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• University Bursar Bulletin: Preparing Funds for Deposit

  Mar 28, 2024 1:30 pmFY 24Paying PeoplePayments to the University

  The critical process of preparing funds for deposit enhances operational efficiency, safeguards the university’s financial resources, and ensures their timely and secure deposit. This article serves as a guide designed to navigate Cash Handling Units through the step-by-step processes for preparing funds for deposit.

  To prepare cash for deposit, you’ll take different steps for each type of cash: currency, coins, and checks.

  Currency

  1. Separate paper currency from checks and coins.
  2. Sort all paper currency by denomination.
  3. Straighten paper currency by placing bills face up and facing the same direction.
  4. Bundle cash and write your unit’s name and C-FOAPAL. UIUC Cash Handling Units may provide the Department Deposit Form Reference Number in lieu of C-FOAPAL on all currency straps. You can order currency straps through iBuy.
  5. Paper currency is to be bundled/strapped in the following manner:

  • $20s - $500
  • $10s - $500
  • $5s - $500
  • $1s - $50

  Coins

  1. Separate coins from paper currency and checks.
  2. Sort coins by denomination.
  3. Roll/bundle coins and write your unit’s name and C-FOAPAL (UIUC Cash Handling Units may provide the Department Deposit Form Reference Number in lieu of C-FOAPAL) on all coin wrappers. You can order coin wrappers through iBuy.
  4. Coins are to be rolled/bundled in the following manner:

  • Quarter roll - $10.00
  • Dime roll - $5.00
  • Nickel roll - $2.00
  • Penny roll - $0.50

  If you do not have enough coins to fill a coin wrapper, place them in a small envelope to prevent loss.

  Checks

  1. Separate checks from paper currency and coins. Traveler’s checks, money orders, and Cashier’s Checks are treated the same as personal checks.
     Foreign checks should only be accepted if they are greater than $200 and should be deposited on a separate Department Deposit Form for each foreign check.
  2. Verify that the UIN of any student, faculty, or staff is written on checks taken as payment.
  3. Endorse each check with the following:

  • For Deposit Only
  • Unit Name
  • Unit C-FOAPAL (UIUC Cash Handling Units may provide the Department Deposit Form Reference Number in lieu of C-FOAPAL)

  4. Make sure to list all checks on the Department Deposit Form.

  Contact 
  For questions, please contact our office:

  Chicago: BursarCashiersUIC@uillinois.edu
  Springfield: BursarCashiersUIS@uillinois.edu
  Urbana-Champaign: BursarCashiersUIUC@uillinois.edu