Cash Handling and Deposits

Whenever your group accepts cash or checks from a sale, performance or fundraiser, it’s important to use good cash handling processes. What do we mean by “cash handling”? It’s basically the overarching plan an organization implements in order to assure all revenues are properly accounted for and deposited. This article from springly.org details some of the reasons why it’s important for a nonprofit (or a student organization!) to make a plan for safe handling of organization sales.

One of the ways we do this at WFU is to have a policy about depositing revenue in a timely manner. WFU Finance and Accounting Services requires all faculty, staff, and student organizations to deposit any revenue received within one business day of receipt.

Unless we are instructed otherwise due to fundraising requirements, all deposits will go into your group’s Agency Fund. To establish an Agency Fund, contact SOFO at sofo@wfu.edu.

SOFO staff will assist your group in completing deposits:

1. Come to Benson 332. To assure a staff member is available to assist you, please be sure to make an appointment.
2. Count your cash, stack it by denomination, and turn all the bills facing the same direction.
3. Bring your cash or checks to the appointment.
4. We will create the deposit in the WFU financial system and provide you with a deposit number.
5. You will then visit the University Cashier in Reynolda Hall 207 to turn in your cash or checks to the cashier. You must visit the Cashier immediately after your appointment with SOFO, so plan accordingly.

Cash Handling Processes for Student Organizations

Here are a few best practices:

• While SOFO can loan you a cash box for conducting cash sales, if a “change drawer” is needed, this is something your group will have to provide. Any change fund money belonging to a group member should be carefully recorded at the beginning of the sale and returned to that group member at its conclusion, before any deposits are prepared.
• All incoming monies should be recorded in a simple spreadsheet. This helps you to document what your total sales are, and to show that all proceeds were deposited. It will also be helpful later, when you are reconciling your deposits.
• As the article says, work in teams! Try to have at least two members accept payments, make change, and count proceeds in preparation for your deposit. If possible, have two group members bring the cash proceeds to SOFO.
• Don’t leave cash unattended. Whether you are tabling in Benson or taking ticket payments at the door of your UAS event, secure your cash box when you have to step away, even if it’s only for a minute. Working in teams will help you avoid this situation.
• Unauthorized persons should not be allowed in areas where your group’s cash is being counted or stored. Who counts as an “unauthorized person”? Anyone who is not an official member of your group.
• Doors should be locked in areas where cash is handled, and cash should not be counted in full view of passersby.
• Lock up your cash if you must store it overnight.
• Don’t keep organization cash with personal funds.

Stay Safe

Planning for your personal security and the security of your funds

• As much as possible, keep the existence of your cash stash on a “need to know” basis among your group members.
• Don’t broadcast to others that you’re transporting a deposit. Be sure to hide the cash from view inside a bag or envelope.
• If your event ends late and you have to transport your cash proceeds from a venue, travel in a group. Never carry a large amount of cash alone at night!
• Finally, if you hold a sale over a long period of time, you should plan to make frequent deposits rather than holding all cash proceeds until the sale ends.