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Business and Financial Policies and Procedures

10.1.3 Comply with Cash Handling Unit Head Responsibilities

Policy Statement

All money received on behalf of the University of Illinois System from any source must be deposited with University Bursar. Cash Handling Units are subject to an audit by the Office of University Audits and/or a review by University Bursar at any time.

Unit heads are responsible for all cash handling activities in their units.

Reason for the Policy

The University of Illinois requires unit heads to oversee the cash handling activities of their units to ensure compliance with system policies and procedures regarding cash handling.

Applicability of the Policy

This policy applies to all unit heads of Cash Handling Units.

Procedure

To comply with cash handling responsibilities, unit heads must:

  • Ensure their unit complies with system policies and procedures regarding cash handling.
  • Establish and maintain written procedures that provide a clear accountability process for receiving, depositing, and protecting cash and checks.
  • Provide supervision and training for all unit staff assigned responsibility for cash handling.
  • Provide University Bursar Cashier Operations with the names, titles, and contact information of the supervisor(s) responsible for overall cash collection operations.
  • Ensure compliance with IRS requirements for cash receipts. If the unit receives more than $10,000 in cash from the same individual in any consecutive 12-month period, the unit must report the transaction by submitting Form 8300 to Tax Compliance and Analysis no later than 10 calendar days after receipt. Tax Compliance and Analysis is required to file Form 8300 electronically with the IRS within 15 calendar days of the transaction(s). For more information, contact Tax Compliance and Analysis at 217-244-8359.

Forms Used in this Procedure

Form 8300

Related Policies and Procedures

10.1.1 Obtain Approval as a Cash Handling Unit

Additional Resources

Reporting Cash Payments of Over $10,000

 

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023

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