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Scope

To provide guidance for transporting money and securities.

Reason for Policy

The purpose of this policy is to ensure that University assets are transported in a secure manner, minimizing the potential for theft or loss.

Policy Statement

The Campus Division of Finance may grant specific authorization to transfer money or Securities to the appropriate location by a method other than by hand. 

The Campus Division of Finance is responsible for determining the circumstances under which the use of guards, University Police escorts, or armored car service is required.  These services are typically used when a deposit contains amounts of coins and currency of $500 or greater.  A system of locked bags or containers, receipts and communications should be used.

An employee being escorted by University Police is accountable and responsible for the funds while in transit and must have complete custody of the funds at all times.

Cash and checks transferred to the Campus Cashier’s Office or the Campus Bank Branch Facility must be hand-carried unless specific authorization is granted otherwise by the Campus Finance Office. 

The UM System Treasurer’s Office should be consulted when Securities are received.

Under no circumstances are University employees handling money or securities to arm themselves, except for campus police.

Definitions

Campus Bank Branch Facility: Authorized campus depository bank that has a physical branch location on the campus

Securities: Stock certificates, bond certificates and stock and bond powers

Accountabilities

UM System Treasurer’s Office:

• Oversee and administer gifts of Securities

Campus Division of Finance: 

• Manage contracts with armored car services
• Determine circumstances where escorts and guards are needed

Departments:

• Transfer money and Securities in a secure manner

Additional Details

Forms

Related Information

History

Formerly Cash Receipts Manual 403 –Transportation, Escorts and Guards (effective 2/28/1997)

Procedure