Cash Management General Information. The Comptroller has the authority to actively to manage all cash and to invest funds not needed in the short-term, using fixed income and cash equivalent securities to yield reasonable rates of return at an acceptable level of risk within prescribed maturities.
A general description of cash management operations follows:
All incoming and outgoing funds are accounted for in the Banner system and on the SunTrust Network Banker system, including capital calls, incoming and outgoing wires, and large distributions from entities like the Bellingrath Foundation. The Assistant Comptroller and the Director of Accounting work closely with the Cashier′s office as well as the Advancement office to accurately record all bank deposits.
The Cash Management Office provides a monthly report on the College’s cash to the Comptroller. Cash reports are also prepared upon request of the Comptroller and when material or unexpected fluctuations in the College’s total cash balance occur.
The overnight repo amount, invested with our primary banking institution, and current rate of interest paid, are reported to the Comptroller each morning.
Monthly bank reconciliations are completed by the Cash Manager (Assistant Director of Accounting) and reviewed by the Director of Accounting. The Assistant Comptroller reviews bank reconciliations on a random, surprise basis. Controls and limits for wire transfers and the approval to the bank for such transfers are established by contract with the college primary banking entity. Internal audits are periodically performed to monitor adherence to these limits.