Make University Deposits
Your may need to make a deposit when money comes into your department in the form of currency, coin, or check. Please follow these deposit guidelines:
Complete a departmental deposit form. A completed Departmental Deposit Form must accompany all cash and checks.
Deliver the deposit form and cash deposit:
Campus mail (checks and money orders only): Cash and Investment Services, 701 Carnegie Center, 4th Floor
In person: Financial Service Center, 7 New South
Drop box: 701 Carnegie drop box at 7 New South
Note on Deposit Delivery
You may forward deposits containing checks and money orders to Cash and Investment Services via campus mail. However, deposits containing cash and/or coin must be hand-delivered directly to the Financial Service Center, 7 New South. Upon receipt, the transaction will be recorded in the Cash Receipt Voucher System and the deposit will be made into the University's bank account.
Please see the Cash and Check Handling Policy to understand your responsibilities regarding the safekeeping and handling of these University assets. If your department receives cash or checks on a regular basis, contact Cash and Investment Services to learn more about optimal cash handling procedures and the safeguarding of receipts.
Checks and Money Orders
All checks and money orders must be made payable to Princeton University. It is helpful if the person issuing the payment indicates the intended purpose for the payment in the memo line of the check.
Electronic Check Processing
Checks received by Princeton University are processed electronically via remote deposit. Checks are scanned and the image is electronically transmitted to PNC Bank for processing. The issuer will not receive an original cancelled check, as Princeton is required to destroy the check after it has been processed. However, our secure database contains an electronic copy of all cash receipts, and copies of checks will be supplied on request.
The University does not accept foreign currency checks in an amount less than $60.00, due to the expense associated with the collection of this form of payment.
Non-U.S. Banks: If a check is drawn on a bank outside the United States, it will be sent to the issuing bank for collection.
Payments in U.S. Dollars: If the check is payable in U.S. dollars, the department will receive credit for the full amount of the check.
Payments in Foreign Currency: If the check is payable in foreign currency, the check will be converted to U.S. dollars at the prevailing U.S. dollar exchange rate, and the department will receive the U.S. dollar equivalent.
Currency Conversion: In the event a currency conversion is necessary, additional fees may apply.
Receiving Coin and Currency Payments
When your department receives payment in the form of currency or coins, the transaction must be verified at the Financial Service Center in the presence of your department representative. Once the financial services associate verifies the deposit, a receipt will be issued documenting the transaction.
Note: The University's cash drawer is strictly for business use. It is not available for personal use in providing change.
Making University Deposits: Considerations
Deposit Promptly: Per the Cash and Check Handling Policy, deposits should be made promptly.
Checks Made Out to Employees: If a check intended for payment to the University is made payable to an employee, please have the individual endorse the check to the University by writing “Pay to the order of the Trustees of Princeton University” in the endorsement area of the back of the check and sign just beneath it.
Checks Issued by Princeton: Deposits cannot include checks issued by Princeton University. If a University-issued check is included in a deposit, it will be removed and forwarded to invoice processing to be voided.
Incorrect Deposit Form: If your actual deposit of checks is greater than or less than the amounts indicated on your deposit form, we will contact you with a corrected total.
Gifts and Donations:If check is a gift, please use the Gift Transmittal Form and submit to Alumni and Donor Records (ADR) or Corporate and Foundation Relations (CFR).
Processing Time and Resolving Discrepancies
Cash Receipt and Account Reconciliation
When cash is received, funds are automatically applied to your department, based on your merchant ID and the chartstring you specified. Credit card transaction fees are charged to the department in the same manner. Allow up to 7 business days for complete processing of your deposit. Verify that your deposit has been processed by viewing your project grant statements monthly. In the event there is a discrepancy with a deposit, immediately notify us.