Daily Deposit Requirements

All Departments that receipt, deposit, disburse, bill, and/or collect cash/cash equivalents are required to develop written procedures in accordance with the East Carolina University Cash Management Plan.

As required by North Carolina law and the State Controller, ECU has developed a comprehensive Cash Management Plan which addresses the proper receipt, deposit and disbursement of funds and accounts receivable management policies and procedures. The term “cash receipts” as used in the Cash Management Plan includes any collections of cash/cash equivalents including currency, coin, checks, money orders, debit or credit card receipts, wire transfers and/or Automated Clearing House (ACH) payments.

In accordance with requirements of the State Controller and the Statewide Electronic Commerce Program, ECU has developed a Merchant Card Processing plan and an ACH Payment and Collection Processing plan. These documents have been approved by ECU management and by the State Controller and must be followed campus wide. The documents are posted on Financial Services’ Cash Management and Accounts Receivable website at: Cash Management Plan (PDF), Cash Receipting Guidelines (PDF), and Cash Management Plan and Accounts Receivable PRR.

Five critical components of the Cash Management Plan are highlighted here. Please be sure that appropriate staff members are aware of these.

1. Daily Deposit of Funds
   All moneys collected or received by any employee of East Carolina University shall be deposited daily. Until deposited, all moneys must be maintained in a secure location.When a deposit is prepared, the information must be entered into the Banner System, and the deposit must be delivered to the University Cashier’s Office in the Old Cafeteria Complex.
   Health Sciences departments are required to prepare daily deposits and forward them to the Health Sciences Depositary Services Office (HSDS) in the Brody Medical Sciences Building. This office is responsible for entering the deposit in the Banner system.
2. University Collection Point
   Only those departments or units that have applied for and have received approval from the University Cashier’s Office (departmentalcashier@ecu.edu) or HSDS will be authorized to function as a University Collection Point. A University collection point is defined as a department, event, activity, or other entity which has been authorized by the University Cashier’s Office or HSDS to collect funds on behalf of the University.If a main campus department – not already designated as a “university collection point” (or that is temporarily without staff properly trained and authorized to initiate deposits) – receives a check in the mail or in person for deposit, the check should be delivered on the same day of receipt to the Cashier’s Office in the Old Cafeteria Complex. Before delivering the check, the department will need to email a copy of the check (account number redacted) along with the FOAP to Financial Services (financialservices@ecu.edu) for processing the deposit of funds. If the department anticipates it will continue to receive checks for deposit, the department should contact the University Cashier to discuss becoming a “university collection point”.
   Health Sciences Campus departments not designated as a “university collection point”, should deliver any checks received, along with the FOAP information, to the Health Sciences Depositary Services Office (HSDS) at 1N12 in the Brody Medical Sciences Building, not the Cashier’s Office in the Old Cafeteria building. Checks should be delivered to the HSDS office no later than the next business day after receipt. Health Sciences Campus departments should contact Health Sciences Depositary Services for guidance and assistance as needed, including any requests to become a “university collection point”.
3. Acceptance of Electronic Payments
   Acceptance of electronic payments (credit/debit cards and electronic fund transfer) is heavily regulated by the Payment Card Industry. Only those departments that have applied for and have received written approval from the University E-Commerce Manager (ecommerce@ecu.edu) may accept electronic payments.Additionally, all departments, including foundations, are prohibited from entering into arrangements with other entities for processing payment cards on behalf of the University without prior written approval from the University E-Commerce Manager.
4. Authority to Open Bank Accounts
   All University funds must be deposited through the University Cashier’s Office or the HSDS as described above. Policy prohibits individuals from opening any bank accounts for deposit of University funds.
5. Cash Receipting and University Receivables
   To assist departments with cash receipting, the University has developed guidelines and a template that departments may use to document cash receipting procedures. The University has developed guidelines to assist with the proper accounting and collection of university receivables. These guidelines and documents can be accessed on Financial Services’ Cash Management and Accounts Receivable web pages.Any exception to these guidelines must be approved in advance and in writing by Steve Strickland, University Controller. If you have questions, please contact Steve at stricklands@ecu.ecu.

Thank you for your assistance in complying with these policies and directives.