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MOST COMMON FINDINGS AND RECOMMENDATIONS

Accepting and Processing Revenue

General Cash Handling

1. Establishing accountability for all forms of revenue received. This is typically done through the use of cash receipt books or logs, cash registers, or tickets.

2. Depositing revenue received in a timely manner. U policy requires revenue be deposited whenever there is $1,000 on hand or a minimum of once a week.

3. Reconciling the accountability for all cash received to the deposit of those revenues. Any differences should be recognized as a cash over/short, and significant differences should be investigated and reported where appropriate.

4. Documenting, reviewing, and approving cash register voids and any cash refunds issued out of receipts.

5. Using care in the preparation of Cash Receipt documents (CR's) so as to avoid making depositing errors to the wrong CUFS account.

Accounts Receivable

1. Developing and implementing general procedures and controls over accounts receivable activity.

2. Enhancing collection efforts and billing procedures to ensure that revenues due the University are collected in timely manner.

3. Recording and approving, at the appropriate level, all adjustments to accounts receivable, or write-offs of accounts receivable balances.

4. Maintaining an adequate separation of duties between the person receiving and handling cash payments from the accounts receivable record keeper who posts the payments to customer accounts.

5. Reconciling the detail of individual account receivable balances to a receivable control total on a routine (e.g. monthly) basis.

Specialized Revenue Situations

1. Reporting and routing all gifts received to the appropriate foundation for the proper processing and acknowledgement.

2. Documenting external sales agreements and relationships in an appropriate written contract. If a standard contract is not used, the contract should be reviewed and approved by the Office of the General Counsel.

3. Enhancing the controls over credit card sales to ensure all sales are accounted for, along with verification of any disallowed charges or commissions paid.

4. Completing the appropriate analysis to establish the proper billing rate and separate account for charges by an Internal Service Organization.

5. Establishing procedures for sponsored project program income to ensure it is properly identified, recorded, and reported to Sponsored Project Administration.

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