  • Approved as amended: July 24, 2000
  • Approved as amended: March 23, 2016

Maintenance of Policy:  Office of Student Accounts 


All funds received by the University at locations outside of the Office of Student Accounts (Bursar) must be deposited with a cashier in 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.

Upon approval from the Director of Student Accounts, deposits may be made directly to a bank or via a secure armored car pick-up service.

The Office of Student Accounts will deposit funds 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.




For questions related to University Policies of Finance and Administrative Services, please contact:

Thom Madden, Associate Vice President for Financial Support Services