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LOSS OF UNIVERSITY CASH OR SECURITIES

Material & Disbursement Services (MSD)

PROCEDURE 38

Effective Date: 07/01/1996

Last Modified Date: 06/07/2005


Procedure Description

Departments are to call the University Public Safety Office, the Internal Audit Department, Risk Management Services (RMS), and University Legal Counsel immediately upon discovering any loss of University cash or securities. Also, a written notification is to be sent to RMS and Internal Audit within 24 hours. When Public Safety has made its investigation, it will report its findings to RMS, Internal Audit, and University Counsel.

Check Security Measures

Review security measures periodically to assure that adequate safeguards are in effect wherever cash is handled or kept.

Procedure Steps

Reporting Losses

Receiving Reimbursement

  1. Insurance coverage for loss of University cash or securities as a result of dishonest acts on the part of State employees are subject to a $10,000 deductible per occurrence. Robbery and burglary acts committed by other than a State employee are subject to a $1,000 deductible per occurrence. Although claims below these deductibles are not covered by insurance, a written report must be sent to RMS.
  2. RMS will file the appropriate claims, indicating the budget code to which the reimbursement should be credited. Certification of the deposit will be sent to the University indicating that the reimbursement has been placed in that budget code.
  3. Expenditures from that budget code are authorized by RMS.

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