2020 Cash Update Whats happening Cashiers office will

2020 Cash Update

What’s happening? • Cashier’s office will be closing effective December 24, 2019. • This will have an impact on: • Departmental Cash Deposits • Student Payments • Petty Cash Division of Finance

• Decrease in cash activity over the last several years as more transactions move to electronic methods. Why is this happening? • Safety of employees and students. • Best practices across Universities are shifting towards automation and electronic transactions. Division of Finance

Departmental Cash Deposits • Very little change to existing process. • Larger depositors’ cash going directly to bank via armored car. • Remaining depositors will continue to use BEN Deposits and bring cash and checks to Franklin Building. • Check deposits go in a drop box. Cash deposits will be deposited into new Smart Safe. Everything is still processed same day. • All deposits will still hit GL accounts the next business day. Division of Finance

Smart. Safe • Went through RFP process to procure. • Installed in the small vestibule beside the Franklin Building lobby. Vending and ATMs have been relocated. • Cash depositors will be set up with a unique PIN. Intake only – does not disburse any money. • Cash is deposited into the bill feeder, it’s counted and two receipts are automatically printed. • Working with public safety to put security measures in place. Tinted security glass on the windows Door to courtyard is exit only and alarmed Penn ID will be required to get in Security guard on-site & security cameras already installed • One person at a time in Safe area • • • Cash deposited in the safe is available in our bank account the next business day. Division of Finance

Deposit Process Create BEN Deposit Bring cash and/or checks to Franklin Building with BEN deposit slip attached. If needed, deposit cash into Smart Safe. Attach one receipt to BEN deposit slip. Keep other receipt for your records. Place BEN Deposit slip, checks and any coin in interoffice envelope and drop in Cash Mgt drop box right beside the Safe. Division of Finance

Deposit Process – Checks Only Create BEN Deposit Bring checks to Franklin Building with BEN deposit slip attached. Place BEN Deposit slip and checks in interoffice envelope (if needed) and drop in Cash Mgt drop box right beside the Safe. Division of Finance

Deposit Process – Cash Only Create BEN Deposit Bring cash to Franklin Building with BEN deposit slip. Deposit cash into Smart Safe. Attach one receipt to BEN deposit slip. Keep other receipt for your records. Place BEN Deposit slip with attached receipt and any coin in interoffice envelope and drop in Cash Mgt drop box right beside the Safe. Division of Finance

Deposit Process – Cash & Checks Create BEN Deposit Bring cash and checks to Franklin Building with BEN deposit slip. Deposit cash into Smart Safe. Attach one receipt to BEN deposit slip. Keep other receipt for your records. Place BEN Deposit slip with attached receipt, checks and any coin in interoffice envelope and drop in Cash Mgt drop box right beside the Safe. Division of Finance

Smart Safe Access & Training • Providing list to Schools/Centers with existing depositors and identifying cash depositors. • Requesting confirmation that the cash depositors should be set up with Smart Safe access, and any additional employees that should be set up to make deposits. • Once depositor is set up as a Smart Safe user, they’ll receive a Knowledge. Link notification that allows them to sign up for hands-on training with Tammy De. Salis. • Trainings held M, W, F at 11, 11: 30 and 3 through the end of the year and into January. Capacity is limited to 7 people at each training class. Division of Finance

Smart Safe Training • 30 Minute Sessions • Log in for the first time with generic PIN • Change PIN • Make a test deposit (Cashier’s office will provide cash for this. ) Division of Finance

Smart Safe Access – January & beyond Division of Finance

Student Payments • Majority of students/parents already pay online via credit card or check. • Starting to encourage these alternative methods for those who have paid in cash. • Signage at Cashier’s Office • Direct email communication to those who have made cash payments over the last year. • Reduced risk for students - We don’t want students walking around with cash Division of Finance

What to Expect / Next Steps • Formal communication regarding the upcoming changes. • Knowledge. Link email to schedule Smart Safe training – participate when you’re able to attend. Just need to do training before first deposit. • Please contact Cash Management if your School/Center has large coin deposits! Division of Finance

Questions Division of Finance