GAP NO. 200.026
Deposits to the University

I.	General
II.	Where to Deposit
III.	G/L Account to Use
IV.	Foreign Receipts
V.	Wire Transfers
VI.	Gifts In Kind Receipts
VII.	Gifts of Securities, etc.
	Print This GAP

 

I. GENERAL

All cash and checks received by a University department or agency, and belonging to Duke University, must be deposited within one day of receipt if over $250 in total. The proper office for deposit is listed in Section II of this procedure. Deposit amounts less than $250 must be deposited at least once a week. Amounts kept in a department overnight must be stored in a secure location. All non-cash receipts (i.e., property and securities) must be deposited within one day of receipt.

Do not send currency or checks through the mail. All deposits must be deposited in person at the University Cashiering Office or the Office of Alumni & Development Records.

Credit card payments should be processed electronically using pre-established departmental merchant accounts. Bank card transactions must be “closed out” or “batched” at least once per day. Bank card activity posted at the bank is automatically posted to one cost object by the Endowment/Investment Accounting Office.

If a new cost object must be established, do not hold the check or cash. Deposit it with the appropriate office listed below in Section II, telling them the cost object has not yet been established. They will put the money in a holding account. If the deposit was taken to either the University Cashiering Office or the Office of Alumni & Development Records, notify them in writing of the amount, date deposited, and the new cost object when it is established. They will prepare a journal voucher to transfer the money.

 

II. WHERE TO DEPOSIT?

When depositing cash and checks the nature of the receipt and the receiving cost object determine where the funds should be sent.

DEPOSITS TO RESTRICTED (3XXXXXX) WBS ELEMENTS:

Type of Receipt	---Receipt From---
	Government 30x-35x WBSE	Individuals	Foundations, Corporations, etc.
Grants & Contracts	Pre-award Office	N/A	Pre-award Office
Gifts	Office of Sponsored Programs	Office of Alumni & Development Records	Office of Alumni & Development Records
Other receipts	University Cashiering Office	University Cashiering Office	University Cashiering Office

If in doubt as to whether a receipt is a Gift or Grant/Contract, contact the appropriate Pre-Award Office (Campus: Office of Research Support, Medical Center: Office of Research Administration) for help.

DEPOSITS TO ALL OTHER COST OBJECTS:

Type of Receipt	Office
Gifts	Office of Alumni & Development Records
Patient receipts	PRMO Cash Management
Other Receipts	University Cashiering Office
Deposit Locations:
University Cashiering Office – 705 Broad Street, Suite 201
Office of Alumni & Development Records – American Tobacco Campus, Washington Bldg, Suite 1050
PRMO Cash Management – 4101 N. Roxboro Road
Pre-Award: Office of Research Administration – Erwin Square; 2200 W. Main Street, Suite 820
Pre-Award: Office of Research Support – Erwin Square; 2200 W. Main Street, Suite 710
Office of Sponsored Programs – Erwin Square, 2200 West Main St, Suite 300

 

III. G/L ACCOUNT TO USE

For deposits of Gifts or Grants/Contracts, the department does not need to assign a G/L account. The Office of Alumni & Development Records or the Office of Sponsored Programs will assign the appropriate G/L account. When making the deposit, indicate the purpose of the check, e.g., Grant Payment, Grateful Patient Gift, Payment for Services, etc. The purpose of the check will assist in determining the correct G/L account.

For deposits at the University Cashiering Office, the department must assign the proper G/L account; if unsure; call Accounting Systems and Procedures (684-2752) for help in choosing the proper G/L account.

 

IV. FOREIGN RECEIPTS

Entities in foreign countries sending payments to the University should be instructed to use one of the following forms of payment:

• International Wire Transfer
• United States Postal Order
• Cashier's Check drawn on a U.S. bank
• Check payable in U.S. dollars drawn on a U.S. bank or bank located in a U.S. Territory (Puerto Rico, Guam, U.S. Virgin Islands, American Samoa)

If payments are received in the following forms, they must be deposited as a separate deposit. Bank requirements state that these checks cannot be included with standard US check deposits.

• Checks payable in a foreign currency
• Checks payable in U.S. dollars but drawn on a foreign banking institution
• Checks payable in U.S. dollars, but not showing a micr line or encoded ABA routing number at the bottom of the check.

For foreign currency deposits, the amount will be converted to U.S. dollars. A collection fee (charged by the bank) will be charged to the cost object receiving the deposit except for collection fees on gifts.

Bank fees have been exceeding the face value of smaller foreign checks, thereby requiring the University to establish a $100.00 minimum on all foreign checks.

 

V. WIRE TRANSFERS

When an entity wishes to make a payment to Duke via wire transfer, the department should contact either the Endowment/Investment Accounting Office or the University Cashiering Office to receive specific information needed for the wire transfer. If the wire transfer involves a payment for a sponsored project, also contact the Office of Sponsored Programs and let them know about the anticipated wire transfer. If this is a gift to Duke, contact the Office of Alumni & Development Records.

 

VI. GIFTS-IN-KIND RECEIPTS

Gifts-in-kind (books, equipment, art, etc.) received in accordance with the University's Gift Acceptance Policy should be reported in writing within one day of receipt to the Office of Alumni & Development Records. Include a written valuation of the gift, but do not send the actual gift there. Contact the Office of Alumni & Development Records with any questions about Gifts-in-Kind.

 

VII. GIFTS OF SECURITIES, ETC.

Gifts of stocks, bonds, and similar instruments such as Trusts, Pooled Income Funds, Annuities, Insurance Policies and Bequests should be sent to the Office of Alumni & Development Records within one day of receipt immediately .

 

GAP History
Issued:	September 1994
Revised:	September 2001
Revised:	October 2003
Revised:	November 2003
Revised:	May 2004
Revised:	November 2004
Revised:	September 2005