4:080-AP6 Cash and Check Management
Purpose
To ensure the proper handling, safeguarding, and accounting of cash and checks, ensuring accountability and transparency to mitigate risk.
General Requirements
1. Safeguarding Assets
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- Store all cash and checks in a locked safe or drawer until deposited.
- Make daily deposits to minimize on-site cash.
 
 
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2. Receipts
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- Issue pre-numbered receipts for all cash and check transactions.
- Receipts must include transaction details, proper coding, and dating.
 
 
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3. Electronic Payments
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- Process transactions electronically whenever possible.
 
 
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Procedures
A. Receipt of Cash and Checks
1. Point of Collection:
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- Employees must be designated and trained and must collect and secure all cash and checks upon receipt in a secure container.
 
 
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2. Issuing Receipts:
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- Trace all revenues to a pre-numbered receipt.
- Regularly check the numerical sequence of receipts.
- Date, initial, and detail all receipts.
 
 
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B. Counting and Verifying Cash and Checks
1. Cash Counting:
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- Designated employees count cash in a secure, private area.
 
 
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2. Verification and Agreement:
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- Compare independent counts by two employees until they agree.
 
 
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3. Recording:
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- Complete a Cash Reconciliation Form with details and signatures of both employees.
 
 
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4. Sign-Off:
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- Both employees must sign the Cash Reconciliation Form.
 
 
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C. Storage and Security of Cash and Checks
1. Safe Storage:
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- Store cash and checks in a sealed deposit bag in a locked safe.
 
 
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2. Access to School Safe:
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- Restrict access to authorized and essential personnel only.
 
 
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D. Depositing Funds
1.Preparation for Deposit:
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- Two-person verification for deposits, with both signing the deposit slip.
- Include signed calculator tape or excel sheet for checks.
 
 
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2.Documentation:
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- Write the building and organization name on the deposit slip.
- Send deposit slips and back up to the Business Office immediately.
 
 
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3.Transport to Bank:
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- Authorized employees must deposit within two business days.
 
 
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4.Bank Deposit:
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- Deposit promptly and submit the reconciliation form and receipt to the Financial Coordinator within two business days.
 
 
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5.Recording of Deposit:
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- Attach the bank receipt to the Cash Reconciliation Form and file. Enter deposit details into the accounting system.
 
 
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E.Special Event and Activity Receipts
1.Ticket Sales:
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- Use printed tickets with sequential numbers. Reconcile unsold tickets and cash.
 
 
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2.Field Trips, Book Orders, Athletic Fees, etc.:
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- Issue a pre-numbered receipt for collected amounts. Initial and file the list of payments.
 
 
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F. Cash Disbursements
1.Expense Payments:
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- Make all payments by check, not from cash receipts.
- Submit a Request for Check form with invoices or receipts.
 
 
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2.Petty Cash:
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- Temporary petty cash funds under $500 may be established with written permission from the Director of Finance.
 
 
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G.Audit and Review
1.Regular Audits:
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- Conduct regular audits by internal or external auditors. Investigate discrepancies immediately.
 
 
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2.Staff Training:
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- Provide regular training for employees on proper procedures and the importance of accuracy and security.
 
 
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H.Incident Reporting
1.Reporting Discrepancies:
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- Report discrepancies or suspected theft to the Building Principal immediately. File an incident report with details.
 
 
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Adopted: October 14, 2025

