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Institutional Deposits

Policies and Procedures

All funds collected for the state must be deposited into the institution’s account. Deposits should be made in accordance with State regulations which includes depositing amounts over $500 within one day or receipt and depositing all funds within seven (7) days.

All U.S. checks or money orders must be made payable to the UConn Health in U.S. funds.

Please note: Checks made out to UConn Health staff directly will most likely result in amounts being reported to the IRS as paid to the employee and thus create a tax liability. To avoid this issue please ensure ahead of time that checks will be cut to UConn Health rather than individuals.

Checks should be stamped on the front with the date they were received, to comply with statutes.

Cash deposits must be hand delivered to the Travel and Cash Management Office by department personnel.

Misuse or willfully neglecting UConn Health funds will be subject to disciplinary actions as stated in the Rules of Conduct Policy 2002-03.

Procedures

  1. A UConn Health Remittance Form must be filled in and submitted to the Travel and Cash Management Office, MC 5105.
  2. Make two (2) photocopies of the check(s) or money order(s).
  3. Make two (2) photocopies of the UConn Health Remittance Form.
  4. The Travel and Cash Management Office should receive:
  • The original UConn Health Remittance Form and one photocopy.
  • The original check(s) or money order(s) with one photocopy.
  • A copy of any supporting documents.
  1. The Department should retain one photocopy of the UConn Health Remittance Form, one copy of the check(s) or money order(s), and a copy of any supporting documents. (Money orders and checks made out to the Health Center are not considered currency.)

Note: Under no circumstances should cash deposits be sent thru interoffice mail to Travel and Cash Management Office for deposit. Depositors must come directly to the Travel and Cash Management window and indicate a cash deposit to window personnel. At that point, Travel and Cash Management Office will ask depositor to enter the office and have the deposit counted. The depositor will be asked to initial along with Travel and Cash Management office personnel to signify agreement on the amount of cash being deposited. The depositor will be given a copy of the initialed Remittance Form as a receipt of Travel and Cash Management office receiving a cash transaction.

  1. The Travel and Cash Management Office will process the Remittance Form and assign a batch number. A copy of the Remittance Form will be sent to the department for their record keeping and will serve as a confirmation of the date and amount of deposit. This copy should be attached to the department’s file copy and retained in the department file as verification of deposit.

Late Deposit of Funds

Please refer to this page.