General

Plan Requirements

In accordance with N.C. General Statute 147-86.10, it is the policy of the State of North Carolina that all institutions shall devise techniques and procedures for the receipt, deposit, and disbursement of moneys coming into their control and custody which are designed to maximize interest bearing investment of cash, and to minimize idle and nonproductive cash balances.

Cash Management Over Receipts

The objectives of cash management over receipts are to use diligence in collecting funds owed to the State, to provide internal control over cash and cash equivalents, and to expedite the movement of monies collected into interest bearing accounts. To accomplish these objectives, ECSU adheres to the following rules:
 

1. Promptly bills and collects monies due the University as described below:

• Establishes billing schedules that are timely, efficient, and effective;
• Utilizes remittance processing equipment, when justified by the volume of transactions;
• Uses authorized Collection Agencies as designated by the NC Office of the Attorney General;
• Uses the Set-Off Debt Collections Act (SODCA) and the State Employee Debt Collection Act  (SEDCA) as outlined in the North Carolina Budget Manual, Section 5.XII D; and
• Forwards past due accounts to the North Carolina State Attorney General for collection no more than 90 days after the due date of the billing unless the amount is less than five hundred dollars ($500).

2. Except as otherwise provided by law, deposits all monies received and belonging to the State of North Carolina in some bank or trust company selected or designated by the State Treasurer in the name of the State Treasurer on a daily basis in the form and amounts received. Daily deposits are in accordance with NC General Statute 147-77, which says that: "All funds belonging to the State of North Carolina, in the hands of any department of the State which collects revenue for the State in any form whatsoever, and every institution, agency, officer, employee, or representative of the State or any agency department, division, or commission thereof, except officers and the clerks of the Supreme Court and Court of Appeals, collecting or receiving any funds or money belonging to the State of North Carolina, shall daily deposit the same in some bank, or trust company, selected or designated by the State Treasurer, in the name of the State Treasurer, at noon, or as near thereto as may be reported the same daily to said Treasurer provided that the State Treasurer may authorize exemptions from the provisions of this section at least once a week and, in addition, so long as funds are deposited and reported pursuant to the provisions of this section whenever as much as two hundred fifty dollars ($250) has been collected and received, and provided, that the Treasurer may refund the amount of any bad checks which have been returned to the department by the Treasurer when the same have not been collected after 30 days' trial."

Cash Management Over Disbursements:

1. Monies deposited with the State Treasurer remain on deposit with the State Treasurer until final disbursement is made to the ultimate payee;
2. The order in which appropriations and other available resources are expended shall be subject to the provisions of G.S. 143-27 "Appropriations to educational, charitable, and correctional institutions are in addition to receipts by them" of the Executive Budget Act of 1993;
3. Federal and other reimbursements of expenditures paid from State funds shall be paid immediately to the source of the State funds;
4. Billings to the University for goods received or services rendered shall be paid neither early nor late but on the discount date or due date to the extent practicable; and
5. Disbursement cycles for the University shall be established to the extent practicable so that the overall efficiency of the warrant disbursement system is maximized while maintaining prompt payment of bills due.

Cash Management Over Investments:

1. Interest earnings shall not be allocated to an account by the University unless the moneys in the account are expressly eligible by law for receiving interest allocations;
2. University officers and employees who receive moneys in trust or for investment shall be solely responsible for properly segregating such funds for investment in the manner prescribed by the law. The officer or employee charged with the responsibility for these moneys shall be under a duty to segregate the funds in a timely manner. No investment income shall be allocated by the State Treasurer to trust or other investment accounts until properly segregated into investment accounts as provided by law and the rules of the State Treasurer.