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University funds shall be established only upon the recommendation of the appropriate vice president and approval of the University Treasurer.

All locally-held University cash, regardless of source, shall be deposited into, and expended from, officially authorized University funds.

The University will no longer accept the penny coin as physical currency for in person transactions. The University will continue to accept the penny from those customers, customers paying by check or electronic means. Any change due to a customer shall be rounded to the nearest five cents in the customer's favor. Department deposits shall reflect this rounding. Bursar's staff is authorized to charge the Accounting Services organization for this rounding when a student fully pays off his/her student account in cash.

All monies collected must be deposited intact no later than the next University business day whenever the total collections exceed $50, and in no case less often than weekly. Any exceptions must be approved in advance by the University Treasurer.

Cash receipts shall not be used to cash personal checks or for direct purchase of goods or services.

Expenditures may be made only to the extent of the balance available in the account, or in accordance with an approved budget for reimbursable accounts such as grants and contracts.

New Fund/Organization Requests

A new fund or organization may be requested by completing a "New FOAPAL Request Form".

Each new fund or organization request shall be reviewed and approved by the appropriate dean or director and vice president.

The request shall be submitted to the Accounting Office where it shall be reviewed and assigned a classification.

Each new fund or organization request is subsequently reviewed by the University Treasurer, with the final decision concerning the request made by the University Treasurer.

The Accounting Office shall notify the financial manager and appropriate dean or director concerning the decision. If the request is approved, the Accounting Office shall provide the fund or organization number and title for the approved fund or organization.