Policies & Procedures Manual - Elizabeth City State University

400.4.109. All persons receiving funds in the name of the university or intended for the University or anyof its programs are required to deposit such funds to the Cashier's Station to the credit of the"State Treasurer" by 10:00 a.m. on the next business day. These funds are deposited in adesignated revenue account established for the programs.10. Under no circumstances are employees, students, or any other person or group permitted todeposit university funds in bank accounts outside of the University's control.11. Checks made payable to the university or jointly to the university and another payee arereceipted in full. The portion due the other payee is refunded to them by check.12. All monies due ECSU by another governmental agency or by private persons shall bepromptly billed, collected and deposited.Federal Grants Inter-Fund Transfers, Etc.13. Through the negotiations of federal grants and the scheduling of due dates; receipts areprocessed through the drawdown method from the Federal Reserve taking from seven to tenworking days before credit to the University's account is realized. In view of the time lag,expenditures are not made until notification of deposit by the local bank is received.NOTE: This is done to eliminate temporary borrowing from state appropriated-funds.14. Maximization of the earning potential of inter-fund transfers depend on the timing oftransfers. Transfers are processed on Mondays, Tuesdays and/or Wednesdays in order tomake sure that deposits are credited to the bank account before the weekend.15. ECSU follows the requirements of the Office of State Budget and Management regardingidentification of the current year’s expenditures to be paid in the year incurred or fromresources of the year incurred and not forwarding to subsequent years to be paid bysubsequent years budget.Student Accounts1. Collections from delinquent student accounts are deposited to the university Cashier the sameday collected and the account is immediately updated.2. Collections are usually in the form of check or money order. An official University receipt isprepared at the time of receipt of all monies.