Many City and Hartford Public School System (HPSS) departments and operations are responsible for receiving and processing cash and/or checks.It is important to make sure that money received is adequately controlled, accurately accounted for and promptly deposited in a designated City or HPSS bank account and recorded in the Financial Management System so that the Treasurer’s Office can maximize the amount of City funds available for investment and meet daily payment obligations. Failure to adequately control and promptly record and deposit cash and checks can result in the misplacement or misappropriation of funds and/or lost revenues including investment income. The following are some key controls regarding cash receipt processing.
All of these conditions may not apply to your particular operation. If you have any questions or concerns regarding cash controls in your operation contact Internal Audit, the Finance Department or the Treasurer’s Office.