The version of this rule that includes
live links to associated resources is online at
https://www.ohio.edu/policy/51-001.html
(A)
Overview
This policy provides guidance for the
depositing of funds at Ohio university. The policy is in accordance with
section 9.38 of the Revised Code
("Payment or deposit of public moneys") and directs prudent business practices
for foundation funds.
For the purpose of this document,
"public money" and "funds" include cash, checks, credit card receipts, and
electronic transfers.
All funds must be deposited with the
appropriate office on the business day following the day of receipt, unless, at
the end of a business day, the amount to deposit is less than one thousand
dollars and the funds can be safeguarded. In that case, the deposit may be
delayed until the third business day, or when the amount on hand reaches an
amount equal to or greater than one thousand dollars, whichever comes
first.
Non-compliance with deposit deadlines
will result in a notice of violation that will be copied to the appropriate
dean or vice president, the controller, and the internal audit
office.
Checks received at Ohio university made
payable to "Ohio University" should be restrictively endorsed upon receipt;
contact the assistant bursar for endorsement stamp specifications. Checks
received at Ohio university made payable to the "Ohio University Foundation"
should also be restrictively endorsed upon receipt; contact the foundation
accounting office for endorsement stamp specifications.
(B)
Deposits to
grants and contract accounting
Deposits for grants and contracts (fund
types 020 and 04X) as well as matching funds (0200, 0300, 0600, 0700) should be
forwarded to grants and contract accounting, along with any documentation that
accompanied the check.
(C)
Deposits to the
Ohio university foundation
Deposits for foundation accounts (fund
types 100, 130 and 160) should be forwarded to the Ohio university foundation,
along with a completed "Deposit Transmittal - OU Foundation" form.
(D)
Deposits to plant accounting
Deposits for plant accounts (fund type
06X) should be forwarded to plant accounting, along with any documentation that
accompanied the check.
(E)
Deposits for all
other funds received in departments
Deposits of funds other than those
listed in parts (B), (C), and (D) of this policy should be forwarded to the
cashier's office along with a "Deposit Form - OU." Include any other required
documentation (such as credit card balancing reports) and any documentation
that may serve to establish the purpose for which the funds are
intended.
An electronic departmental deposit
module is available that provides departments with the ability to key deposits
into the cashiering system. The department must then provide the funds and
deposit number assigned by the system to the cashier's office. Contact the
assistant bursar to request training for the electronic departmental deposit
module.
(F)
Handling checks received for unknown reasons
Should a department receive a check,
and the reason for the check is unknown, the department should forward the
check, along with any documentation that accompanied the check, to "General
Accounting, Suite 218, West Union Street Office Center."
(G)
Accepting electronic payments
A department that wants to accept
payments through the web or any other electronic means must coordinate the
activity with the office of the bursar.
(H)
Accepting credit
card payments
Any department that wants to accept
credit card payments (through the internet, over the phone, in person, through
the mail, or through a third party vendor) must coordinate the activity with
the office of the bursar. To protect the privacy of our customers as well as
maintain compliance with the "Graham Leach Bliley (GLB) Act" and "Payment Card
Industry Data Security Standards" (PCI DSS), units must follow the guidelines
described below for processing of credit card transactions. Adhering to the
following procedures will help insure the integrity and security of all credit
card transactions.
(1)
Credit card transactions must be in person, by
telephone, by mail, or via a secure university approved internet application.
Do not accept credit card information via email, or send such information via
email.
(2)
Printed customer receipts that are distributed outside
the department must show only the last four digits of the credit card
number.
(3)
When storing paper records containing credit card
numbers, all but the last four digits should be redacted as soon as refunds or
disputes are no longer likely, but no more than one hundred eighty days from
the date of the transactions. Do not store credit card information in a
customer database, electronic spreadsheet, or mobile storage device. Paper
records must be stored in a locked room or cabinet to which only authorized
employees are permitted access.
(4)
Credit card
processing will require annual review by the office of the bursar to confirm
compliance with the "Payment Card Industry Data Security Standards."
Failure to comply with the above
standards may result in your department being required to discontinue the
practice of accepting credit cards.
If credit card records may have been
compromised in any way, whether through malicious intent or due to a weakness
in the handling, processing, or storing of credit card transactions,
immediately notify the office of the bursar, or the chief information officer
or his or her designee, or both.
The version of this rule that includes
live links to associated resources is online at
https://www.ohio.edu/policy/51-001.html
