Finance Division COVID-19 Operations Q&A
How do I maintain segregation of duties and internal controls when processing deposits and cash receipts?
As with any workable solution related to managing operations in this new COVID-19 environment, communication, creativity and flexibility will be key factors in developing depositing processes with adequate internal controls. For example, if two individuals are normally involved in opening checks received in the mail, a creative solution might be for these two individuals to attend an online Zoom meeting as the mail is opened and deposits are recorded by both individuals. The final solution will vary dependent upon available personnel, operations and managerial oversight for each collection and deposit processing point. It is important that the appropriate Vice President, Dean or Regional Dean with responsibility over operations that include collection and deposit processing points approve COVID-19 deposit processing procedures since these individuals bear the responsibility for general oversight to foster an environment that ensures adequate internal controls for their respective areas. Additionally, fund managers are ultimately responsible for management of their funds, including establishing internal controls at the department level and verifying that deposits are properly posted to their funds.
Do I need to create a new fund in order to track COVID-19 related expenses?
No, creation of a new fund is generally not necessary. TTUHSC has created an organization code, 201330 - COVID 19 Coronavirus, that can be used with your existing funds. However, before an existing fund can be utilized, a budget revision will be necessary in order to establish a budget in the newly created organization code. Additional guidance on using this new organization code is available here.
Will the deadline for the Annual Certification of Departmental Inventory be extended?
Because of the transition to Phase IV of our Emergency Remote Work Operational Phases, the deadline for the Annual Certification of Inventory has been extended to May 31, 2020. We will continue to monitor operational processes and will evaluate further extension of the deadline as necessary. For questions, contact Property Management at PropertyManagement@ttuhsc.edu.
Will I receive tags for newly purchased computers and other equipment?
When receiving and invoicing for newly purchased computers and other equipment is complete, inventory numbers will be assigned and entered into the Property Inventory System. Tags will be mailed from Property Management to appropriate departments on Tuesday and Thursday of each week. For questions, contact Property Management at PropertyManagement@ttuhsc.edu.
Where do I take departmental cash receipts to ensure they are properly deposited?
Deposits are handled on an “as needed” basis. Departments needing to make cash deposits can contact Ruth Austin at 325-696-0406, email: email@example.com, to make arrangements for deposit processing.
Cash Receipts for payments and contract revenue can be delivered to the Business Office between 7am and 12pm for daily deposit. If you have any questions, please feel free to contact Brooke Duke at firstname.lastname@example.org.
Departmental Cash Receipts can be dropped in the drop box located in the basement of 4th Street next to the Parking office. During this time of working remotely we are checking this box routinely through the week. If you have any questions, please feel free to contact Student Business Services at SBSCashReceipts@ttuhsc.edu.
Address:3601 4th Street STOP 6209 | Lubbock, Texas 79430-6209