I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Contact roles and responsibilities
V. Definitions
VI. Revisions
I. Procedure statement
This procedure outlines the steps and individuals responsible for identification of Department Property Administrators (DPAs) and establishment of the DPA Acceptance Agreement between the designated DPA, the Division’s Chief Financial Officer and Property Control Office.
II. Who is affected by this procedure
This procedure applies to all UW–Madison departments. It should be understood by department managers, DPAs, department chairs, directors, deans, and employees responsible for equipment.
III. Procedure
The following steps represent the overall process for establishing a Department Property Administrator:
The Division’s Chief Financial Officer (CFO) works with administrative leadership within their departments to identify an individual who will be assigned the capital equipment property administration responsibilities for one or more departments within the Division. Discussion with and approval by the individual’s supervisor and the designated DPA is expected before submitting the name of the designated DPA and assigned departments to Property Control Office.
Property Control Office fills out the DPA Acceptance Agreement and emails a PDF to the designated DPA.
Designated DPA signs the Acceptance Agreement and sends to the Division’s Chief Financial Officer for signature.
Once CFO signs, they send the signed document to Property Control Office.
Property Control Office signs the DPA Acceptance Agreement and emails a PDF of the fully signed agreement to the DPA and CFO.
The CFO provides a copy of the fully signed document to the administrative leader for each department that the DPA is assigned to support, and confirms the DPA’s position description has been updated to reflect the DPA responsibilities.
The DPA completes the required capital equipment training sessions and achieves a passing score on the session evaluation.
If the DPA leaves the University or changes positions such that they will no longer serve as the DPA, the DPA or CFO must notify the Property Control Office immediately, and the CFO begins the procedure again at step #1.
IV. Contact roles and responsibilities
wdt_ID
DPA Delegation
Division CFO
Dept Leader
DPA Supv
DPA
Property Control
1
1) Submit designated DPA name to Property Control.
X
2
2) Fill out the DPA Acceptance Agreement and email a PDF to the designated DPA.
X
3
3) Sign the DPA Acceptance Agreement and route to Division’s CFO.
X
4
4) Sign DPA Agreement and send copy to Property Control.
X
5
5) Sign DPA Agreement and send copy of fully executed DPA Agreement to DPA and CFO.
X
6
6) Provide copies of DPA Agreement to the administrative leaders and confirm the DPA’s position description has been updated by their supervisor to reflect DPA responsibilities.
X
X
X
7
7) Complete the required capital equipment training sessions and achieve a passing score on the session evaluation.
X
8
8) Notify Property Control if DPA will no longer serve the DPA role.
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Contact roles and responsibilities
V. Definitions
VI. Related references
VII. Revisions
I. Procedure statement
This document covers procedures to be followed when a departing employee requests to take capital equipment with them to a new institution. In all cases, Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution and an Agreement for Transfer/Sale of University Property must be completed and signed prior to equipment being shipped to the new institution. Please note, Departments and Divisions may require additional review, approval, and discussion with the Deans Office when a departing employee requests to take capital equipment with them to a new institution.
Criteria for determining authorization of transfer/sale of capital equipment
Department Chair/Deans Office/Director/Designee and Property Control may authorize departing employees to take University equipment if all of the criteria are met:
The departure of equipment does not adversely affect instructional needs, graduate students or other research remaining at UW-Madison.
Formal resignation has been submitted by the departing employee and received by the Department Chair/Supervisor.
The departing employee was a permanent, University employee, including Faculty and Academic Staff roles. Student employees and zero-dollar appointees are excluded from this definition.
The departing employee’s role was directly related to at least one element of the University’s core mission (instruction, research, or public service). This excludes administrative roles.
The capital equipment will be used for the same purpose at the new institution.
The new institution is another institution of higher education or academic research. Equipment cannot be transferred to a for profit or start-up business.
Equipment does not contain any UW Licenses, UW Proprietary Software, nor any sensitive data.
If all of the above criteria are met and the Department Chair, Dean/Director/Designee approves the transfer/sale of equipment, departments must complete Form 110.11F Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution.
Criteria for determining if a transfer of equipment is acceptable
Equipment may be transferred to the departing employee’s new institution under the following circumstances. The transfer of equipment is also referred to as a zero-dollar, cost transaction.
