Deposits

Money (cash and checks) collected should be dropped off in the After Hours Drop Box (located in the Student Union across from the Information Desk) or brought to Business Services (SU 314). Follow these guidelines:

• • Include a completed Deposit Slip, the funds collected, and the supporting verification.


• • Endorse all checks with your Organization Name and Org ID on the back of each check.


• • Individual receipts (a form of verification), either manual or printed, must accompany money received from dues, donations, merchandise sales, vendor commissions, contractual services, co-sponsorships, and registration/entry fees.


• • Receipt books are issued to organizations with a Business Services bank account free of charge. Receipt books provide your organization with manual receipts. There is a digital version and a paper version:
  • Request a digital version online - Online Receipt Book Request
  • Visit Business Services to sign out a paper version


• • Printed receipts are issued to organizations with a Business Services bank account free of charge. Printed receipts provide your organization with an alternative to manual receipts:
  • Request printed receipts online - Printed Ticket/Receipt Request Form
  • Pick up completed printed receipts at our office.


• • If depositing money from an event, use deposit verification provided by Business Services. This would include:
  • Tally sheets or inventory sheets
  • Rolled tickets or printed tickets
  • Manual receipts or printed receipts


• • Use Income Codes from the Chart of Accountson Deposit Slips. If you are unsure about which code(s) to use, contact Business Services.


• • Money collected should be deposited into your bank account within five business days.

Money deposited without verification will be recorded as Unverified. If a deposit remains Unverified for more than one week, your bank account will be temporarily restricted until the verification is received. Organizations with a temporary restriction may continue to make deposits but are not able to withdraw funds.

 

Disbursements

The treasurer’s signature is required on all Disbursement Requests unless they are the payee. Make sure the signatures on the Disbursement Request match the signatures on the current fiscal year’s Banking Contract.

All Disbursement Requests require correct signatures, available funds, and complete information.

Checks in the amount of $100 or less that have been processed from a Business Services Disbursement Request may be cashed at Business Services with photo identification.

In-Person Disbursement Request:

• • Will be processed upon presentation at Business Services during banking hours.
• • Checks for transfers will be promptly deposited.
• • Checks for payees will be provided to the organization.

Online Disbursement Request:

• • Will be processed remotely upon receipt of request.
• • Checks will be mailed directly to the payee.
• • Follow the Online Disbursement Instructionsto complete this request.
• • Treasurers may submit a single request or a bulk request using this format.

Guidelines to Complete a Disbursement Request:

• • The treasurer’s signature is required on all Disbursement Requests unless they are the payee; in that case, the president must sign in place of the treasurer.
• • Payees cannot sign for their own Disbursement Request.
• • Use Expense Codes from the Chart of Accountson disbursement requests. If you are unsure about which code(s) to use, contact Business Services.
• • Organizations may not withdraw money from their bank account if it is restricted. Bank accounts may be temporarily restricted if:
  • Treasurer has not completed the SABS Treasurer Training workshop
  • One or more deposits are missing verification
  • Event supplies have not been returned
  • Outstanding check(s) have not been resolved
  • Beneficiary Card has expired

Small Dollar Reimbursements:

• • Cash Format - this will result in the payee receiving funds in cash instead of a check:
  • This is only available for requests with a value of $100 or less.
  • The treasurer may drop the Disbursement Request at Business Services or the payee may bring the form directly to the office.
  • The funds will only be disbursed directly to the payee with photo identification.
• • Prepaid Card Format - this will result in the payee receiving a VISA Prepaid Debit Card instead of a check:
  • This is available for requests ranging from $10 - $300.
  • The treasurer must submit an Online Disbursement Request and provide the payee’s mailing address, Net ID, and birthdate.
  • The prepaid card may picked up by the payee or mailed to the payee. If the payee chooses to pick up the card; photo identification will be required.

Transfers

Transfers occur as both disbursements (funds moving out of a bank account) and deposits (funds moving into a bank account).

• • Disbursement transfers are payments to a:
  • Tier III student organization (ex. USG or GSS)
  • SABS student organization bank account
• • Deposit transfers are funds received from a:
  • University Department, Program, or Institute
  • Tier III student organization (ex. USG or GSS)
  • SABS student organization bank account

When a disbursement transfer is processed, two separate transactions are created:

• • A disbursement which will deduct the funds from the originating organization’s account.
• • A deposit which will add the funds into the receiving organization’s account.
• • Each organization will be given a copy of the transaction that affects their account.

Cancelling a Check

If you process a disbursement request at Business Services which results in a check you do not need or that was printed incorrectly - keep the check.

Bring the check to Business Services to have the check voided and the funds returned to your bank account. When a replacement check is needed for the voided check:

• • Additional paperwork is not necessary if the date of the check and the date of the void are the same.
• • A new disbursement request is required if the date of the check and the date of the void are different.

A Stop Payment Request is used to cancel a check when the check is not in your possession. This form may be found online or you may stop by the office to pick up a paper copy.

General Journal Transactions

General Journal transactions (GJs) are adjustments made to your bank account that will either increase or decrease your account balance.

These occur for several reasons and affect the bank balance differently:

• • Bounced check – decreases balance
• • Cancelled (void) check – increases balance
• • Stop payment – increases balance
• • Interest earned – increases balance

Treasurers will be notified when a General Journal adjustment occurs and will receive a copy of the transaction for their organization records.

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If you have any questions about transactions, we will be more than happy to assist you.