Business Procedure Manual

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Bursar's Office Policies

 

Procedure No. 5-1

Issued 10/2004  (Rev. 2/2014)

         I.            The Bursar's Office is charged with the responsibility of receiving, safeguarding, and depositing all funds due to Northern Illinois University.

        II.            Window service at the Bursar's Office is offered between the hours of 8:15 a.m. to 4:00 p.m.

      III.            Deposits to University Accounts

Receipts are to be deposited daily with the Bursar's Office or an authorized depository bank. Departments depositing with the Bursar’s Office must complete/print the Departmental Deposit Form and bring it with the deposit to the Cashiering Office. If the volume of receipts does not warrant a daily deposit, receipts should be deposited no later than 5 business days after receipt or when they amount to $500.00, whichever comes first.  For departments/offices located at our regional centers (Rockford, Hoffman Estates, and Naperville) deposits will be considered timely if they are made using the next available courier – courier service to the DeKalb campus is made twice a week.  If large deposits are anticipated, arrangements should be made to have the deposits brought to the Bursar’s Office on a non-scheduled courier day.  Delaying deposits may compromise internal controls, leading to potential loss. If funds are not deposited daily, they should be secured in a locked, fireproof cabinet.

All deposits to university accounts must be made at the Bursar’s Office or an authorized depository bank. The university will not accept the responsibility for loss or discrepancies in deposits sent through the mail. All checks should be restrictively endorsed ("For Deposit Only, Northern Illinois University") and deposited in a timely manner so they do not become stale.  A stale check is one submitted past the date after which the check states it is void, or six months after the date of the check, whichever comes first.  All deposits should be accompanied by a detailed list of checks and currency with the total deposit indicated.

      IV.            Untimely Deposits

Cashiers receiving deposits will accept and process all deposits regardless of their timeliness and will report to the Associate Bursar or Bursar any department which has delivered an untimely deposit (i.e., payments the university can determine were held longer than the time prescribed above) and/or stale checks for deposit.  In turn, notification will be sent to the department head of the initial failure to comply with the timely deposit policy.  Any repeat violation from that department will result in a second notice that brings the matter to the attention of appropriate management for the area to provide correction to the problem.  The university’s Internal Auditor is also notified at this point.  The university president will receive notification from the Internal Auditor.

       V.            Returned Checks

Sometimes checks which were tendered in payment by individuals or were deposited by departments are returned by the bank for a variety of reasons. The Bursar makes a concerted effort to collect the amount of the original check and, as authorized by the university, charges a service fee of $25.00. If funds are not collected, the account originally credited is charged for the amount of the returned check.

      VI.            Fee Collection at Off-Campus Locations

If fees are collected at locations distant from the DeKalb campus and it is not possible to deposit income with the university in accordance with university policy, the cash income received should be converted into a cashier's check (or similar instrument) made payable to "Northern Illinois University". This check, and other checks and money orders received from registrants, are to be deposited with the Bursar's Office on the next business day in compliance with requirements summarized under "Deposits to University Accounts."