The capital equipment item was solely funded by an active/on-going, sponsored research project AND the research project is moving with the departing employee to their new institution. Expenses for all packing, shipping and insurance costs are covered by the new institution.
Note: An active or on-going project is defined as a contract/grant/agreement having the same sponsor, that is currently in progress having not ended, and is being continued at the new institution.
Criteria for determining if a sale of equipment is acceptable
Equipment may be sold to the departing employee’s new institution under the following circumstances.
The sale is a negotiated exchange as part of the departing employee’s recruitment between the UW department and the departing employee’s new institution.
Departments may be allowed to sell equipment in situations involving departing employees and their new institutions. Sales involving departing employees may be granted, because such sales are customary exchanges in academia and are commonly negotiated as part of a larger recruitment/employment package offered to the departing employee. This circumstance does not meet the state’s definition of surplus and therefore is an allowable sale. In situations where this is not the case, departments must coordinate sale through Surplus with a Purpose (SWAP). Please refer to Procedure 3008.7 Equipment Dispositions.
Equipment was funded by a sponsored project, but the project is closed AND there are no sponsor restrictions on the award.
Criteria for determining a sale price of equipment
Property Control provides a listing of the capital equipment and information including initial acquisition cost of equipment, acquisition date, and net book value (NBV) for which equipment is recorded in the University’s financial sub ledger.
Property Control does not require departments to sell at the NBV, but does ask for a brief explanation if there is a difference between NBV and sale price.
An employee’s Department Chair and/or Dean/Director/Designee has the final authority to set the sale price of the equipment, as they are most closely involved in situations when prices must be negotiated with a new institution.
At their option, Department Chairs and Deans/Director/Designee may seek the advice of the Division of Business Services, Purchasing Services for a suggested sales price.
II. Who is affected by this procedure
This procedure applies to all UW–Madison departments. It should be understood by Department Managers, Department Property Administrators (DPAs), Department Chairs, Directors, Deans, Chief Financial Officers, Principal Investigators, and other employees responsible for equipment.
III. Procedure
The following steps represent the overall process:
Departing employee notifies their Department Chair and DPA of their pending departure, and that they are requesting permission to take capital equipment to a new institution.
The DPA contacts Property Control to request a list of capital equipment items associated with the departing employee.
Property Control provides a list of equipment to the DPA. The equipment list will include the asset tag number, description, acquisition date, acquisition cost, funding sources and percentages, net book value (NBV), etc.
The DPA provides the equipment list to the Departing Employee, Department Chair, Dean/Director/Designee for review.
The Department Chair, and/or Dean/Director/Designee determines that all eligibility criteria are met:
The departure of equipment does not adversely affect instruction needs, graduate students or other research remaining at UW-Madison.
Formal resignation has been submitted by the departing employee and received by the Department Chair/Supervisor.
The departing employee was a permanent University employee, including faculty and academic staff roles. Student employees and zero-dollar appointees are excluded from this definition.
The departing employee’s role was related to at least one element of the University’s mission (instruction, research, or public service). This excludes administrative roles.
The capital equipment will be used for the same purpose at the new institution
The new institution is another institution of higher education or academic research. Equipment cannot be transferred to a for-profit businesses or start-up business.
The Department Chair and/or Dean/Director/Designee approves one or more items on the equipment list to be either transferred and/or sold to the new institution. The criteria listed for a transfer and a sale of equipment must be used to determine the treatment of each piece of equipment.
If the equipment meets the criteria to sell equipment, the departing employee’s Department Chair and/or Dean/Director/Designee has the final authority to negotiate and determine the sale price of the equipment with new institution.
Along with the DPA, the Department Chair, and Dean/Director/Designee, completes Form 110.11F Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution.
Signatures from the Departing Employee, Department Chair, and Dean/Director/Designee represent an agreement to release the equipment to the departing employee’s new institution and attests that the equipment does not contain sensitive data, UW Licenses, or UW Proprietary Software. (Examples of sensitive data: UW-504 – Data Classification Policy.)
After Form 110.11F Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution is completed, the DPA sends the form to Property Control along with the approved list of equipment to be transferred and/or sold to the new institution.
Note: In cases when equipment is to be sold and the selling price exceeds the NBV, please include a justification along with the request form.
Property Control and Research and Sponsored Programs (RSP) reviews the terms and conditions of the grant or contract for restrictions that would prevent the departing employee from taking the equipment.
