ADMINISTRATIVE PROCEDURE

Making a Deposit at a Depository Drop Box

Overview

Departments on the Twin Cities campus may make deposits directly to a University Depository Drop Box. These deposits are picked up by a courier and delivered to the appropriate location for processing. The Office of Investments and Banking will provide special tamper-proof, plastic deposit bags and instructions for use with drop box deposits.

Depository Drop box locations:

  • East Bank: Phillips-Wangensteen Bldg., 516 Delaware St. SE., Minneapolis, MN 55455 (box is located next to room 2-596
  • West Bank: Walter W. Heller Hall, 271-19th Ave. South, Minneapolis, MN 55455 (box is located next to room 55)
  • St. Paul: Coffey Hall, 1420 Eckles Ave., St. Paul, MN 55108 (box is located near room 107)

Making a Deposit at a Depository Drop Box

NOTE: To use a depository drop box, the individual must have a UCard. The UCard must be swiped in the depository in order to unlock the depository door.

  1. Departments must use the appropriate tamper-proof, plastic deposit bags provided by the Office of Investments and Banking for their deposit so that the courier delivers the deposit to the correct location for processing.
    1. Use the CLEAR plastic tamper-proof deposit bag for manual/exception check deposits
      • The courier will take the Clear deposit bags to the Office of Investments and Banking for processing
    2. Use the GOLD plastic tamper-proof CASH ONLY deposit bag for CASH deposits
      • The courier will take the Gold deposit bags to US Bank for processing
  2. Departments enter the deposit in the financial system on the UM Prepare Deposit page and print out at least one copy of the Deposit Detail Report.  Be sure to select the correct Vault as the bank and the correct bank account based on where the deposit will be processed (i.e. for Cash deposits use USBBK and 9311 and for Manual/Exception deposits use Vault and V_IB). . For additional information on how to complete the UM Prepare Deposit page, refer to Administrative Policy: Accepting and Depositing University Revenue - Appendix: UM Prepare the Deposit.
  3. Departments enclose currency and coin (loose in the bag-it does NOT have to be strapped or rolled) in the GOLD tamper-proof CASH ONLY deposit bag along with one copy of the Deposit Detail Report.
  4. Then fill out the information on the front of the Gold deposit bag.
  5. The bank will process the deposit and it will be automatically Approved or adjusted and Approved in the financial system as needed.

    NOTE: Departments are not notified of Cash deposit discrepancies received by the bank. The transactions posted to the Chartfield string indicated on the Deposit Detail Report can be checked by viewing the General Ledger Activity Report. This report lists the beginning and ending ledger balances by Chartfield combination and account. It also lists the detailed activity that is posted for the accounting periods that are specified. This report can be found in the general ledger module of the financial system. Navigate to: General Ledger > General Reports > Ledger Activity..

  6. Enclose the Manual/Exception checks in the CLEAR tamper-proof deposit bag along with one copy of the Deposit Detail Report. The Office of Investments and Banking will process the deposit and will change the status of the deposit from New to Approved in the financial system.
    1. The system runs a nightly process that moves all deposits in Approved status to Finalized status. Once in Finalized status, no changes may be made to the deposit. There is a subsequent system process (Journal Generator) that posts deposits in Finalized status to the general ledger.

Document Feedback