Deposit of Checks, Cash, and Credit Card Receipts

 

Policy Summary

All cash, checks and credit card receipts must be deposited on the same day they are received at the university. All check payments must be made payable to “George Washington University,” “GWU,” or “GW.” The university maintains standard operating procedures related to cash deposits.

Who is Governed by this Policy

  • Staff
  • Faculty

Policy

All cash, checks, and credit card receipts must be deposited on a daily basis.

All check payments to the university must be made payable to “George Washington University,” “GW,” or “GWU.” Payments to the university may not be made payable to an individual or a department. All payments to the university must be deposited in a university account. For departments operating with a Remote Deposit On-Site scanner, all checks must be scanned on a daily basis. Physical checks must be maintained securely for at least 60 days before being destroyed. Two employees must shred the checks together to ensure proper destruction protocol. Alternatively, the checks can be disposed of via an external secure shredding service.

For departments that are set up to process credit cards, all credit card receipts must be processed on a daily basis. After the authorization code is received, no documents containing full credit card numbers should be kept on file. If under special circumstances you have to keep the credit card number on file after the authorization, it is crucial to render the PAN unreadable by blacking out all but the last four digits with permanent black marker; photocopy or scan the redacted document, and then upload in to BOX.

Departments will retain legible images of customer’s sales drafts, cardholder consents for pre-authorized orders, or credit drafts, in a GW BOX directory for a period of three years from the date of the card transaction. The merchant’s obligation to retain records does not provide authority for merchant to retain full card track data. As explained above after receiving the authorization code, all credit card numbers must be redacted. 

Definitions

PAN – Primary Account Number

Related Information

Gift Processing Policy

Contacts

Contact Phone Number Email Address
SAO Processing 571-553-0359 [email protected]
Treasury Management 571-553-4216 [email protected]

Responsible University Official: Vice President, Finance and Treasurer
Responsible Office: Treasury Management

Last Reviewed: December 2, 2019

 

Non-compliance with this policy can be reported through this website.