If restrictions do not exist, Property Control will prepare an Agreement for Transfer/Sale of University Property and will send it, along with a copy of the approved equipment list, to the authorized official at the new institution for signature. Property Control will notify the Departing Employee, Department Chair, DPA and/or Dean/Division/Designee of the action.
If equipment is being sold to the new institution, the sale price will be included in the agreement.
The authorized official of the new institution accepts the terms of the agreement, signs the Agreement for Transfer/Sale of University Property and returns it to Property Control.
Note that the new institution accepts responsibility for all packing, shipping, and insurance costs for the equipment.
Upon receiving the signed Agreement for Transfer/Sale of University Property, Property Control will authorize the departing employee to take or ship the equipment. Property Control will update the asset management system to show retirement of the asset. Property Control will also provide the Departing Employee, DPA, Department Chair and Dean/Director/Designee a copy of the fully-signed agreement.
The DPA or designee must remove and discard the asset barcode tag(s) prior to shipping the equipment.
If equipment was sold to the new institution, the Departing Employee’s UW department financial staff should prepare and send an invoice, along with a copy of the Agreement for Transfer/Sale of University Property, to collect on the sale price of the equipment. The invoice should reference the capital equipment description, amount billed, UW department financial contact, along with an appropriate funding string to which the sales amount should be credited. If necessary, check with your Deans Office for guidance on the appropriate funding string to use. The UW System Chart of Accounts revenue code specifically approved for this type of transaction is account code 9939.
IV. Contact roles and responsibilities
wdt_ID
Departing Employee Request
Departing Employee
DPA
Dept Chair/ Dept Admin
RSP
Property Control
New Institution
Dept Fin Staff
1
1) Notifies Department Chair and DPA of departure and request to take capital equipment to a new institution.
X
2
2) Request equipment list from Property Control.
X
3
3) Provide list of equipment with NBV to DPA.
X
4
4) Provide list of equipment to Department Chair, Dean/Director/Designee and Departing Employee.
X
5
5) Confirm all eligibility criteria are met
X
6
6) Determine and approve equipment based on criteria related to transferring and/or selling equipment. Sale price determined when applicable.
X (provides input)
X
7
7) Complete Form 110.11F Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution.
X (provides input)
X
X (provides input)
8
8) Form 110.11F Request for Authorization to Transfer/Sell University Property to a Departing Employee’s New Institution sent to Property Control with list of capital equipment approved for transfer/sale.
X
X (provides input)
9
9) Funding sources and terms reviewed.
X
X
10
10) Prepare Agreement for Transfer/Sale of University Property and send to departing employee’s new institution.
X
11
11) Return signed Agreement for Transfer/Sale of University Property to Property Control.
X
12
12) Send notice to authorize shipment of equipment and update asset management system.
X
13
13) Prior to shipment, remove asset barcode tag(s) from equipment.
X
14
14) If equipment was sold, prepare invoice and send to Departing Employee’s new institution.
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Contact roles and responsibilities
V. Definitions
VI. Related references
VII. Revisions
I. Procedure statement
To maintain control and assign responsibility for capital equipment removed from University premises, Property Control must authorize the loan of, and track assets. Completion of Asset Loan Request Form is required when equipment is to be borrowed for more than 30 days and will reside at a location not directly associated with the University. Property Control must authorize loans before equipment is removed from campus. Risk Management should also be notified for executing appropriate insurance and risk management activities.
Equipment may be loaned for a specified period (maximum five years), and the borrower must sign an Agreement for Loan of University Property within 30 days prior to the loan.
Property Control will monitor loaned equipment aging and will work with the Department Property Administrator (DPA) 30 days prior to the end of the agreement term to determine and formalize if the loan will be renewed or ended. Property Control will require a new agreement to extend beyond one year.
II. Who is affected by this procedure
Departmental staff members, Responsible Employee
Department Property Administrator (DPA)
Property Control
Borrowing institution or entity
Risk Management
III. Procedure
The following steps represent the overall process:
The employee responsible for the equipment notifies the DPA for guidance on the capital equipment loan procedures, as well as contacts Risk Management to inquire about insurance guidelines.
The DPA works with the Responsible Employee to gather the terms of the loan (i.e. the duration of the loan) and contact information for the borrowing institution or entity to which the capital equipment will be loaned.
