Established: February 20, 1974

Last Updated: December 1, 1983

Class: G

1. Purpose

The intent of this policy is to provide general criteria to ensure adequate control and security over all cash handling and banking operations of the University.

2. General

  1. Procedures will be issued governing the collection, control and security of cash. New or revised systems require approval prior to implementation.
  2. Adequacy and necessity of storage facilities where cash is held in safekeeping will be determined.
  3. Issue of approved University receipts for monies received by the University will be controlled.
  4. Necessity and amount of change funds, cash advance funds and petty cash funds will be determined.
  5. Schedules for the transportation of cash and vouchers to the University bankers will be determined.
  6. Compliance with the appropriate resolutions of the Signing Committee of the Board of Governors will be ensured.
  7. Adequacy of insurance coverage over cash handling operations of the University will be determined.

3. Responsibility

The application and interpretation of this policy is the responsibility of Vice-President, Administration & Finance and the necessary controls and procedures shall be established by the Vice-President, Administration & Finance and applied through Financial Services.