Cash Management Policy #302

Policy #302 Approved: March 26, 2018
UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS
Cash Management Policy
Policy #302
Source of Authority: N.C.G.S. §§ 147-86.10 & 147-86.11;
Statewide Cash Management Plan;
N.C.G.S. § 116-34(a);
UNC Code § 502(A)
Revision Authority: Chancellor (in conjunction with the Office of the State Controller)
History:

First Issued: February 17, 2011

Revised: March 26, 2018

Related Policies: State Cash Management Statement of Policy, N.C.G.S. § 147-86.10;
Cash Management for the State, N.C.G.S. § 147-86.11;
Statewide Cash Management Plan;
Accounts Payable Policy #301;
Cashier Policy #303;
Improper Activities Reporting Policy #114
Responsible Offices: Financial Services Department
Controller
Effective Date: March 26, 2018

I. Purpose

This policy effectuates North Carolina law, which requires that “all agencies, institutions .. of the State ... devise techniques and procedures for the receipt, deposit and disbursement of moneys coming into their control and custody which are designed to maximize interest-bearing investment of cash and to minimize idle and nonproductive cash balances.” This policy shall include the acceptance of electronic payments in accordance with G.S. 147-86.22 to the maximum extent possible consistent with sound business practices.

II. Scope

This policy applies to all funds coming into the custody or control of UNCSA.

III. Policy

The University shall develop and maintain a cash management plan that shall include techniques and procedures for the receipt, deposit and disbursement of monies coming into the University's control and custody that are designed to maximize interest-bearing investment of cash and to minimize idle and nonproductive cash balances. The University shall submit its plan to the Office of the State Controller for approval and will maintain a copy of the approved plan for review by the Office of the State Auditor.

 

V. Revision History

A. February 17, 2011 – Adopted by Board of Trustees as part of UNCSA Policy Manual

B. March 26, 2018 - Revised to simplify the policy and link procedures to the Cash Management Plan.

 

 


UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS

Cash Management Procedures

Procedure #302

A.  Financial Services will establish and maintain a Cash Management Plan which will contain more information and procedures for implementing the Cash Management Policy.

B. The Cash Management Plan is available on the Financial Services web page.