The DPA completes the Form 110.10F Asset Loan Request Form and obtains signatures of approval from Department Chair/Dean/Director. The form is submitted to Property Control.
Property Control reviews the request and the funding sources of the equipment. If funding sources include sponsored funding, Property Control will verify with RSP to confirm if equipment can be loaned to another institution or entity. Equipment that is owned by a sponsor (e.g. title vests with Federal agency) cannot be loaned to another institution or entity without written consent from the sponsor.
Property Control authorizes the equipment loan and notifies the DPA, the Responsible Employee, and Department Chair/Dean/Director.
Property Control prepares an Agreement for Loan of University Property, which is to be signed by the borrowing institution. The agreement should be signed by the borrowing institution or entity at least 30 days prior to the loan.
Property Control will work with the DPA, Responsible Employee and Department Administrators to coordinate and obtain sign-off from the borrowing institution. The responsible party for obtaining approval is the individual negotiating the loan of equipment to the borrowing institution. This is most often the Principal Investigator, but may be other parties. Property Control intends to team with the DPA to ensure appropriate personnel approve the loan prior to allowing the equipment to be borrowed.
Upon receipt of signed Agreement for Loan of University Property, Property Control provides a signature and sends a copy of the fully executed loan agreement to the DPA and borrowing institution or entity.
Property Control notifies the DPA and Responsible Employee that loan agreement is signed and the equipment can be shipped to the borrowing institution or entity.
Property Control updates the asset management system to indicate that the equipment has been loaned to another institution or entity.
The DPA, Building Manager and/or Responsible Employee coordinate shipment of capital equipment to the borrowing institution or entity.
When the loan agreement approaches its end date, Property Control will contact the DPA to initiate conversations to determine whether an extension of the loan agreement is necessary.
IV. Contact roles and responsibilities
wdt_ID
Asset Loan Agreement
Responsible Employee
DPA
Dept Chair/ Dept Admin
Property Control
Bldg Mgr
1
1) Notify DPA and Risk Management of loan request.
X
2
2) Gather terms of loan and contact information for borrowing institution.
X
X
3
3) Complete Form 110.10F Asset Loan Request Form, obtain signatures and submit to Property Control.
X
X (signs request form)
4
4) Loan request is reviewed for approval.
X
5
5) Once approved, notification is sent to DPA, Responsible Employee and Department Chair/Dean/Director/Designee.
X (Prop Cont may need assistance)
X (Prop Cont may need assistance)
X
6
6) Agreement for Loan of University Property is prepared and sent to borrowing institution or entity.
X
7
7) A copy of the fully executed loan agreement is sent to DPA and the borrowing institution.
X
8
8) Notice to proceed with shipment of equipment is sent to DPA and Responsible Employee.
X
9
9) Update asset management system.
X
10
10) Coordinate shipment of the equipment to the borrowing institution or entity.
X
X
X
X
11
11) When loan agreement approaches end date, contact DPA to determine next step.
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Contact roles and responsibilities
V. Definitions
VI. Related references
VII. Revisions
I. Procedure statement
Purchasing card site managers are responsible for reviewing purchasing card activity and identifying non-compliance. Examples of non- compliance include using the purchasing card for personal/non-UW business-related purchases, inappropriately using University funds, serial purchasing, and failure to provide required supporting documentation. When a site manager identifies non-compliant use of a purchasing card, the following procedure should be referenced. Non-compliance must be addressed within the 30-day transaction reconciliation requirement.
II. Who is affected by this procedure
Purchasing cardholders, purchasing card site managers, Divisional Business Office leadership, Purchasing Card Program Manager.
B.Non-Compliance Procedure: For audit purposes, all non-compliance identification, acknowledgement, and follow-up activity must be documented with the non-compliant transaction in the Purchasing Card Module of the Shared Financial System. If non-compliance is identified, the site manager must complete the following steps:
If the compliance issue can be resolved by sending the purchasing card transaction back to the cardholder for further information and verification within the Purchasing Card Module (e.g., expanding on a previously provided business purpose, attaching additional required supporting documentation, documenting an attempt to recover sales tax paid in error), enter a request in the Comment field, change the status of the transaction to Staged, and click Save. Wait for the cardholder to re-verify the transaction, review the supporting documentation, and approve as appropriate. Note:This exchange between the site manager and the cardholder may take place outside of SFS (e.g., via email); however, it is recommended communications are attached to the transaction or summarized in the Comment field for audit purposes.
