Texas Tech University

 

[Minor revision–posted 6/2/17 (replaces 7/30/15 edition)]
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 Texas Tech University academic coat of arms

Operating Policy and Procedure

OP 62.18: The Endorsement of Checks to Texas Tech University

DATE: June 2, 2017

PURPOSE: The purpose of this Operating Policy/Procedure (OP) is to establish a uniform policy on the endorsement of checks made payable to Texas Tech University.

REVIEW: This OP will be reviewed in May of odd-numbered years by the Assistant Vice Chancellor and Treasurer, TTU System, with substantive revisions forwarded through channels to the Vice Chancellor/Chief Financial Officer (CFO), TTU System.

POLICY/PROCEDURE

1.  Official Endorsement

Any check made payable to Texas Tech University (TTU) will be stamped with the official bank endorsement of TTU and deposited into a TTU account. Financial institutions have been instructed to recognize only the official TTU endorsement shown in Attachment A. The use of this endorsement is restricted only to approved TTU departments. Non-TTU accounts or departments are strictly prohibited from using the official endorsement.

2.  Securing an Endorsement Stamp

The Treasurer has been designated by the CFO to approve the issuance of endorsement stamps. The Treasurer may further delegate this authority. The endorsement stamps are issued as follows:

a.    To those departments that regularly receive checks. Under no circumstances will any department obtain its own endorsement stamp for checks made payable to the TTU. Each authorized endorsement stamp will include a unique control number.

b.    The department head must submit an application (Attachment B) to the Office of Treasury to obtain the stamp.

c.    Endorsement stamps will be issued only by the Office of Treasury.

d.    After approval, the department head will receive a copy of the approved application form and the stamp. The original will be filed in the Office of Treasury.

e.    The Office of Treasury will maintain a list of endorsement stamps containing the following information:

(1)   The location number(s) of stamps issued to each department; and

(2)    The department head responsible for the use of the stamps.

3.  Office of Audit Services

The Office of Audit Services will review the use of endorsement stamps periodically.

4.  Replacement of Endorsement Stamps

If an endorsement stamp becomes worn out or defective, the department may request a replacement through the Office of Treasury with the old stamp turned in. The Office of Treasury is responsible for ensuring that defective endorsement stamps are properly destroyed.

5.  Lost Stamps

The department head should immediately report a lost stamp to the Office of Treasury. The Office of Treasury will report the loss to the Office of Audit Services, which will investigate and report the findings in accordance with normal procedures.

6.  Changing Payee/Using Other Endorsements

It is a violation of state law and university policy (see OP 62.08, Alteration of Checks) for a TTU employee to change the payee on a check.

TTU policy prohibits any employee from using any endorsement other than the one designated in this policy statement unless the employee receives written permission from either the CFO or the Treasurer. University Deposits will be notified in writing of such an arrangement.

7.  Departments without Endorsement Stamps

Normally, those departments that occasionally or seasonally receive checks will not be issued endorsement stamps. These departments will forward any checks to University Deposits for endorsement and deposit in accordance with OP 62.05, Authorized Petty Cash/Change Funds.

8.  Checks Made Payable to Texas Tech Foundation, Inc.

These checks will be forwarded to the Office of Institutional Advancement for endorsement and further processing. The Office of Institutional Advancement will ensure that those checks are restrictively endorsed to the Texas Tech Foundation, Inc., and then presented for deposit.

 

Attachment A: Sample endorsement stamp

Attachment B: Application for Endorsement Stamps

Operating Policies & Procedures