Banking, Cash Receipts and Disbursements

Type: 
Procedure
Category: 
Finance
Department: 
College Finance
Phone: 
(541) 463-5516
Primary Contact: 
Greg Holmes, CPA
Contact Email: 
Responsible Executive Authority: 
Chief Financial Officer
Purpose: 

The purpose of this procedure is to designate the Chief Finance Officer as the custodian of funds for the Lane Community College District, and to describe the responsibilities of the custodian. Chapter 341.703 of the Oregon Revised Statutes requires that "The board of a community college district shall designate a custodian of funds of the district."

Narrative: 

The Chief Financial Officer is designated by the board of education as the custodian of the college's funds (Oregon Revised Statutes 341.703).

Only departments (or organizational units) and staff approved by the Chief Financial Officer (or designee) shall be empowered to receive money and/or effect "cash" transactions (including, but not limited to, registration tuition and fees, books, supplies, and any other payments to the college).

All automatic teller machines (ATMs), college checking, savings, investments, credit cards, and any other accounts and agreements with financial institutions are under the supervision and stewardship of the Chief Financial Officer (or designee). Only the Chief Financial Officer (or designee) is empowered to open checking, savings, investment, credit card, and any other type of accounts with a financial institution.

All "cash" (coin, currency, check, money order, credit card payment, electronic transfers and payments, etc.) receiving, receipting, recording, safeguarding, depositing, and disbursing thereof, etc., are under the supervision and stewardship of the Chief Financial Officer (or designee).

All fiscal systems and procedures involving "cash" shall be designed, implemented and maintained under the stewardship of the Chief Finance Officer.

Date Adopted: 
Saturday, May 1, 1999
Date Last Reviewed: 
Friday, June 13, 2014