If the compliance issue cannot be corrected within the Purchasing Card Module, but follow-up activity is occurring outside of the module (e.g., reimbursing the UW for a personal/non-compliant expense, cardholder acknowledgment of policy requirements for future purchasing activity), complete the Purchasing Card Non-Compliant Transaction Acknowledgement Form and route to the cardholder for review, acknowledgement, and approval. The signed form must be attached to the transaction in the Purchasing Card Module prior to approval.
IV. Contact Roles and Responsibilities
A. Cardholder: Responsible for responding to site manager requests to ensure compliance with purchasing card policy and procedure.
B. Site Manager: Responsible for identifying non-compliance with purchasing card policy and procedure, notifying the cardholder, and ensuring transactions as reconciled in accordance with policy.
V. Definitions
Cardholder: the individual who holds a purchasing card and is responsible for the card and use of it.
Non-Compliance: any action or purchase which conflicts with purchasing card policy or procedure.
Site manager: the individual who manages purchasing cards at the departmental or divisional level.
Purchasing Card Non-Compliance Transaction Acknowledgement Form: A form completed and attached to a purchasing card transaction to acknowledge non-compliance and how it was addressed.
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure Statement
The University of Wisconsin-Madison maintains a series of funds, including Petty Cash, to assist in situations where use of the accounts payable process or a University Purchasing Card is not appropriate. Petty Cash is used by departments for handling small purchases that cannot be effectively handled by a University Purchasing Card or check. Petty Cash is not common on campus and is generally set up for less than $100.
II. Who is affected by this procedure
This policy applies to all Deans, Directors, Financial Officers and staff associated with Petty Cash.
III. Procedure
A. Opening Petty Cash
The following steps represent the overall process for opening Petty Cash:
Custodian obtains the NR Number from the NR Number Generator. The NR Number from the NR Number Generator is required on some of the necessary forms for opening Petty Cash.
Custodian composes a Letter of Justification explaining the purpose of the Petty Cash.
Custodian routes the Letter of Justification, Custodian Fund Request Form, Custodian Fund Agreement Form, and MOU for Petty Cash to the Dean/Director’s office.
Dean/Director’s office reviews the documents and signs the necessary forms.
Dean/Director’s office keeps a copy of the forms for internal records.
Dean/Director’s office sends original forms via inter-d mail to the Cash Management Office.
Cash Management processes the request.
B. Maintaining Petty Cash
The following steps represent the overall process of maintaining Petty Cash:
Perform and document weekly reconciliations by reconciling to the authorized advanced level.
Replenish Petty Cash at least every 90 days or sooner, based on activity.
Notify the Dean/Director’s office and Cash Management when there is a change in Custodian and/or Reconciler and prepare applicable Custodian Fund forms.
Respond to Cash Management’s annual review request.
C. Closing Petty Cash
The following steps represent the overall process of closing Petty Cash:
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure statement
The University of Wisconsin-Madison maintains a series of Custodian Funds, including Change Funds. Change Funds are used by departments that oversee retail operations and cash registers, which require coin/currency handling.
II. Who is affected by this procedure
This policy applies to all Deans, Directors, Financial Officers, and staff associated with Change Funds.
III. Procedure
A. Opening a Change Fund
The following steps represent the overall process for opening a Change Fund:
Custodian obtains the NR Number from the NR Number Generator. The NR Number from the NR Number Generator is required on some of the necessary forms for opening a Change Fund.
Custodian composes a Letter of Justification explaining the purpose of the change fund.
Notify the Dean/Director’s office and Cash Management when there is a change in Custodian and/or Reconciler and prepare applicable Custodian Fund forms.
Respond to Cash Management’s annual review request.
C. Closing a Change Fund
The following step represents the overall process of closing a Change Fund:
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure statement
The University of Wisconsin-Madison maintains Administrative bank accounts for departments within the Division of Business Services. For example, UW-Madison’s main deposit bank account is considered an Administrative bank account.
II. Who is affected by this procedure
This procedure applies to all Deans, Directors, Financial Officers, and staff associated with Administrative Bank Accounts.
III. Procedure
A. Opening an Administrative Bank Account
The following step represents the overall process of opening an Administrative Bank Account:
Contact Cash Management via the Custodian Funds e-mail address (cstdnfnd@bussvc.wisc.edu) to discuss the process of setting up an Administrative Bank Account.
