Policy: 402-Revenue Accounting
Date: 03/16/04
Statement of Policy:
Based on the statutes, all revenue generated as a result of the sale of University goods or services belongs to the University. This revenue must be deposited with the Bursar or to the University Deposit Account and recorded on the University's accounting system. The statutes require that deposits be made at least once a week. However, in order to avoid theft or loss, departments collecting larger sums of money should make deposits daily or more frequently than once a week.
This revenue may not be deposited with the University of Wisconsin Foundation or to an individual's private bank account. It may not be deposited directly into the University's imprest accounts, including petty cash accounts and Non-Travel Cash Advance checking accounts; nor may it be used to make direct purchases of supplies.
Related Procedure(s):
Who should know this policy?
Deans, Directors, and staff dealing with revenue.
Related Documents:
Receipts Deposit Form
Receipt/Sales Credit Deposit Form
UW Foundation Policies
Contacts: