(402) Receipt, Custody and Deposit of University Funds

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All Kansas Athletics funds are to be promptly deposited with the Athletics Business office.

The Director of Business Operations, Associate Athletics Director/Internal Affairs, Director of Ticket Operations, Assistant Director of Athletics/Williams Educational Fund (WEF), Assistant Athletic Director of Marketing, and the Associate Athletics Director/Development are responsible for the receipt, custody, and deposit of all funds collected within their area of authority and responsibility. Partial responsibility for such collections has been delegated to specified staff members within each area. Accountability is maintained for all funds collected through sales, contributions and other cash transfers, from the origin of collection to final deposit with the Corporation or into another authorized account.

For areas within Kansas Athletics which receive funds, the staff member responsible for fund custody and the type of receipt provided are listed below:

AreaStaff Member Responsible for CustodyReceipt
Ticket OfficeDirector of Ticket OperationsTickets
Athletic Business Office Director of Business Operations# receipt*
Williams Education FundAssociate AD/Development
Assistant AD/WEF
Cenceled Checks
Gift Records
Acknowledgement Receipt from KUEA
Marketing OfficeAssistant AD/MarketingReceipt from Business Office

Although the directors and managers listed above are responsible for the custody of specified funds, staff members within each area may be authorized to collect funds and issue receipts.

* Any exchange of cash or negotiable instrument (e.g. check, money order, etc.) is to be validated by the use of an official receipt with the exception of athletic event tickets, which serve as their own receipt of the transaction.

Deposit of Funds

Each area, with the exception of the Williams Educational Fund and the KU Endowment Association, which receives and controls funds, is responsible for preparing a deposit report and delivering the funds to the Athletic Business Office, as specified by Kansas Athletics standard operating procedures. Funds are to be deposited the day they are received, whenever possible. Daily cash and check deposits are prepared within the Athletic Business and Ticket Offices and carried by an armored truck via locked bank bag to a local bank. A deposit slip is attached to the checks and cash within the bag.

Verification of Deposits

The deposit slip is returned to the Athletic Business Office the next day. This receipt is verified against the deposit detail kept by the Business Office and posted to the General Ledger daily. The Business Office prepares a bank reconciliation monthly to verify a second time the deposit amount.

Athletic Development Fund

As delegated by the Associate Director of Athletics/Development, the WEF Staff is responsible for the receiving, recording, receipting and posting of all gifts to the WEF.