Deposit Cash and Checks

Receipt of money that schools and departments receive fall into specific categories that determine how they are processed or deposited. Refer to Topic Overview: Types of University Receipts for more information.

When schools and departments are planning to accept credit or debit cards for payment of goods and services, either online or in person, refer to the Topic Overview: Merchant Services Program.

Reporting

Any cash payments over $10,000 (not including charitable donations, e.g., gifts) must be reported to the university's tax department using IRS Form 8300. This includes cash equivalents such as cashier's checks and traveler's checks, money orders, or any other method of payment in which the payer is not specifically identified.

Financial reports should be reviewed on a monthly basis to ensure all receipts are credited to the correct account. Auditing Best practices with regard to auditing include the use of sequentially numbered receipts and scanned copies of the check and backup documentation into a check log mechanism such as a spreadsheet or document  to track check receipts. The date, name of person receiving the check, amount, and check identifying information such as name of remitter, bank name, purpose (if given), and last four (4) digits of the account number should be captured. Copies of all checks, transmittal forms, and backup documentation should be kept by the department and filed with the respective receipt  for reconciliation of reports with the amount submitted.

Separation of Duties

Department depositors are critical in ensuring the university’s funds are deposited both timely and appropriately. The university has established a set of practices to help address the inherent risks, support department deposit needs, and ensure depositors have the resources to act prudently to protect Stanford from financial, operational, or regulatory compliance harm. Access to cash and checks should be restricted to individuals with appropriate responsibilities included in their job descriptions.

Separation of duties is a crucial internal control that helps safeguard Stanford assets. No singular person should be responsible for the entire cash or check receipt process. The responsibilities for receipt, custody, depositing, recording, and reconciliation of cash and check receipts should reside with different individuals whenever possible. Suspected fraud or misappropriation of funds should be reported to department management, Cash Management and the Internal Audit Department (650-725-0074) as appropriate. Review the Topic Overview: Bank Fraud Prevention and Admin Guide Policy 3.5.1: Financial Irregularities for further details.

Travel Card (TCard) reimbursements are processed through the Expense Requests System. See How To Return Personal Expenses Charged to the Travel Card.

Purchasing Cards (PCard) reimbursements are deposited by departments through either the mobile app or branch deposit methods below. See How to: Handle Personal Expenses Charged to the PCard.

Stanford provides multiple options for the receipt and deposit of incoming funds. Departments receiving cash or checks on a regular basis can submit a support request to the Office of the Treasurer (OOT) to determine the best method of processing.

• Mobile app deposit:Checks can be deposited through the J.P. Morgan (JPM) Access mobile application which is compatible with Apple and Android mobile devices. See more information about the mobile option below.

Note: As of May 2023, the JPM Access mobile app replaces the Wells Fargo mobile app for depositors who previously used CASHNet and location code 10001. Wells Fargo Bank will continue to provide services for in-person branch deposits, incoming wires, and ACH payments. Depositors who have a dedicated location code will also continue to use the Wells Fargo app and tools, such as desktop scanners and the Wells Fargo CEO portal. Learn more: Cash and Check Deposit Enhancements.

• Branch deposit: Cash deposits should be made in person at any Wells Fargo branch and is considered a secondary option for depositing checks. The depositor should confirm hours of operation at the Wells Fargo branch before visiting. See more information about the branch option below.
• Electronic payments: Stanford uses Wells Fargo Bank for incoming wires and ACH payments. Rather than receiving cash or a check, departments can provide electronic payment instructions to individuals or organizations paying Stanford. View the Topic Overview: Incoming Wire and ACH Instructions.

• Dedicated location codes: Depositors who have a dedicated location code use the Wells Fargo (WF) mobile application and tools, such as desktop scanners and the WF CEO portal. See Wells Fargo Mobile Deposit App for information on how to use the WF mobile app for this purpose.

For assistance with cash and check deposits or electronic payments, submit a support request to OOT.

Mobile App Deposit: J.P. Morgan (JPM) Access

Department depositors can use the J.P. Morgan Access mobile application for check deposits. JPM offers a mobile app to deposit checks using a cell phone or tablet's camera, which is compatible with Apple and Android devices. To request access to the mobile app, submit a support request to the Office of the Treasurer (OOT). For information on how to set up an account and use the app for deposits, see Learn About System: JP Morgan Access Mobile Check Deposits

If Oracle Financials is unable to process a deposit due to a PTAE/PFO that needs correcting, the depositor will be notified via email with instructions to follow How To: Correct Invalid PTAE/PFO Check Deposit Information Using the Mobile Deposits Correction Tool.

The depositor may access their account through the J.P. Morgan (JPM) Access website to view previously deposited checks on the long-term deposit archive (up to 10 years) and manage deposits that require user action (e.g.,duplicate checks, returned checks, etc.).

Branch Deposit

In-person branch deposits for cash and checks may be made through Wells Fargo Bank. Pre-printed deposit slips for checks and cash are no longer necessary.

Note: Department depositors with dedicated Wells Fargo location codes must use a preprinted deposit slip with their assigned location code on it when depositing checks at Wells Fargo branches.

Ensure check information is complete and meets deposit requirements. All checks must be endorsed with “For deposit only to Stanford University”, on the back. A stamp with this information may be ordered by submitting a support request to OOT. To access the general deposit Stanford account number with Wells Fargo, see the general Wire Transfer template.

To learn more about cash and check handling, see How To: Process and Deposit Department Receipts.

As of May 31, 2023, OOT has sunset the paymentsoffice@lists.stanford.edu email as interim phase support.

Beginning June 1, 2023, deposits made through the branch will need to be claimed on the Unidentified Receipts and Branch Deposits website to enter the correct accounting codes and submit the transaction to Oracle Financials. When staff deposit checks or become aware of deposited funds that belong to their department, it is their responsibility to ensure the funds are properly identified, claimed, and booked to the correct Project, Fund and Object Code. See Topic Overview: Claim Unidentified Receipts and Branch Deposits for details.

The interim general lockbox mail-in solution (P.O. Box 843899 in Los Angeles) was retired on March 31, 2023. Any deposits received through the lockbox after this date will be returned to the sender by the US Postal Service. Customers, university stakeholders, or third-party remitters should send checks to departments directly or send as an electronic payment. This lockbox is not related to the Tresidder drop box, which is only used for payroll activities.

Best Practices

Safeguarding checks is easier than safeguarding cash, and electronic payments are the safest of all, so always encourage payment via electronic transfer. 

While department managers can facilitate the development and implementation of their own department procedures for handling cash and checks, please refer to the Cash and Check Handling Checklist for recommended procedures.

Unendorsed checks should not be sent through interdepartmental mail. When checks are received, they should be immediately endorsed on the back with "For Deposit Only to Stanford University,” and recorded in the department check receipts. A stamp with this information may be ordered by submitting a support request to OOT.

Note: OOT recommends mobile app and branch check depositors request a new universal stamp for check endorsements that does not include the bank account number.

Depositors should verify that the project, task, award (PTA) and expenditure type/object code are appropriate for the account before making a deposit. Listing an incorrect PTA will cause a delay in processing and require follow up for more information. To identify the correct PTA, consult with your department budget or finance officer. If a check intended for Stanford University is made payable to an individual, it may be refused for deposit by the bank and have a complicated impact on tax reporting for Stanford and the individual. In the event that this happens, the payor should reissue the check made payable to Stanford University. 

Non-Sponsored Receipts

Non-sponsored project receipts made via cash may be hand-delivered to the appropriate office as indicated in their processing instructions. Contact the Department of Public Safety (650-723-9633) to set up a police escort if the amount is substantial or additional safety precautions are appropriate.

Checks for non-sponsored project receipts may be sent to the correct department through interdepartmental mail after the check has been endorsed. See Contacts for Non-Sponsored Funding by School and Department. Sponsored receipts should be sent by USPS. Checks must be in a second sealed envelope inside the main envelope. 

For sponsored projects, see How To: Process Sponsored Project Receipts.

Foreign Banks

For checks drawn on foreign banks in either USD or a foreign currency, take the endorsed check with the appropriate PTA printed on the front to a Wells Fargo Bank branch. A teller will accept the check, explain the foreign collections process, complete a Collection Item Receipt form, and provide a receipt for the check. It may take six to eight weeks for the check to be processed by the foreign bank and substantial fees will be deducted from the final deposit amount. For these reasons, foreign check acceptance is discouraged in favor of an electronic transfer of funds. For guidance, submit a support request to the Office of the Treasurer.

Process Same Day

Cash and check receipts should be deposited soon as possible, preferably on the same day they are received. During any interim period between receipt and deposit, cash, and checks should be secured in a cash box or other locked container with copies of sequentially numbered receipts listed on the cash and check log to validate the total cash and checks that should be available. Be aware of stale dates printed on checks. Even if no stale date is printed, checks automatically stale-date in 180 days.

Storing/Disposing of Checks

After the checks have been successfully scanned on the mobile deposit app, please keep them locked in a secure place as they contain bank account information, which is considered high-risk data. Checks should be securely kept until a bank reconciliation is completed, after which they may be destroyed by shredding or an equivalent method.

Returned Checks

Checks returned by Stanford's depositing bank (e.g., for insufficient funds) are sent to the Office of the Treasurer (OOT), which posts it to the returned check account. Subsequently, OOT charges the depositing unit via journal entry for the value of the returned check and sends an image of the check back to the unit. It is the responsibility of the depositing unit to collect any outstanding amounts.   

Support

For assistance with cash and check deposits, submit a support request to the Office of the Treasurer.

For assistance with historical transaction support for deposits prior to November 23, 2022, including CASHNet data, submit a support request to Student Financial Services.