The following forms will be required once the set up process is determined with Cash Management:
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure statement
The University of Wisconsin-Madison maintains Transaction Balance Account (TBA) bank accounts for campus departments with a large volume of deposits. Thus, a TBA is a deposit bank account used for tracking a specific department’s deposits. The total daily deposit amount for a TBA is transferred to the UW-Madison’s main deposit account at the end of each day.
II. Who is affected by this procedure
This procedure applies to all Deans, Directors, Financial Officers, and staff associated with Transaction Balance Accounts.
III. Procedure
A. Opening Transaction Balance Account
The following steps represent the overall process of opening a TBA:
Custodian composes a Letter of Justification explaining the purpose of the account.
Custodian completes the following forms and obtains the necessary departmental approvals:
I. Procedure Statement
II. Who is Affected by this Procedure
III. Procedure
IV. Definitions
V. Related References
VI. Revisions
I. Procedure Statement
The University of Wisconsin-Madison maintains a series of funds, including Contingent Checking Accounts, to assist in situations where use of the accounts payable process or a University Purchasing Card is not appropriate. Contingent Checking Accounts are used to pay authorized vendors by check when the purchasing card cannot be used and when the accounts payable process is not an option.
II. Who is affected by this Procedure
This procedure applies to all Deans, Directors, Financial Officers, and staff associated with Contingent Checking Accounts.
III. Procedure
A. Opening Contingent Checking Account
The following steps represent the overall process for opening a Contingent Checking Account:
Custodian obtains the NR Number from the NR Number Generator. The NR Number from the NR Number Generator is required on some of the necessary forms for opening a Contingent Checking Account.
Custodian composes a Letter of Justification explaining the purpose of the study and how it is linked to the project.
Custodian completes the following forms and obtains the necessary departmental approvals:
Custodian e-mails the Cash Management Office (cstdnfnd@bussvc.wisc.edu) to obtain a US Bank Authorized Signature Form. Custodian then provides the Signers with the US Bank Authorized Signature Form.
Signers sign the US Bank Authorized Signature Form and provides it to the Custodian.
Custodian routes the Letter of Justification and signed forms to the Dean/Director’s office.
Dean/Director’s office reviews the documents and signs the necessary forms.
Dean/Director’s office keeps a copy of the forms for internal records.
Dean/Director’s office sends the original via inter-d mail or e-mail to the Cash Management Office (cstdnfnd@bussvc.wisc.edu).
Cash Management processes the opening request.
Cash Management will notify the department when the US Bank checking account is set up and funds are deposited.
The Custodian can check WISDM using account code 6167, on the balance sheet, to see if the request has been processed.
B. Maintaining Contingent Checking Account
The following steps represent the overall process for maintaining a Contingent Checking Account:
Reconciliations
Reconciler completes and documents monthly bank reconciliations between the US Bank SinglePoint bank statement and the check register on the Bank Reconciliation Worksheet within 30 days of month end.
Reconciler submits the monthly bank reconciliation and check register to Cash Management via the Custodian Funds System and their Business Office within 30 days of month end.
Replenishments
Reconciler obtains the expense log, invoices, and completes the Custodian Fund Accounting Form to replenish the Contingent Checking Account at least every 90 days, based on activity.
Reconciler obtains necessary departmental approvals for the Custodian Fund Accounting Form.
Custodian routes the completed/signed Custodian Fund Accounting Form, expense log, and invoices to the Dean/Director’s office for review and approval.
Dean/Director’s office reviews the documents and signs the Custodian Fund Accounting Form.
Dean/Director’s office keeps a copy of the forms for internal records.
Dean/Director’s office sends the original forms via inter-d mail or e-mail to the Cash Management Office (cstdnfnd@bussvc.wisc.edu) for processing.
Cash Management processes the replenishment request.
Other
Any errors on the bank account are to be reported by the Reconciler within 30 days of month end to Cash Management via e-mail to cstdnfnd@bussvc.wisc.edu and your units’ Business Office.
Reconciler is to ensure stop payments are placed for 24 months on all checks older than 90 days old by using US Bank SinglePoint.
Respond to Cash Management’s periodic review request.
C. Closing Contingent Checking Account
The following steps represent the overall process for closing a Contingent Checking Account:
Custodian completes the Custodian Fund Accounting Form and obtains the expense log.
