Cash Management

1. Each month, upon receipt of the outstanding check list from Bank of America (Consolidated Report), Cash Management will review the list and update Abandoned Property Master List to include all outstanding checks over 180 days. 
2. These checks are then cancelled on Bank of America Direct. 
3. Cash management does an entry in Banner to Debit cash, and credit SUSP35.  An entry is also done in Banner to debit the bank funds AP, RF, PR, and RC while crediting the Reserve Account. The total of these checks are then transferred from the Reserve Account to The Clearing Account on the Bank. 
4. A list of new checks that have reached 180 days and are still outstanding is created for Accounts Payable, Payroll and Student Refunds.  Note that this process is not to be confused with the procedures for Stale Dated Financial Aid checks (which are addressed within 90 days not 180 days.)
5. An email will be sent monthly notifying when each new Abandoned Property worksheet is posted on the “Q” Drive (Student Refunds) or the “P” Drive (Accounts Payable/Payroll).  A copy of each worksheet will also be kept on file by Susan Kohnken.

Accounts Payable/Payroll/Student Refunds

6. Research these checks; contact the recipient (student, vendor or FAU employee).   Responses from recipients should be received in 2 weeks.
7. Update each worksheet with the names of students/vendor/employees and their SS#/Vendor ID and date of contact in the columns provided.
8. If a check is to be reissued, send the appropriate form to Accounts Payable.  (Payment should be made out of Abandoned Property – SUSP35).  If a check is to be cancelled, do the appropriate entry in Banner (EFT taking $ from Abandoned Property and giving to the original Department charged). Update the worksheet when a check is reissued or cancelled so Susan can make the notation on the Abandoned Property Master List.  Input the $ amount and the date the new check is issued. Send Susan Kohnken a copy of the form used to reissue the check.  Student refunds only – please also indicate who will be receiving the new check (student, FAU or Lender).
9. When you have completed the worksheet, please email skohnken@fau.edu.

Cash Management

10. Every April all checks in Abandoned Property, dormant for one year (Payroll) or dormant for five years (Accounts Payable/Student Refunds) will be sent electronically to the State of Florida.
11. Each area will be sent a list identifying the checks that are to be transferred to the State.  They are to supply Cash Management with the addresses for each of the check recipients.  They are also asked to try to contact these recipients one more time.
12. Once the above is done, Cash Management will transfer the remaining funds to the State of Florida using the State mandated HRS PRO system.