UC Business and Finance Bulletin, Policy for Cash and Cash Equivalents Received (BUS-49) (opens in new window) establishes the minimum requirements related to the handling and processing of cash and cash equivalents to ensure that these assets are protected, accurately processed, and properly reported. All departments, units, or other entities engaged in any form of cash handling activity are expected to comply with the provisions of BUS-49 and UCSF Campus Administrative Policy 300-14: Cashiering (opens in new window).
Cash Handlers must follow established procedures consistently to ensure the protection of all received cash and cash equivalents until they are deposited with the bank. Departments are required to deposit when the total of cash and/or cash equivalents on hand equals $500 or more or once a week; whichever occurs first. Deposits must be made on the day received for all individual checks of $100,000 or more or accumulated receipts totaling $500,000 or more.
Journals to claim cash and cash equivalents are time sensitive. Departments should prepare and approve cash journals at least weekly.
Handling Checks Received for Sponsored Research
Payments for all sponsored research projects or sponsored research awards should be sent to the Controller’s Office Contracts & Grants Accounting (CGA) lockbox. CGA invoices sponsors, records each deposit in the UCSF Research Administration System (RAS/PeopleSoft), and works in collaboration with Principal Investigators and their administering departments to ensure the accurate and timely recording of sponsored research payments. The department must NOT prepare a journal to record sponsored research payments into the general ledger.
Departments must take the following steps when payment is received directly from the sponsor for a sponsored research project or sponsored research award.
- Place check and all supporting documentation that accompanied the check into an envelope.
- Mail to (preferred method; use for routine deposits):
UCSF Main Depository
P.O. Box 748872
Los Angeles, CA 90074-4872
- For overnight delivery, when rapid delivery is necessary, by a courier requiring a street address:
Bank of America Lockbox Services
2706 Media Center Drive
Los Angeles, CA 90065-1733
- Notify the sponsor as soon as possible and have future payments sent directly to the CGA lockbox address listed above.
When payment is received for a department submitted fixed price invoice or clinical trial payment that has not been recorded in RAS, departments should submit a CGA Request in RAS/PeopleSoft. For more information, refer to How to Submit Fixed Price Invoices in RAS.
Handling Checks Received for Department Accounts Receivable Invoices
All checks received as payment for department accounts receivable (Dept A/R) invoice should be sent to the UCSF Department A/R Bank of America lockbox for processing by the Controller's Office Cash Operations Team. For proper recording, ensure each check includes the invoice number(s) or include a copy of the invoice(s) where possible. Departments should NOT deposit Dept A/R checks into the campus ATMs, drop safe locations, at a local bank branch, or send checks to the Controller's Office.
Mail the check(s) with invoice number(s) to:
Mailing Address (US Post Office delivery)Department AR
P.O. Box 744683
Los Angeles, CA 90074-4683
For checks sent by courier requiring a street address be specified:
Physical Address (Federal Express, UPS, etc.)Bank of America Lockbox Services
2706 Media Center Drive
Los Angeles, CA 90065-1733
Payments received for Dept A/R invoices must be properly recorded in the University's financial system to credit accounts receivable and debit cash. The Controller's Office Cash Operations Team records payments in the University's financial system; departments should not prepare a cash journal to record payments for Dept A/R invoices. For further instructions see Handling Department Accounts Receivable.
If you receive a check directly from your external customer, follow the instructions above to send the check to the lockbox and notify the customer to send future payments directly to the lockbox. Refer your customers to this web page for remittance information including the lockbox addresses.
Handling Checks Received for Gifts
All gifts to University of California San Francisco or University of California San Francisco Foundation should be sent to the UCSF Foundation’s Union Bank of California lockbox along with copies of relevant backup documentation for processing by Gift Administration. Departments should NOT deposit gifts into the campus ATMs.
Mail the completed gift transmittal form and all backup documentation to:
Mailing AddressUCSF Foundation
P.O. Box 45339
San Francisco, CA 94145-0339
For gifts sent by courier requiring that a street address be specified:
Street Mailing AddressLockbox/Item Processing Operations
US Bank, N.A.
501 Canal Boulevard, Suite E
Richmond, CA 94804
Attn: UCSF Foundation Lockbox 45339
If you have questions about handling gift checks, contact Gift Administration Customer Service.
Handling Cash or Currency Received for Gifts
There is a special process for gifts received in the form of cash or currency:
- Complete the Gift Transmittal Form
- Email the completed Gift Transmittal Form to Gift Administration Customer Service
- SECURE THE CASH/CURRENCY in your department and wait for further instructions from Gift Administration!
