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Safety and Security of Funds

Policy
Purpose: 

Provide instructions for safeguarding monetary payments received by the University

Applies to: 

University of Kansas departments and offices that receive monetary payments

Campus: 
Lawrence
Policy Statement: 

Any KU department that accepts monetary funds is responsible for the safety and security of these funds. Funds include cash payments, checks and credit card information.

Anytime payments are accepted, the department must keep these monies in a secure location. Limited access is advised. Information is contained on the check and with the credit card information that is considered confidential and should be treated as such.

Departments should make daily deposits to Student Account Services. Deposits should be prepared using two staff members. Secure outside drop boxes are available for after-hour convenience.

Cash:

  • Cash (currency and coin) is the most liquid form of payment; that is the most easily misappropriated. Cash must be protected against loss upon receipt and at all points thereafter. Physical security is the most important aspect of cash handling.
  • Receipts for cash payments must be provided to the payee. See the Departmental Receipts Policy for more information.

Checks:

  • Upon receipt, checks should be immediately endorsed.
  • Before depositing these funds with Student Account Services, these checks should be kept in a secure location.

Credit card information:

  • Credit card information should never be accepted/transmitted via fax or email.
  • Documents and forms that contain credit card information that is mailed to an office should be considered confidential and kept secure in a locked area. Limited access is advised. Consideration should be given to shredding this information as soon as it has been processed.
  • Phone orders taken that contain credit card information should be considered confidential and kept secure in a locked area. Limited access is advised. Consideration should be given to shredding this information as soon as it has been processed.
  • Credit card information should not be stored in any kind of database or spreadsheet.

Record Confidentiality:

To avoid inadvertent release of confidential or sensitive information, comply with regulatory mandates and minimize risks to users and the institution, each department is required to engage all measures and effort to maintain confidentiality of any and all internally received, processed and/or otherwise managed information that hold or utilize data sets containing student information/records, personally identifiable information such as social security numbers, credit card numbers, banking information and other categories of data that are protected by federal or state laws or regulations. Such data must be secured regardless of the type of information they utilize. This applies to customer receipt vouchers, transaction tapes, paper checks, screen prints, emails, and reports to which unauthorized individuals may gain access in your environment. Access to sensitive information should be limited and regulated by procedure. Information should be stored properly on a daily basis to ensure safety and internal control.

Contact: 

Assistant Comptroller / Director - Student Account Services
Student Account Services
University of Kansas
1450 Jayhawk Blvd, Room 21/23
Lawrence, KS 66045-7505
stu.account@ku.edu
Ph: 785-864-3322
Fax: 785-864-5059

Approved by: 
The Board of Regents
Approved on: 
Wednesday, July 1, 1992
Effective on: 
Wednesday, July 1, 1992
Review Cycle: 
Annual (As Needed)
Keywords: 
security, deposits, credit card records, confidentiality
Review, Approval & Change History: 

03/23/2015: Updated to reflect current nomenclature for Student Account Services.

10/2010: Reviewed.

Financial Categories: 
Financial Oversight
Information Access & Technology Categories: 
Information Access
Privacy & Security
Operational Categories: 
Facilities

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