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N. C. OFFICE OF THE STATE CONTROLLER (OSC)

N. C. OFFICE OF THE STATE CONTROLLER (OSC). CASH MANAGEMENT PLAN REQUIREMENTS. INTRODUCTION. Melody Tart NC Office of the State Controller Phone: 919-981-5486 Fax: 919-875-3845 E-mail: mtart@mail.osc.state.nc.us. STATUTORY REQUIREMENT. G.S. 147-86.10, G.S. 147-86.11

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N. C. OFFICE OF THE STATE CONTROLLER (OSC)

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  1. N. C. OFFICE OF THE STATE CONTROLLER (OSC) CASH MANAGEMENT PLAN REQUIREMENTS

  2. INTRODUCTION • Melody Tart NC Office of the State Controller • Phone: 919-981-5486 • Fax: 919-875-3845 • E-mail: mtart@mail.osc.state.nc.us

  3. STATUTORY REQUIREMENT • G.S. 147-86.10, G.S. 147-86.11 All agencies, institutions, departments, bureaus, boards, commissions and officers of the State . . . shall devise techniques and procedures for the receipt, deposit and disbursement of moneys coming into their control.

  4. STATUTORY REQUIREMENT • G.S. 147-86.12 All school administrative units and their officers and employees are subject to the provisions of G.S. 147-86.11 with respect to moneys required by law to be deposited with the State Treasurer. . . and warrants drawn on the State Treasurer.

  5. POLICIES and PROCEDURES • Each plan must follow the uniform statewide cash management plan format. (handout #2) • Web address for statewide plan: www.osc.state.nc.us/sigdocs/sig_docs/cash_mgmt/SCMPLAN.html

  6. POLICIES and PROCEDURES • Draft plans are due by September 30, 2001. • Submission cover letter should be included with your final plan. (handout #3) • The State Controller will acknowledge the approval of each plan in writing.

  7. POLICIES and PROCEDURES • Submission letter and final version of plan should be mailed to : NC Office of the State Controller Attention: Melody Tart 1410 Mail Service Center Raleigh, NC 27699-1410

  8. POLICIES and PROCEDURES • Any subsequent changes to your approved plan must have prior approval by OSC. • A copy of your approved cash management plan, any revisions and approval letter should be available for auditor review.

  9. CASH MANAGEMENT OVER RECEIPTS • Include a description of daily deposit cutoff times and schedule. For example: All monies received by 2:00 p.m. are taken to the bank for deposit. Funds received after 2:00 p.m. are safeguarded over night and included in the next day’s deposit

  10. CASH MANAGEMENT OVER RECEIPTS • Any approved, by the Department of the State Treasurer, exception to the daily deposit requirement must be explained in your plan. • A copy of the State Treasurer’s approval letter should be included with your plan.

  11. CASH MANAGEMENT OVER RECEIPTS • Accounts Receivable (A/R) policies and procedures must be included. • Web address for statewide A/R procedures: www.osc.state.nc.us/sigdocs/sig_docs/ sigAccounts_Receivable00001212.html

  12. CASH MANAGEMENT OVER RECEIPTS • Acceptance of electronic payment (credit card, debit card and electronic funds transfer) policies and procedures must be included. • If you do not accept electronic payments, include a statement saying this. Do not just delete.

  13. CASH MANAGEMENT OVER DISBURSEMENTS • Delegation of Disbursing Authorities must be kept current and must be approved by the State Controller. • Disbursing Authority Form web address: www.osc.state.nc.us/sigdocs/sig_docs/cash_mgmt/disbursing.html

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