Cash and Check Receipting

Directive Statement

All monies received by University departments must be receipted by cash register, cash receipt, or check log and prepared for deposit into an authorized depository account for the University.

Checks can be accepted only for the amount due in payment of fees, accounts receivable, loans and other student debts. Checks cannot be cashed on the University of Florida Campus.

Reason for Directive

The purpose of this directive is to ensure accurate documentation of all monies received by the University as well as adherence to Florida Statute 280.17 which requires that all checks submitted for deposit into a University of Florida account must belong to the University.

Who Must Comply?

All University departments.

Procedures

Receipts

Cash receipts must be issued when cash or checks are received in person.

1. Receipts should be pre-numbered and two-part
2. One copy should be provided to the payer and the other copy retained by the department
3. Best practice – independent verification of the second copy by a second person
   • The person verifying the deposit should account for the sequentially numbered receipts, including voided receipts

Checks

Checks must be drawn on a United States bank account in US Dollars.

All checks submitted for deposit into a University of Florida account must belong to the University.  Therefore, checks should be:

1. Made payable to the University of Florida, or
2. Made payable to a department/center under the direct control of the University of Florida as reflected in the endorsement, or
3. Should be endorsed over to the University of Florida, and
4. Should have support indicating the maker intended the check to be deposited by the University of Florida

Checks made payable to a university component unit (such as the UF Foundation) must be deposited by that component unit into its bank account or endorsed over to the university.

Departments will be contacted for resolution of any checks not meeting the endorsement requirements above.

Endorsement

All checks must be restrictively endorsed immediately upon receipt.

1. Each check must be restrictively endorsed, including endorsements by any individuals also named as payee on the check
   • If the check is made payable to an individual, that person must endorse the back of the check first with “Pay to the order of the University of Florida” followed by the individual’s personal signature, and THEN the check should be restrictively endorsed with the stamp in Step 2
2. Departments may order their own stamp with the following format:
   For Deposit Only
   Wells Fargo Bank, N.A.
   University of Florida
   Board of Trustees
   Department Name (Department ID number optional)

Mail Logs

If checks are received through the mail, a check log should be prepared by the person opening the mail.

1. Cash receipts may be used instead of a check log when checks are received infrequently
   • If so, the cash receipt must be prepared as the mail is opened
2. If a check log is utilized, it must be constructed and maintained as each check is received
3. The check log should provide the:
   • Check date
   • Check number
   • Amount
   • Payer

Last Reviewed

Last reviewed on 06/28/2024

Contacts

Banking & Merchant Services: (352) 392-9057

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