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Scope

To provide guidance for transporting cash (currency and coin) and checks.

Reason for Policy

The purpose of this policy is to ensure that physical University assets are transported in a secure manner, minimizing the potential for theft or loss.

Policy Statement

Cash (currency and coin) transferred to the Campus Cashier’s Office or the Campus Bank Branch Facility must be hand-carried unless specific authorization is granted otherwise by the Campus Finance Office. Checks may be transferred to the Campus Cashier’s Office either via Campus Mail or USPS.

The Campus Division of Finance may grant specific authorization to transfer cash (currency and coin) and/or checks to the appropriate location by a method other than by hand.

The Campus Division of Finance is responsible for determining the circumstances under which the use of guards, University Police escorts, or armored car service is required.  These services are typically used when a deposit contains amounts of coins and currency of $500 or greater.  A system of locked bags or containers, receipts and communications should be used.

An employee being escorted by University Police is accountable and responsible for the funds while in transit and must have complete custody of the funds at all times.

Under no circumstances are University employees handling money or securities to arm themselves, except for campus police.

Definitions

Campus Bank Branch Facility: Authorized campus depository bank that has a physical branch location on the campus

Accountabilities

UM System Treasurer’s Office:

• Establish the controls associated with the transportation of cash (currency and coin) and checks

Campus Division of Finance: 

• Manage contracts with transportation, escort, and guard services
• Determine circumstances where escorts and guards are needed

Departments:

• Transfer cash (currency and coin) and checks in a secure manner

Additional Details

Forms

Related Information

History

Formerly Cash Receipts Manual 403 –Transportation, Escorts and Guards (effective 2/28/1997)

Procedure