102.0 Non-Student Income Coming into Departments
- Chad
The enactment of House Bill 2180 by the 1997 Oregon Legislature details the requirements for depositing cash receipts including cash, checks, money orders, and bank card payments. The prompt deposit of cash receipts reduces the risk of loss due to error, carelessness, or theft. It also results in improved interest earnings and lowers the risk of returned checks due to non-sufficient funds or accounts being closed. Portland State University’s longstanding policy regarding the deposit of cash receipts complies with Oregon Revised Statute (ORS) 293.265.
DEPOSITING CASH RECEIVED: Offices receiving cash, i.e., money, checks, money orders, and other negotiable instruments, are responsible for their safekeeping and timely deposit. All cash receipts must be deposited intact. Cash receipts are not to be disbursed or distributed for any purpose. Offices receiving cash will:
- Restrictively endorse checks on the date received, ideally when the mail is opened. The endorsement format must meet the standards of the Cash Management Division of the State Treasury,
- Secure all cash receipts held overnight in a locked area such as a safe or locking file cabinet,
- Deposit all cash receipts with the Business Office at the Departmental Services Window in Cashiers. Daily deposits are required; however, if under $1,000 at least weekly (note: cash must always be secure.), and
- Ensure that cash receipts are monitored at all times to prevent theft or misappropriation.
In addition, ORS 293.265, with very few exceptions, does not allow a State of Oregon agency to have an account with a commercial bank. All agency funds must be deposited with the Oregon State Treasury.
Please contact the Cashier’s Office if you have questions regarding depositing cash receipts or if your office needs a check endorsement stamp or questions regarding an agency’s bank account. See procedures manual for more information.