DO NOT SEND Cash/Currency to Gift Administration!
Handling Checks for Other Payments
This procedure applies to all other domestic checks, money orders, traveler's checks, and certified checks that are NOT received as gifts or for sponsored research or as payment for a department accounts receivable invoice. Deposits must be made once a week or whenever cash and check total is $500 or more, whichever comes first. Customer and patient information must remain confidential.
- Photocopy all checks for the department's record
- Endorse checks:
- "For deposit only" immediately upon receipt
- In the proper location on the check to avoid obscuring of important information
- Use a legible stamp with the correct phone number to avoid delays in department notification of a returned check
- Complete a UCSF pre-printed deposit slip. UCSF pre-printed deposit slips include UCSF bank account details and a unique four-digit code in the bottom left corner, referred to as the deposit location number. Each department is assigned a unique deposit location number to track and identify deposits when they reach our bank.
- Ensure total deposit amount is accurate
- Write depositor name and bag number on the deposit slip
- Write the deposit location number on bank deposit bag
- Place checks with deposit slip inside numbered secure bank deposit bag
- Deposit the bag directly at Bank of America, by armored car pickup, or into one of the following drop safe locations:
- Laurel Heights – Main lobby: near the guard station
- Mission Bay – Genentech Hall: near the guard station
- Mission Center Building – Main lobby: near the guard station
- Mt. Zion Hospital – First Floor: near the Security Office
- Parnassus Campus – Millberry Union East, Room 232A (contact [email protected] for access request instructions)
- Zuckerberg San Francisco General Hospital – Building 5, Room 1N1 (Deposits can be made Monday, Wednesday, Thursday, and Friday, from 9 to 9:30 a.m. Prior to making a deposit, call Emelyn Zavaleta (opens in new window))
Handling Checks for Other Payments: Foreign Checks
This procedure applies to foreign checks that are NOT received as gifts or for sponsored research or as payment for a department A/R invoice. Foreign check deposits cannot be processed using a drop safe or remote scanner. Eligible items must be processed by the Bank of America Exceptions Unit or at a local Bank of America branch.
Eligible items are checks that are:
- In United States dollars (USD) drawn on a Canadian Bank
- In USD drawn on a United Kingdom bank
- In any foreign denomination drawn on a foreign bank
Before preparing your deposit, ensure that:
- You do not commingle currencies. For deposits of multiple currencies, a separate deposit slip is required for each currency.
- The legal amount (amount in words) and the courtesy amount (numeric amount) match. If the amounts differ, the legal amount takes precedence over the courtesy amount; handwrite the correct dollar amount based on the legal amount above the courtesy box.
- The dollar amount is legible. Pay particular attention to items with dark backgrounds and small, light print. If it is not legible, handwrite the amount above the courtesy amount.
Step One: Prepare the Deposit
- Endorse check(s) immediately upon receipt.
- Complete your department’s UCSF pre-printed deposit slip and maintain a copy for the cash journal.
- To calculate the deposit value, use an online currency converter to retrieve the exchange rate as of the day you prepare the deposit.
- Enter the USD equivalent for the check.
Step Two: Determine your Deposit Method
The preferred method is to FedEx all deposits to the Bank of America Exceptions Unit for processing.
- Prepare a FedEx label to the Recipient address below:
Attn: Atlanta Bank by Mail
6000 Feldwood Road
Mail code: GA4-004-01-52
College Park, GA 30349-3652
- FedEx the following to the bank:
- Department’s UCSF pre-printed deposit slip (must be completed)
- Foreign check (must be endorsed)
For multiple deposits, each deposit slip and corresponding check(s) must be grouped separately using a paperclip (do not staple).
As an alternative, make the deposit at a local Bank of America branch.
Step Three: Prepare a Cash Journal
- Prepare a corresponding cash journal (source code 320) in PeopleSoft using the USD equivalent written on the deposit slip.
- Email the journal entry number to [email protected] with the subject “Foreign check deposit”.
When your department’s deposit is received by the bank, the bank will post a deposit to our bank account for the same USD value written on your deposit slip. This is the same amount used in your PeopleSoft cash journal. The bank will also post a separate value in our bank account for any differences in the exchange rate that occurred while the deposit was in transit. The Controller’s Office will notify you of this adjustment value and prepare the corresponding cash journal adjustment entry in PeopleSoft using details from your original cash journal.