What You Should Know
Making University Deposits
- Money comes in to a department in the form of currency, coin, or check.
- The department completes a departmental deposit form.
- The deposit form and cash deposits are delivered to the Financial Service Center, 7 New South. The deposit form and check deposits are mailed via campus mail to Cash Operations, 701 Carnegie Center, Suite 160, or hand delivered to the 701 Carnegie drop box at 7 New South.
- The transaction is recorded in the Cash Receipt Voucher system and the deposit is made into the University's bank account.
A separate, completed departmental deposit form must accompany all cash deposited and checks deposited.
Please see the Cash and Check Handling Policy regarding the safekeeping and handling of these University assets. If your department receives cash or checks on a regular basis, contact cash operations for information about cash handling procedures and safeguarding of receipts.
Checks & Money Orders
All checks and money orders must be made payable to Princeton University. It’s 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 for deposit at 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, cash operations secure database contains an electronic copy of all cash receipts, and copies of checks will be supplied to departments on request.
- If a check is drawn on a bank outside the United States, it will be sent to the issuing bank for collection.
- If the check is payable in US dollars, the department will receive credit for the full amount of the check.
- If the check is payable in foreign currency, the check will be converted to US dollars at the prevailing US dollar exchange rate, and the department will receive the US dollar equivalent.
- In the event a currency conversion is necessary, additional fees may apply.
The University does not accept foreign currency checks in an amount less than $60.00, due to the expense associated with collection of this form of payment.
Receiving Coin & 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 the department representative. Once the financial services associate verifies the deposit, a receipt will be issued documenting the transaction.
The University's cash drawer is strictly for business use. It is not available for personal use in providing change.
Considerations When Making University Deposits
- Departments should make deposits promptly per the Cash and Check Handling Policy.
- In the event a check intended for payment to the University is made payable to an employee of the University, 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 then sign just beneath.
- Deposits cannot include checks issued by Princeton University. If a Princeton University issued check is included in a deposit, it will be removed and forwarded to invoice processing to be voided. Cash Operations will notify the department that the deposit has been adjusted and advise that an interdepartmenal invoice will need to be processed to receive the credit for the amount of the Princeton University issued check.
- If your actual deposit of checks is greater than or less than the amounts indicated on your deposit form, Cash Operations will contact you with the corrected total.
- You may forward deposits containing checks and money orders to Cash Operations via campus mail. However, deposits containing cash and/or coin must be hand-delivered directly to the Financial Service Center, 7 New South.
- If your department receives a gift or donation, see Process a Term Gift Step-by-Step.
- 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 & Resolving Discrepancies
Allow up to seven 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 Cash Operations.