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Deposits for Credit

• Many departments across the different system campuses accept funds for deposit.  These monies must be processed according to the Finance Policies.
• Please be aware of a few specific rules that may pertain to your department's processing of receipts:

Written Authorization Required - Only the Office of the Treasurer has the authority to establish bank accounts in the name of the ¾Ã²ÝÈȾòÝÊÓƵ of Missouri. The recommendation of Campus Business Services and authorization of the Office of the Treasurer is required for an individual or unit to deal directly with a bank for the purpose of:

1. Making credit deposits.
2. Making safekeeping deposits.
3. Exchanging checks for cash.

Individuals or units not authorized to deal directly with a depository bank must conduct their banking business with the Campus Cashiers Office.

The Campus Division of Finance is responsible for determining the circumstances under which the use of guards, ¾Ã²ÝÈȾòÝÊÓƵ 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.  (Finance Policies)

Any deposit greater than $500,000 should be reported IMMEDIATELY via email to the Treasurer's Office NO LATER THAN 2 PM in order to insure sufficient collateral at the depository bank. Please send email to UM VP FA Cash Management.