It is the policy of the State of North Carolina that all agencies, institutions, departments, bureaus, boards, commissions and officers of the State, whether or not subject to the Executive Budget Act, Chapter 143, Article 1 of the General Statutes, shall 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
Petty cash funds or change funds are used by the departments for cash payment of minor items or to make change to customers. This policy provides guidance for the authorization, establishment and maintenance of petty cash funds, including appropriate uses, safekeeping, audit and annual confirmation.
To establish a petty cash fund, the dean, director or department chair should submit a letter to the University Controller justifying the need, the types of expenses to be paid, the method of safekeeping, the source of funds, the amount needed and the individual responsible for the administration of the petty cash fund (petty cash custodian).
To provide guidelines for managing imprest checking accounts, which are supported by a limited amount of University's unrestricted endowment income funds.
This procedure explains how to request and establish an imprest checking account.
Maintaining an imprest checking account requires periodic replenishing of the bank balance, reconciliation and evaluation of the activities to determine the adequacy of the funding. The department should close the imprest checking account if the purpose for which the account was established no longer exists.
Cash advances are necessary for efficiency or because they are the only means acceptable to the payment requirements of the service rendered. This policy explains how to obtain the necessary funds to meet payment requirements, appropriate use and settlement of such cash advance funds.
This procedure addresses how to request a cash advance, guidelines for maintaining supporting documentation at the department level, and procedures for reconciling and settling cash advance.
The purpose of the Policy on Escheats is for the University of North Carolina at Chapel Hill to comply with North Carolina General Statute 116B, Escheats and Abandoned Property.
To maintain appropriate fiscal reporting and ensure internal controls are met to prevent fraud, all imprest checking account, payroll account, accounts payable account, and petty cash account custodians must reconcile their accounts and report outstanding liabilities during the previous fiscal year at the conclusion of the current fiscal year to Cash Management.
All appropriate and cost-effective actions to collect accounts receivable must be taken, with the objective to sustain proper management of University receivables held by campus units.
Sales taxes must be collected on admission charges to entertainment events and remitted to the N.C. Department of Revenue.
The sales tax for admission charges is required by N.C. General Statutes.