Cash Handling Expectations
It is the responsibility of all cash handling departments to have a Cash Handling Plan (CHP) on file with URCO. This CHP assists both URCO and cash handling areas to recognize weaknesses and identify requirements needed for effective internal control. The complexity and diversity of certain cash handling areas may require additional steps such as telephone consultation, on site review by URCO, and or assistance from Internal Audit.
Due to up-coming software upgrades, InfoPath will no longer be used for cash handling plans. Please contact firstname.lastname@example.org to request a cash handling form until the software upgrades are completed.
WHO should complete the Cash Handling Form?
- All existing cash handling areas that do not have approved cash handling plan on file with URCO.
- New cash handling areas prior to collection of funds.
- Departments receiving donations and gifts.
- Departments responsible for revolving funds for human subjects.
- Procedural changes, new cash handling activities and/or changes to cash handling duties assigned to a position will require the submission of a revised CHP. Note: A personnel change to a position that currently performs cash handling duties is not viewed as a procedural change, therefor does not necessitate a new CHP. However, cash handling procedures and expectations should be reviewed with the new employee assigned to such position.
Cash Handling Responsibilities
Every staff member assigned to a cash handling task should know their duties and understand their role in the cash handling process.
The Departmental Cash Handling Administrator should conduct a periodic review of the approved CHP on file with URCO. This Administrator should also conduct periodic training and self-assessment of cash handling processes to ensure continued effectiveness and execution. When needed, and at least annually the CHP on file with URCO should be revised and then submitted.
The Supervisor of the Cash Handling Administrator should periodically review their area(s) cash handling plan(s) for accuracy and assurance of adequate internal controls.
URCO will review submitted CHPs and inform the Departmental Cash Handling Administrator of the outcome of the review as follows.
- Review Completed – All cash handling policies and procedures appear to be utilized at this time.
- Review Completed with Comments – Comments should be considered for effective internal controls.
- Review Completed with Recommendations – Recommendations should be practiced in the administration of the cash handling operations. When the recommendations have been implemented, a revised cash handling plan that reflects these changes should be submitted. However, if current procedures afford adequate internal controls, please provide the mitigating factors by adding the details in the appropriate section, and again submit the form.