Departmental Deposits
The Student Account Services and University Billing Office is responsible for preparing the daily deposit for Central Michigan University, which we forward to Isabella Bank and Trust for processing. Isabella Bank and Trust requires that all deposits be prepared according to specific guidelines, and these guidelines should also be followed by all university departments and personnel when preparing departmental deposits. University departments should submit their deposits to the Student Account Services and University Billing Office in the Bovee University Center 119 in a timely manner. If checks and cash are stored in an office, they should be kept in a secure locked safe.
Please complete the Departmental Deposit Form and include it with your deposit. For more information on how to prepare your deposit, please follow the steps below:
Processing departmental deposits
Step 1. Prepare the departmental deposit form
A Departmental Deposit Form must be used for each deposit using the following guidelines. Write the university account number on the receipt. The account number consists of a five-digit Cost Center number OR an eight-digit fund number (F) AND a six-digit General Ledger (GL) number. The Internal Order (IO) number is optional.
- Record the amount to be deposited into each account number.
- Record the total amount being deposited.
- Record the name of the cost center or organization account.
- Record a description of the deposit being made. This description will appear on the SAP text line item. We may abbreviate to get as much of the information as possible.
IT IS VERY IMPORTANT THAT THE BOTTOM PORTION OF THE DEPARTMENTAL DEPOSIT FORM BE COMPLETED. The cashier's office must have the department name, address, and contact person. This allows us to contact the appropriate person if there is a problem with the deposit.
Step 2. Prepare the deposit
Checks
NOTE: All checks must be paid to the order of "Central Michigan University (CMU)."
- Run two adding machine tapes on each batch of checks.
- Run a total on the adding machine before running each tape (there should be a 0.00* at the top of each check tape).
- If the adding machine has a counter, it should be turned on so the number of checks can be verified.
- Both tapes must reflect an accurate total of the checks to be deposited (no errors/corrections on the tape). Each check should be endorsed on the back (For Deposit Only, CMU). The endorsement can be stamped, typed, or handwritten. This is particularly important when you have a large number of checks in your deposit.
- Watch for problem checks:
- Are checks signed?
- Are both the numeric and written amounts filled in AND are they for the same amount?
- Are foreign/Canadian checks payable in U.S. dollars? If not, they must be discounted. Contact the Student Service Court for current exchange rates.
- Is the check made out to someone other than CMU or the depositing department? All checks must be made payable to CMU.
Currency and coins
- Run two adding machine tapes on currency/coin. Run currency first and then coin.
- Currency should be grouped by denominations (i.e. tens, twenties, etc.) before running adding machine tape.
- Coin in deposits should be rolled if there is enough to fill a coin roll. Currency straps and coin rolls are available free of charge at the Student Account Services and University Billing Office.
Deposit total
- Run one adding machine tape totaling together currency, coin, and check batches. Verify the amount against the deposit total on the departmental deposit form and include the adding machine tape with the deposit.
Step 3. Processing departmental deposits
Departmental deposits should be delivered to a Student Account Services and University Billing Drop Box located either in the Student Account Services and University Billing Office, Bovee University Center 119 or on the circle drive in front of the Bovee UC.
Deposits including cash should be sealed in a secure envelope or money bag and dropped off inside the Student Service Court during regular business hours. Please do not leave departmental deposits including cash in the external drop box on the circle drive.
Tax must be calculated for items that could otherwise be purchased off-campus. Deposits for the reimbursement of telephone calls or photocopies do not have to be taxed if they were university business. Tax must be calculated if the telephone calls or copies were for personal use. State tax is not charged for international calls. Please indicate on the departmental deposit form whether it was university business or personal business.
The tax amount should be deposited into the following accounts using the appropriate tax percentage:
| Category | Fund number/Account | Rate | Fee code |
|---|---|---|---|
| Fax Charges | 10000000 / 225100 | 6% | STAM |
| Bookstore Charges | 10000000 / 225100 | 6% | STAM |
| Copy Charges | 10000000 / 225100 | 6% | STAM |
| Guest Meals | 10000000 / 225100 | 6% | STAM |
| In-state phone charges | 10000000 / 225300 | 6% | STAT (state) |
| All Other Deposits* | 10000000 / 225200 | 6% | STAO |
* Examples: T-shirt sales, yearbook sales, reimbursement of office supplies, etc.
To figure the amount of tax to deposit into the appropriate fund account (listed above), multiply the charge by the correct percentage. If you are depositing money for in-state telephone charges, you will need to figure the 6% state tax.
If you receive a check that includes both the initial charge and the tax due, you will need to divide the amount of the check by 1.06 (for state tax due) to determine how much to credit to the appropriate tax account and how much to credit to the Cost Center or Business Account.
For example, you receive a check for $27.70, which is to pay for copy charges and the state tax due (6%). You will take 27.70 and divide by 1.06, which gives you 26.14. The $26.14 is the amount you will credit to the Copy charges account. The amount credited to the Fund 9000-22510 (for state tax) is $1.56 ($27.20 - $26.14).
If you receive payment for personal in-state telephone calls, you must calculate the state tax due (based on the payment amount).
Calculate state tax
- Take the amount of the payment and divide it by 1.06.
- Subtract this amount from the payment amount to get the state tax due.
The amount to be deposited into the Telephone charge account will be the payment amount minus any taxes
Any contributions or donations to the University should be reported to the Development Office before making the deposit.
Anne Thrush in Contracting and Purchasing Services should be contacted regarding the sale of any office equipment.
When a deposit includes currency or checks that have been discounted due to foreign exchange, detailed information should be written on the departmental deposit form as follows:
- Note what was discounted (currency, checks, or both).
- Note the total amount that was discounted.
- Note the discount rate that was used.