The University of Michigan faces multiple risks related to cash, cash equivalents, and checks that are received by departments and units, the greatest of which is loss or theft of funds. What Is Treasury Management? Treasuries are the custodians of cash … Each individual campus may have more restrictive policies governing payments and disbursements, such as travel and business hosting advances or Imprest Cash Funds (see SPG 507.02). the establishment of distribution and consumption systems. Necessary components of this system includeA series of high-level process steps is outlined below for establishing departmental funds management controls within three main cash handling activities: Receiving Funds; Depositing Funds; and Accounting and ReconciliationSpecific policies regarding acceptance of credit card payments are detailed in a separate section, Please refer to the internal controls matrix located on the Treasury website, The University of Michigan does not accept physical foreign currency or checks issued from foreign banks located outside the U.S. or Canada. All credit card transactions will be PCI-DSS compliant. Once the production, distribution and consumption systems are in place at the micro level, the generation of surpluses at the units begins. Treasury and Cash Management Policy Version no 3 adverse approach to the use of public funding to ensure that the Trust adheres to the regulations set for public sector finance.
These surpluses are channeled back into the macro system as outflows from the micro system. The Treasurer’s Office will work with departments to help determine the most appropriate deposit method(s) to meet each department’s depository needs, which may includeThe Dearborn and Flint campuses utilize a centralized cashiering function. Please visit the Treasury … The inflows are the taxes paid to the government and repayment of loans made to the banks and financial institutions. I have regularly had to explain (courteously) that corporate treasury is not centered around wooden chests, nor whip-rounds for group holiday cash. All transactions involving cash equivalents, whether purchase, sale, or exchangemust be recorded on the general ledger and reconciled appropriately, and any issues must be resolved in a timely manner. Treasury Management – The fundamental differences between Treasury management is concerned with both macro and micro facets of the economy. Functions of Treasury Management: Cash Management: The Treasury Manager controls the cash assets and liabilities of the organization. These inflows into the macro level have to be managed by the treasury managers at the macro level. All transactions involving cash equivalents, whether purchase, sale, or exchangemust be recorded on the general ledger and reconciled appropriately, and any issues must be resolved in a timely manner. The Ann Arbor campus does not accept credit card payments for student tuition and fees.Similar to deposits, each university department that handles cash equivalents is responsible for having proper internal controls in place that safeguard those items.The term “cash equivalents” refers to items that are easily exchanged for cash, such as tokens, tickets, postage stamps, and gift cards.
Please refer to the appropriate website below for specific policies and services offered by the Cashier’s Office for each campus location.University units must follow proper procedures and exercise internal controls when handling the collection and deposit of cash and checks. This practice also enables the university to maximize its investment returns on working capital funds.All funds collected by any unit or department of the university must be deposited into an authorized university bank account as soon as practical, generally on the date of collection.