Part 6.0 Employee Compensation

Section 6.2 Means of Compensation

Policy Statement:

Receiving Payment by Check

Payments received by check are stamped "for deposit only" and are recorded in an Excel Deposit Slip.

Receiving Payment in Cash

Payments received in cash are to be forwarded to the CFO or Operations Manager immediately after an event for securing and deposit preparation.  Cash payments received by the school will be recorded in an Excel Deposit Slip and prepared by staff or the FSO for timely deposit.  Two persons must count the cash and verify the amount for deposit.  If the cash amount exceeds $1000, the deposit must be made within three business days.

Receiving Payment by Credit Card

During the Friends of APA fundraising campaign and at other times, the school may accept Visa, MasterCard and American Express donations.  Charge slips will be processed in a batch within two weeks of receipt and will be recorded in the school's accounting system when the bank statement is received that reflects the settlement with the Merchant Processor.

Direct Deposits

Deposits will be made by persons other than those preparing the deposits and other than those reconciling bank accounts.  Checks are required to be copied and attached to the Excel Deposit Slip when small in number.  Other deposit documents shall be stapled to Excel Deposit Slips.  Deposit transaction receipts shall be received, stapled to the Excel Deposit Slip and returned to the CFO or Operations Manager.  Deposit Corrections when received will be verified and corrections will be made to the Excel Deposit Slip when needed.  Bank deposits must be made timely.