Deposits can be made utilizing lockbox services offered by the University’s corporate banking partner.
Note: Contact Treasury Services for authorization, pricing, procedures and setup of remote capture and lockbox services.
Prohibited International Payments
Through the U.S. Department of Treasury, Office of Foreign Asset Controls (OFAC), the U.S. government subjects certain countries to sanctions, which means the University is prohibited from sending money to, or receiving payments from, entities in these regions. Refer to the Quick Reference Guide for Prohibited International Payments on the Treasury Services webpage for guidance.
Cash Payments over $10,000
Pursuant to International Revenue Code Section 6050I, the University is required to report to the International Revenue Service (IRS) the receipt of cash payments in excess of $10,000 in a single transaction or two or more related transactions from an individual or organization within a 12-month period. Refer to BPM E-2-11 Cash Payments over $10,000 for further guidance.
By 2:30 pm (Treasury Services on campus) or the local bank’s cut off time (out-of-town locations) on the last working day of the month if cash is on hand in order to ensure that activity is included in the correct accounting period.
Note: Departments utilizing the University’s contracted armored car courier service for bank deposits may retain accumulated deposits greater than $500 until the next scheduled courier pickup.
Restrictively endorse checks immediately upon receipt as follows:For Deposit Only
University of Kentucky
Department Name Department Number
Restricted Trust Account Number
The endorsement may be applied by a stamp or written on each check. Units in Lexington may obtain endorsement stamps from Treasury Services. Units outside of Lexington should contact their local depository bank or approved office supply vendor.
Procedures
NOTE: Prior to establishing an imprest fund, the custodian’s department should verify that a Declining Balance Procurement Card or loadable card cannot meet the needs of the imprest fund requestor (see E-7-16 and E-9).
Consequences of non-compliance
Misuse or improper accounting of the fund will, at a minimum, result in closing the fund.
Safes purchased after April 1, 2013, are required to have dual locking devices such as two keys, or a key and combination, to obtain entry.
Note: For safes with a single combination or (digital) lock, the code or combination should be split into two parts, with separate employees receiving a half of the combination to ensure no single person can unlock the safe without another being present.
Overnight and after business hours safekeeping
A unit receiving cash too late in the business day to prepare and deliver transmittals to Treasury Services, after armored car pickup, after normal business hours or on weekends may retain cash for safekeeping provided it follows the safekeeping procedures defined below:
Credit card transactions
Credit card transactions must be managed in an efficient manner and must comply with Payment Card Industry Data Security Standards (PCI DSS).[2] Security breaches can result in serious consequences for the University, including release of confidential information, damage to reputation, added compliance costs, substantial fines, possible legal liability and the potential loss of the ability to accept credit card payments.
Obtaining approval to open accounts
To request authorization to establish a bank account, a written request must be sent to UFS and contain the following information:
Related organization bank accounts
Related organizations, such as student organizations, may have bank accounts under the following conditions:
Attempted theft
Attempted theft, burglary, or robbery should be reported immediately to the department supervisor and the campus police (local police for out-of-town locations), even though no actual loss occurred.
Policy
Credit card payments may be processed via credit card swipe terminals, POS systems, through the University websites using a hosted order page from a third-party internet payment gateway vendor or other approved payment applications. Credit card transactions must be managed in an efficient manner and must comply with PCI DSS. These standards ensure that credit card activities are consistent, efficient and secure for all types of credit card activity transacted, whether in-person, over the phone, via fax, mail or the Internet. These standards may be found at the PCI Security Council website.
Process to implement acceptance of credit card payments
The MDRP must take the following steps to implement payment card processing at the University.
PCI DSS and UK (http://www.uky.edu/ufs/merchant-card-services-pci-dss)
VISA (https://usa.visa.com/support/small-business/security-compliance.html)
MasterCard (https://www.mastercard.us/en-us/business/overview/safety-and-security/security-recommendations/site-data-protection-PCI/merchants-need-to-know.html) Discover (http://www.discovernetwork.com/fraudsecurity/disc.html)
Payment Card Industry Security Standards Council https://www.pcisecuritystandards.org/index.php
VISA Global Registry of PCI DSS Validated Service Providers (http://www.visa.com/splisting/index.html)
American Express Data Security (https://www.americanexpress.com/us/merchant/us-data-security.html)
[1] Data is considered to be secure only if the following criteria are met:
[2]The payment card industry (VISA, MasterCard, Discover, American Express and JCB) has collaborated to create a single set of industry requirements, called the Payment Card Industry Data Security Standards (PCI DSS), for consumer data protection. PCI DSS aligns all payment card companies’ security standards to create streamlined requirements, compliance criteria and validation processes. If a merchant does not comply with the security requirements or fails to rectify a security issue, the payment card industry may fine the responsible party, impose restrictions, or discontinue allowing the merchant to accept credit cards.