The level of security at each location depends on the level of risk at that location. Factors to be considered in evaluating the level of risk at each location include: a) Amount of money involved, b) Geographic location, c) Hours of operation, d) Past loss experience, e) Number and kinds of employees.
All cash should be kept in a fire-resistant storage container that is equipped with at least one locking device and cannot be easily removed from the premises.
The department head has overall responsibility for ensuring that adequate security is maintained over cash and other assets.
Departments receiving cash on behalf of the College are responsible for maintaining security over cash, as well as other property.
Proper handling, adequate records, and physical security should be emphasized to each employee having access to or responsibility for cash, supplies, or equipment. These general guidelines are important and should be communicated to each employee:
Unauthorized persons are not permitted in areas where cash is handled.
Safe doors must be locked at all times. Large sums of cash should be counted and handled out of sight of the general public.
Cash should never be left unattended. If an employee leaves his or her work station for any reason, regardless of how briefly, cash must be appropriately secured in a locked place.
Checks should be restrictively endorsed immediately "For Deposit Only, to the Trustees of Hamilton College."
All cash should be kept in a safekeeping device, either a safe or locked container.
Proper Use Procedures: During business hours, safe doors should be locked at all times. Cash secured in a safe overnight, over a weekend, or over a long holiday must be kept to a limited reasonable amount. Personal cash and property cannot be secured in a College safe.
Minimum Standards for Safekeeping Devices: Safes must be equipped with a combination lock, and other safekeeping devices must be equipped with a combination lock or key. Transportation containers or bags must incorporate a locking or sealing device that can be unlocked or unsealed only by authorized personnel.
Control of Safe Combinations: These procedures must be followed to maximize security over cash: a) Safe combinations are to be given to a minimum number of employees and only to those whose functions require access to cash, b) The supervisor must personally exercise control to maintain the proper level of security over cash, c) To the extent practicable, combinations are to be memorized, not written down.
Safes are to be opened in such a manner that no other person can observe and determine the combination.
The combination must be changed when a person knowing it is no longer to have access to the safe. Each department having a combination safe must establish and maintain a record of each person given the combination, dates the combination was changed, and the reason for the change.
To reduce excess funds in individual safes overnight or for longer periods of time, funds must be deposited through the Business Office.
Access to areas where cash is counted or handled must be restricted to persons directly involved. Visibility to the general public must be restricted in areas where large amounts of money are counted.
Where a cash storage location is laid out so as to permit viewing into the office, sufficient lights must be left on at night to permit visibility. Any dark office should be reported to campus security.
The periodic cash audit, cash count, and/or cash operation interview are an integral part of internal control over cash.
Cash audits will be performed by business office personnel. Cash audits will be random and unannounced. Results of cash audits will be prepared and distributed to the Department Head, Controller, and Vice President of Finance and Administration.