Policies & Procedures Manual - Elizabeth City State University

400.3.1.17Adopted: 06/14/05University Cash Management PlanELIZABETH CITY STATE UNIVERSITYCash Management PlanElizabeth City State University has implemented a cash management plan which includestechniques and procedures for the receipt, deposit and dispursement of monies coming into itscontrol and custody. These techniques and procedures are designed to maximize the interestbearing investment of cash and to minimize idel and nonproductive cash balances. The ViceChancellor for Business and Finance is responsible for ECSU’s cash management plan.Cash Management Over Receipts:The objectives of cash management over receipts are to use diligence in collecting funds owed tothe State, to provide internal control over cash and cash equivalents and to expedite themovement of movies collected into interest bearing accounts. To accomplish these objectives,ECSU adheres the followingrules:1. Promptly bills and collects monies due the University as described below:• Establishes billing schedules that are timely, efficient, and effective;• Utilizes remittance processing equipment, when justified by thevolume of transactions;• Uses authorized Collection Agencies as designated by the NC Officeof the Attorney General;• Uses the Set-Off Debt Collections Act (SODCA) and the StateEmployee Debt Collection Act (SEDCA) as outlined in the NorthCarolina Budget Manual, Section 5.XII D; and• Forwards past due accounts to the North Carolina State Attorney Generalfor collection no more than 90 days after the due date of the billing unlessthe amount is less than five hundred ($500).2. Except as otherwise provided by law, deposits all monies received and belonging tothe State of North Carolina, in some bank or trust company, selected or designated by