Subject: Collection, Control and Deposit of Cash Receipts and Operating Cash Funds
Approval Date: 02/24/89
Revision Date: 09/15/05
To define the University's policy for the collection, control and deposit of cash receipts and operating cash funds.
The Office of Accounting and Budgetary Control is solely responsible for the collection and control of all University related cash receipts. All cash receipts must be deposited through the Office of Accounting and Budgetary Contol into the proper University account.
The collection and control of cash receipts and all other financial affairs of Morehead State University shall be governed by the provisions of KRS 164A.555 through KRS 164A.630.
The Office of Accounting and Budgetary Control will routinely delegate the authority and responsibility to collect cash receipts. Designated cash collection centers may be allocated an amount of cash from the Office of Accounting and Budgetary Control to serve as a permanent operating change fund.
Kentucky Revised Statutes 164A.630(3) states that: "Any officer, agency, or employee of any institution who willfully fails or refuses to comply with any other provisions of KRS 164A.555 to KRS 164A.630 is subject to indictment in the appropriate circuit court and upon conviction shall be fined not less than fifty dollars ($50) nor more than one thousand dollars ($1,000) for each offense."
Any officer, agent or employee of Morehead State University who willfully fails or refuses to comply with the provision of the Cash Receipts and Operating Cash Fund Policy or the procedures for either of these policies, may be held personally liable for any loss or other misuse of funds.
The administration shall have the delegated authority from the Board of Regents to implement certain procedures from time to time in compliance with the above policy and the Kentucky Revised Statutes.