| Section: |
Business and Support Operations |
Section Number: |
3.7.6 |
| Subject: |
Financial Transactions: Checks - Cashing, and in Payment |
Date of Present Issue: |
10/01/10 |
| |
Date of Previous Issues:
03/86, 07/72, 07/73, 03/74, 03/75, 02/79, 09/82, 12/95, 06/00 |
POLICY:
The University will cash checks, or accept checks for payments on account, in accordance with the following procedures:
CASHING OF CHECKS
| WHAT |
|
| Will cash checks |
1. Student Service Center in the Fletcher Center and Norris Center Ticket Office. |
| Will accept checks from |
2. Students, faculty and staff, who present either personal or other checks for which the person presenting the check is the payee. Any exceptions to check-cashing procedures must be approved by the Controller or Vice President for Finance. |
| Amount of check |
3. The maximum amount cashable is:
Student Service Center $200
Norris (faculty/staff only) $20
Third party checks over $150 will not be cashed.
|
| Person presenting the check |
4. Makes the check payable to "LSSU Cash" and endorses the check upon its presentation for payment (as above). |
CHECKS IN PAYMENT FOR GOODS OR SERVICES
| WHO |
DOES WHAT |
| Payer |
1. Makes check payable to Lake Superior State University, if paying on account or making a purchase.
2. If payment is made or cash is requested with a check drawn by a third party naming a student, faculty or staff as payee, it shall be processed as in (3) below.
|
| Payee |
3. If the check is drawn for more than the payment on account, purchase, deposit, etc., and payable to Lake Superior State University, it will be marked for deposit only.
- The payee or endorser will write on the back of the check:
- amount of cash to be given back;
- student ID number, if payee or endorser is a student;
- signature.
- If payment is made with more than one check, all will be marked for deposit only on the back.
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