Bank reconciliation is the process of matching and comparing figures from the accounting records against those present on the bank statement. Subtracting any items which have no relation to the bank statement, the balance of the accounting ledger should reconcile or match to the balance of the bank statement.
Discrepancies and unrecognized items are promptly investigated and resolved.
Cash Management is an integral part of the Treasury function as it appropriately maintains the daily cash operations and maximizes returns by investing idle cash. Good cash management consists of anticipating cash requirements and determining the best funding source to meet them.
The minimum cash reserves that the University will require can be determined by analyzing the current business needs and the historical cash flows. By maintaining cash reserves at a minimum, the University can maximize its investments by reducing the amount of cash held idle in the bank.
Finance & Accounting facilitates and manages the finance activities and programs that benefit the University, as well as coordinates the financing of capital projects with the FGCU Financing Corporation. Judicious use of debt can assist the University in achieving its strategic objectives while maintaining a credit rating that appropriately balances financial flexibility with the cost of capital.
Current outstanding bonds issues include:
- Series 2003 Capital Improvement Revenue Bond $47, 500, 000 - Student Residence Phase VI
- Series 2005A Capital Improvement Revenue Bond $8, 000, 000 - Student Residence Phase VII
- Series 2005B Capital Improvement Revenue Bond $6,000,000 - Parking Garage Phase I
Finance & Accounting monitors the outstanding checks of the University's bank accounts. When a check becomes stale-dated, attempts are made to contact the payee at the last known address in order to reissue the check. Finance & Accounting is responsible for maintaining a detailed list of all unclaimed property according to Chapter 717, Florida Stautes, including name, last known address, tax identification number, check number and amount.
All checks in Unclaimed Property will be reported to the State of Florida once they have reached the required dormancy period as of the preceding December 31st. Finance & Accounting will submit the annual report and remittance to the Florida Department of Financial Services by April 30th of the following year.
If a payee contacts the University regarding the unclaimed check prior to the end of the required dormancy period, a new check will be issued to the address on file. Change of Address should be submitted as follows:
|
Payee |
Office |
|
Student |
Registrar |
|
Vendor |
Procurement Services |
|
Employee |
Human Resources |
After the unclaimed property has been reported to the Florida Department of Financial Services, any request by the payee should be made to the State of Florida. To see if you have any unclaimed property held by the State of Florida, visit their website at http://www.fltreasurehunt.org/ .
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