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TREASURY MANAGEMENT

Frequently Asked Questions

How do I deposit cash and checks?  Where can I find additional information relating to accepting and depositing of cash and checks?

Receipts of cash and checks are prepared for deposit to JPMorgan Chase through the River Campus (RC) Bursar’s office, the Medical Center (MC) Cashiers’ Office and Advancement & Alumni Relations’ Gift and Donor Records.  Each depository location consolidates all the deposits processed through their office into a single deposit to JPMorgan Chase.  Each office has identified a process of collecting deposits and recording the deposit for credit to the appropriate ledger accounts.

What is the University's policy relating to foreign currency check acceptance? 

The University can accept foreign currency checks issued in the following foreign currencies: United Kingdom, Australia, Switzerland, Denmark, Hong Kong, European Union, and Canada. Foreign Currency Check Acceptance Policy is available at www.rochester.edu/adminfinance/treasury/docs/Foreigncurrency.pdf.

Does the University accept Discover, Visa and MasterCard?  Are there guidelines for acceptance?  Is it necessary to purchase a terminal if my payer is not present?

Discover, Visa and MasterCard are currently accepted in select areas of the University.  All credit card acceptance locations must purchase electronic terminals or PC software.  Policy for accepting of credit cards can be found at www.rochester.edu/adminfinance/treasury/docs/PolicyCreditCard.pdf.  Terminal operations and guide to establishing online credit card acceptance can be found in the Resources section at www.rochester.edu/adminfinance/treasury/.

How can I find more information about how to fund a capital project other than funding with cash?

Funding or paying for a capital project other than with cash can be accomplished through issuance of bonds, bank loans, capital leases, operating leases, short-term lines of credit and the like.  The capital project must have been previously approved by senior management.  The following variables must be quantified in order to proceed with the inquiry:  capital project amount, economic life of asset or capital project, the period of time which the capital project will be purchased or constructed and a description of the item.  Forward the information to the Office of Treasury and information will be gathered and returned to you.

How can I find out how much external debt has been incurred by my division?

External debt is a result of borrowing from an outside financial institution for the benefit of funding a capital project. Information about the total amount borrowed, projects funded with external debt, repayment schedule of principal, interest and fees, maturity date, and details of the loan agreement is available through the Office of Treasury. This information will be made available to authorized administrators upon their request.

Where can I find a repayment schedule for my division's external debt?

A repayment schedule is an amortization schedule of the principal, interest, and fees related to the external debt that was incurred by your division for the benefit of capital projects. Currently, a repayment schedule is available through the Office of Treasury. This information will be made available to administrators upon their request.

How can I compare a lease versus buy decision for a purchase for my division?

A lease is a short-term form of external debt used for the benefit of funding a capital project. Use a spreadsheet model when comparing a lease option with the use of buying with cash reserves; a model can be attained from Office of Treasury. The model permits you to compare a monthly, quarterly, or annual lease payment. It is necessary to input information for the following variables: cost of project or equipment, lease payment amount, and term of lease. The model will then help you compare the use of cash reserves to a lease. The Office of Treasury will assist authorized administrators with further discussion and interpretation of results from the model.

How can I make a payment via electronic funds transfer?

An electronic funds transfer is the movement of funds by non-paper means (i.e., electronically), usually through a payment system such as the ACH network, Fedwire, or internationally through Clearing House Interbank Payment System (CHIPS) or Society for Worldwide Interbank Financial Telecommunications (SWIFT).  A request for payment form indicating electronic funds transfer including proper signature authority and account number codes must be completed and forwarded to Cash Management at least 1 day in advance of transfer initiation due date.  The electronic funds transfer form can be found in the Forms section at www.rochester.edu/adminfinance/treasury/.

How are filings made for unclaimed funds?

Office of Treasury coordinates filing of unclaimed funds with the divisions of the University.  These are funds that have not been collected by the intended payee and subsequently turned over to the respective states by the payers, as required by law.  Approximately three times annually a claim is made to NYS and other states for funds that are identified by the state reflecting ownership to the University.   Contact Office of Treasury for the process document for filing unclaimed funds.