Deposit of Checks, Cash, and Credit Card Receipts Policy

Policy Summary

All cash, checks, and credit card receipts must be deposited on the same day they are received at the George Washington University ("GW" or "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

• Faculty
• Staff

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 bank 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 do not have a scanner, checks should be mailed to a designated lockbox at PNC Bank. A copy of the cash departmental journal entry prepared by the department must be mailed with the checks. Please see Departmental Deposit Process for details.

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, a department has to keep the credit card number on file after the authorization, approval is required from Treasury Management.

Departments will retain legible images of customers’ 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.

Procedures

Departmental Deposit Process

Related Information 

Records Management Policy

Payment Card Acceptance and Data Security Policy

Contacts

Contact	Phone Number	Email Address
University Accounting Services		financedivisiongwu [dot] edu
Treasury Management		treasurygwu [dot] edu