302.2 - University of North Carolina at Chapel Hill Procedure on Restrictively Endorsing Checks for Deposit

Procedure

Check items received by the University must be endorsed with the following restriction either in writing or by stamp:

  • For Deposit Only
  • To the Account of
  • The University of North Carolina at Chapel Hill

Check items must be endorsed by the payee in order for the bank to transfer funds from the payor. The restrictive endorsement directs the bank to only deposit the funds to the University's bank account. If the payor makes a check to the University payable to an individual, the individual must endorse the check and then add the above restrictive endorsement.

This step is an important internal control and helps safeguard assets, which in this case are check items belonging to the University.

Related Requirements

External Regulations and Consequences

University Policies, Standards, and Procedures

  • Finance Policy 302 - University of North Carolina at Chapel Hill Policy on General Receipts and Deposits
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Details

Article ID: 131487
Created
Thu 4/8/21 9:10 PM
Modified
Wed 11/8/23 3:45 PM
Responsible Unit
School, Department, or other organizational unit issuing this document.
Finance and Operations
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
University Cashier
Next Review
Date on which the next document review is due.
02/28/2019 12:00 AM
Last Review
Date on which the most recent document review was completed.
02/28/2018 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
02/28/2018 12:00 AM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
02/28/2018 12:00 AM
Origination
Date on which the original version of this document was first made official.
07/01/1999 12:00 AM