Receipt of funds policy
The purpose of this policy is to outline the responsibilities for the acceptance of funds relating to revenues, services rendered, travel reimbursements, or donations made to Lynn University.
All Lynn University departments, units, offices, or organizations which receive funds relating to revenues, services rendered, travel reimbursements, or donations made to Lynn University are responsible for adhering to following policy governing financial transactions at Lynn University:
- Deposit requirements: All funds held for deposit must be kept in a secure location at all times. All payments received by a Lynn University employee or student organization are required to be deposited to the Business Office on a timely basis. Only departments or divisions given specific authority by the Business Office can accept credit cards.
- Bank accounts: Only the Board of Trustees may authorize bank accounts in Lynn University name. All requests for bank accounts and other banking transactions must be directed to the Vice President for Business and Finance.
- Removal of funds from Lynn University: No individual is authorized to remove money from the campus for safekeeping, or to use a cash fund to cash personal checks for themselves or others. Checks made payable to the University must be endorsed immediately by the Cashier Office and may not be assigned to any other party.
- Checks: No checks are to be accepted which do not have imprinted on them the name and address of the account holder.
Evidence of non-compliance with these policies should be brought to the attention of the Vice President for Business and Finance. Non-compliance with these policies may be grounds for termination of employment.
To learn more about this policy or the supporting procedures, please contact Finance.
Policy updated on: Oct. 24, 2018