Policies & Procedures


 

Section: ACT
Part: POL
Statement No.: 2.0
Date: 03/04/14
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Receipts 

 

    1.     State funds and Institutional Trust funds are deposited daily with SunTrust and are transferred every night to the State Treasurer.  Endowment funds are deposited with Wells Fargo Bank.

 

2.     General Administration complies with General Statutes 147-77 which states that all revenues and other receipts collected by a State agency, belonging to the State of North Carolina, shall be deposited to the credit of the State Treasurer in a depository bank as designated by the State Treasurer. Such funds shall be deposited no later than the next business day following the date of collection, which is in compliance with the Daily Deposit Act.

 

3.     Checks received by General Administration should be made payable to the order of The University of North Carolina-General Administration. However, checks made payable to the UNC Center for Public Television or State Education Assistance Authority are also acceptable.

 

4.     All cash collections are to be deposited. These funds are not to be disbursed since disbursements must be made in accordance with official budgetary procedures and by warrants drawn on the State Treasurer.

 

5.     All checks should be appropriately endorsed. Endorsements for checks delivered to bank should be as follows (a rubber stamp is acceptable):

 

        For Deposit Only to the Credit of (Name of State Treasurer), N. C. Treasurer, By: (Name of Agency)

 

6.     When depositing funds, General Administration uses a bank deposit ticket supplied by the depository bank.

7.     Deposits made after June 30 applicable to the fiscal year just ended should be recorded in the accounts as of June.

 

                        Mark deposit tickets distinctly to show they belong to June 30 balances.

                        Report on receipts register as of June 30th.

                        Do not predate receipts to the previous year, which do not belong to that year.

        Any receipts which belong to the fiscal year just ended should not be deposited to the credit of

          the new year. 

        The Daily Deposit Act (G.S. 147-77) requires revenues to be deposited immediately.

 8.     Accounts receivable should be maintained with both a control and a subsidiary ledger, accompanied by 

         periodic balancing and reconciliation.  The responsible department head should review the accounts, with

         appropriate collection efforts contemplated. Monthly billings should be provided to all debtors.