Cash & Check Movement and Remission of Deposits

Directive Statement

University of Florida departments should remit all cash and/or check collections for deposit to the bank no less frequently than weekly (within five business days of receipt).  Whenever collections exceed $1,000, they must be deposited within one business day to the bank.

Monies that will be deposited into a grant fund or a travel-related account should be remitted to Contracts & Grants, the Office of Research, or the Travel Office at a minimum of weekly (within five business days of receipt).  Whenever collections exceed $1,000, they must be remitted to Contracts & Grants, the Office of Clinical Research, or the Travel Office within one business day.

The only exception to the general directive is that all collections are to be deposited at fiscal year-end regardless of amount.

Reason for Directive

It is essential to have timely deposits of funds to the bank, as well as secure movement of funds between departments and the bank.

Who Must Comply

All University departments.

Procedures

Remission of Deposits

All cash and/or check collections should be remitted for deposit into the University’s bank account based on the following timeliness:

  • At a minimum of weekly (within five business days of receipt) regardless of amount OR within the next business day when collections exceed $1,000
  • Collections should be remitted to the:
    • Contracts & Grants or Office of Research (for grant funds)
    • Travel Office (for travel-related accounts)
    • University’s bank using one of the six available deposit options

Regardless of the amount, all collections are to be deposited at fiscal year-end.

Departments are responsible for the conveyance of their collections to the bank, following the directives detailed in “Movement of Funds” below.

All deposits must be submitted to the bank for processing using one of the six available deposit options.

  • Drop box (Criser Hall or HSC Post Office)
  • Mobile
  • Desktop Scanner
  • ATM
  • Wells Fargo Branch
  • Armored Courier Service

Deposits to Grant Funds

All deposits to funds 201, 209, 211, 212, or 213 must be processed by Contracts & Grants.  If you receive a check that must be deposited to one of these funds, you should:

  1. Restrictively endorse the check
  2. Deliver the check to the Contracts & Grants Office (PO Box 113001, 33 Tigert Hall)

This also pertains to expense refunds that relate to grant funds.  In that case:

  1. Complete the Expense Refund Form
  2. Deliver the completed Expense Refund Form and restrictively endorsed check to the Contracts & Grants Office (PO Box 113001, 33 Tigert Hall)

For deposits to fund 214, follow the procedures above for other grant funds, but deliver to the Office of Clinical Research Business Office, PO Box 100158, 1300 Center Drive, Room 106.

Deposits to Travel Accounts

All deposits to travel accounts (77xxxx) should be processed by the Travel Office.  If you receive a check that relates to a travel account, it will typically be a expense refund.  In that case,

  1. Complete the Expense Refund Form
  2. Deliver the completed Expense Refund Form and restrictively endorsed check to the Travel Office (PO Box 115350, 114 Elmore Hall)

Movement of Funds

Deposits

Funds should be deposited using one of the six available options. Campus mail is not a suitable method to deposit funds. Below, are options to deposit funds:

  • Drop Box: Prepared for the bank and placed in the 24-hour depository located outside the University Cashier Office at Criser Hall
  • Mobile and Desktop Scanner: Deposited electronically using the bank’s mobile app or a desktop check scanner
  • ATM: Deposited into a bank ATM that accepts deposits. Campus locations include Reitz Union, the Hub, Broward Dining Hall)
  • Bank Branches: Deposited directly at a local bank branch
  • Armored Courier: Delivered to the bank using an armored courier service (there is an additional charge for this service). For information on the armored courier service please contact the University Cashier at 352-392-0185

Health Science Center Deposits

All local Health Science Center locations, except for the UF Health Sciences Bookstore, may bring their deposits to the Health Center Post Office. For more information, please call 352-273-5022.

Cash

Departments will ensure that adequate protection is provided whenever cash is moved from the department to the bank.  Tamper-evident deposit bags are needed for the drop box and armored courier deposit options.  Tamper-evident deposit bags may be purchased through myUF Marketplace. Contact the University Cashier at TM_DepositSupport@admin.ufl.edu for more information.

Special Situations

Large concerts and other productions should make security arrangements for movements of cash directly with the University Police Department, 352-392-1111 and the University Cashier, 352-392-0185.

Toolkits

UF HR Toolkit – Deposits

UF HR Toolkit – Processing an Expense Refund

Contacts

Cashier: (352) 392-0185

Contracts & Grants Accounting: (352) 392-1235

Disbursements: (352) 392-1241

Banking & Merchant Services: (352) 392-9057

University Police Department: (352) 392-1111

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