To: Deans, Directors and Department Heads; Campus Unit Finance Leads; University Business Managers
From: Brett W. Kenney, University Cash Manager; DeAhn Baucom, University Cashier
Via: Manali Bettendorf, University Controller; Scott Greer, University Treasurer
On March 30, 2020, the North Carolina Department of State Treasurer approved a temporary exemption to the Daily Deposit Act which requires the University to make daily deposits of all state funds into an approved bank account. Conditions in the exemption are as follows:
“(i) Funds otherwise subject to the daily deposit requirement must be deposited at least once a week and whenever as much as $5,000 has been collected and received; and
(ii) each of the UNC System Entities, including each of the 17 constituent institutions, must provide adequate safekeeping of any funds on hand prior to their deposit.”
With campus operations being conducted remotely, we encourage departments to contact all payers who currently send payments by check to consider using electronic means to make payments to the University. Please contact Cash Management at Cash_Management@unc.edu to determine which bank account your funds should be held on deposit. Please note that the bank account may be different depending on the Fund number in the Chartfield string. Cash Management can provide bank account information, the University’s W-9, and other information to successfully receive and record deposits in the general ledger. Finance and Operations is evaluating and testing electronic receivable options like electronic lockbox, Zelle, PayPal, among other options.
The Office of University Cashier continues to process deposits delivered to the drop box. All Departments should continue to make all good faith efforts to comply with the Daily Deposit Act and should contact Cash Management or the Office of University Cashier for any additional assistance. If during the transition away from non-electronic payments, Departments have a large volume of checks and are unable to send them to the Cashier’s Office, Cash Management will consider ordering a remote deposit check scanner, with approval from the department head and leadership in Finance and Operations.
Under these extraordinary circumstances, please abide by all State of North Carolina and University requirements related to physical distancing, safe hygiene, and stay at home orders. For more information please contact the Cash Management Team or the Office of University Cashier at Cash_Management@unc.edu or Cashier@unc.edu.
Enclosure: