1. Departmental Deposits

2. Why Change The Process? Accuracy – Cash – Accounting Efficiency – Less parties involved – Timing – Fewer corrections Accountability – Hold those accountable for their actions

3. Process Comparison

4. How will the new process improve accuracy? The online platform eliminates calculation errors. The process will reduce manual correcting journal entries. Deposits will hit both the bank and general ledger faster. The process will increase visibility for reconciling purposes.

5. How will the new process improve efficiency? The new process will eliminate transit between the departments and the cashiers. General Accounting will have less manual journal entries to create. Cashiers will no longer duplicate the work done by the departments. Easier for individuals to make deposit due to the drive by depository Eliminates HSC & UTP Involvement

6. How will the new process improve accountability? Departments will fix their own mistakes instead of General Accounting or the Cashiers. If Departments fail to fix their mistakes, their deposits will be forfeited to the treasury.

7. 1 Upon receiving cash… Department enters deposit information into the new website. Once completed, the deposit creator prints an online receipt which contains a unique reference number. They must then fill out a UT/HNB deposit slip and record the reference number in a designated area. The deposit slip and money then are placed into a IT issued depository bag.

8. The deposit bag is then transported and dropped-off in the HNB depositories. Depository locations include: MC transportation circle HSC Mulford Library Note: Only authorized personal will have access to open the depositories for cash drops. 2

9. 3 The deposit will be picked up be an armored service carrier and delivered to HNB. Once HNB processes the deposit, the deposit ticket number (created on the UT online deposit platform) and amount becomes viewable on HNB’s customer website. UT Treasury then reconciles departments deposit to what was actually recorded by the bank.

10. 4 Once UT Treasury has reconciled the department deposit with HNB, one of two actions will follow: 1 – If the department deposit slip matches what was actually deposited at HNB then the deposit will be approved. [By approving the deposit, Treasury will release the revenue to the department’s account(s)] 2 –If the departments deposit slip doesn’t match, the revenue will not be recognized until further actions are taken.

11. 5 If UT Treasury discovers a discrepancy between the department’s deposit slip and the actual amount deposited at the bank, the creator of the deposit receives an email which details the issue. The creator of the deposit then logs back into the UT online deposit portal and corrects their deposit accordingly. If no action is taken, and the deposit isn’t fixed, the department forfeits the deposit and will not receive the revenue.

12. Department Rep swipes Rocket Card to gain curbside depository access, drops in the bag. Department enters deposit information into online depository website. Submits the deposit online and writes the serial # into pre-printed, custom MICR deposit ticket, and puts deposit + deposit ticket into approved depository bag Brinks picks up bags daily, and brings them to HNB Gateway branch.. 1 - Prep 2 - Drop 3 - Pickup HNB Gateway branch signs for bags, then teller processes deposits along with UT unique reference number UT Treasury team accesses deposit information online.. Match the HNB online banking with the platform and release the deposit information to the GL. 5 – Credit & Recon 4 - Process

13. Questions/Comments?