Custodian obtains the necessary departmental approvals for the Custodian Fund Accounting Form.
The remaining checks are shredded by two individuals and the Check Shred Confirmation statement is signed by both individuals.
Custodian routes the completed/signed Custodian Fund Accounting Form, expense log, and check shred confirmation to the Dean/Director’s office.
Dean/Director’s office reviews documents and signs the Custodian Fund Accounting Form.
Dean/Director’s office keeps a copy of the forms for internal records.
Dean/Director’s office sends the original forms via inter-d mail or e-mail to the Cash Management Office (cstdnfnd@bussvc.wisc.edu).
Cash Management processes the closing request.
IV. Definitions
Custodian – UW-Madison employee who is responsible for monitoring the bank account activity.
Signer – UW-Madison employee responsible for writing and signing checks to the appropriate recipient and responsible for ensuring all checks are logged and accounted for.
Reconciler – UW-Madison employee who is responsible for performing and submitting monthly reconciliations.
I. Procedure statement
II. Who is affected by thisprocedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure statement
The University of Wisconsin-Madison conducts research studies that are less than 1 year and the research participants are compensated with payment by cash or gift cards. Temporary Funds are used when the research participant study will be for less than 1 year. Thus, it is not feasible to set up a UW-Madison checking account.
II. Who is affected by this procedure
This procedure applies to all Deans, Directors, Financial Officers, and staff involved with research participant studies that provide payments by cash or gift card to research participants.
III. Procedure
A. Opening a Temporary Fund
The following steps represent the overall process for opening a Temporary Fund:
Custodian obtains the NR Number from the NR Number Generator. The NR Number from the NR Number Generator is required on some of the necessary forms for opening a Temporary Fund.
Custodian completes the following forms and obtains the necessary departmental approvals:
Custodian Fund Request Form, including the justification on the form explaining the purpose of the study and how it is linked to the project.
If 133 or 144 funds will be used to purchase gift cards, the Custodian or Dean/Director’s office needs to obtain written approval from Research and Sponsored Programs (RSP).
Custodian routes the signed forms and if applicable written approval from RSP to purchase gift cards and/or the exempt self-certification paperwork from the Institutional Review Board (IRB) to the Dean/Director’s office.
Dean/Director’s office verifies that the Custodian needs a Temporary Fund by verifying that:
The research study will be for less than 1 year.
The research study has an IRB Number or self-certification paperwork showing that no IRB approval or certification is necessary.
Each payment to a research participant will be $249 or less.
The payment to each research participant is by cash or gift cards.
Dean/Director’s office verifies accurate funding information.
Dean/Director’s office reviews the documentation and signs the necessary forms.
Dean/Director’s office keeps a copy of the forms for internal records.
Dean/Director’s office sends the original forms via inter-d mail or e-mail to the Cash Management Office (cstdnfnd@bussvc.wisc.edu).
Cash Management processes the request. Custodian Fund Requests will be processed no sooner than 15 business days before the beginning date indicated on the Custodian Fund Request Form. Accounting Services will either mail a check to the address indicated on the Custodian Fund Request Form or the check will be available for pick-up. See UW-3007 Check Distribution Policy for more information.
NOTE: Once Cash Management receives the request, it takes 7 to 15 business days for a request to route through the system before a check is issued.
B. Maintaining a Temporary Fund
The following steps represent the overall process of maintaining a Temporary Fund:
Custodian obtains the necessary departmental approvals for the Custodian Fund Accounting Form.
If the full amount of the Temporary Fund is not used, the Custodian writes a personal check to the University of Wisconsin – Madison for the remainder of the Temporary Fund that was not distributed to research participants.
Custodian routes the completed/signed Custodian Fund Accounting Form, research participant log, and if necessary the personal check to the Dean/Director’s office.
Dean/Director’s office reviews the documents and signs the Custodian Fund Accounting Form.
Dean/Director’s office keeps a copy of the documents for internal records.
Dean/Director’s office sends the original documents and if necessary a personal check from the Custodian to the Cash Management Office. Ensure the personal check is restrictively endorsed “For Deposit Only” on the back of the check.
Cash Management processes the closing request.
IV. Definitions
Custodian – UW-Madison employee who is responsible for monitoring the cash advance for research participant studies.