Monthly Closing Deadlines

The November 2024 period in the general ledger has closed.  The current and future month-end processing deadline schedules are located at Monthly Closing Deadlines.

Cash Controls Policy 1110.010

The Cash Controls Policy 1110.010 was revised in January 2024 (the initial policy was issued in March 1995). This policy informs the University community about the cash handling requirements that departments must follow when collecting cash (currency and checks) outside of the University’s designated Cashiering locations. It also requires locations collecting above the established dollar threshold to apply to become an authorized Cash Collection Point (CCP).

Significant updates to the policy:

• The dollar threshold to be considered a collection point is now $1,000 per fiscal year.
• The deposit timeframe increased to one business day for currency and two business days for checks.
• Everyone handling cash must have an Expanded Background Check, no exceptions.
• Locations must have three-way segregation of duties, no exceptions.

The update to the policy also includes a revised CCP Standard Operating Procedures manual with guidance on control measures to safeguard cash and mitigate the inherent risk of loss. There is also a new CCP training course in FIU Develop and new CCP applications in PS Financials.

The Quality Assurance Services team (QAS) in the Controller’s office is currently identifying departments that may be collecting cash outside of a Cashiering location. QAS will reach out to you to discuss the policy further and start the application process if deemed necessary.

In the meantime, it is important that departments familiarize themselves with the updated policy and procedures.

Updated Departmental Pcard Manual Available

Your Credit Card Solutions Team is happy to announce that a revised version of the Departmental Pcard Manual is now available at the Controller’s website

A few of the highlighted areas that we urge you to review are:

• Section 2.10- Process for Card Cancellations, page 9.
• Section 4.5-    Processing Click Through Agreements, page 23.
• Section 4.12- Food Purchases (preferred Catering), page 25.
• Section 4.16 – Non-Allowable/Restricted Purchases, page 28.

Card Cancellation Process

It is the responsibility of each department’s administrators to timely request cancellations of P-Cards. A P-Card must be cancelled in the bank when cardholder is terminating employment with FIU or transferring to another department in a role that does not include duties requiring a P-Card. Immediate notification by the cardholder’s Approver, Supervisor or Department Head MUST must be sent via email to the Credit Card Solutions Team (CCS) Team at ccst@fiu.edu, notifying of the termination or transfer so that the card can be cancelled in the bank, prior to sending the Card Cancellation Form to the CCS team. Departments that fail to follow the correct and timely card cancellation protocols risk losing the card privileges for their entire unit.