Eighty-five percent of our academic departments bring cash and checks to Carruthers Hall to be deposited allocated to the correct PTAEO; 15% have been using remote deposit for over a year, with high satisfaction. In all sectors, cash payments (includes cash and checks) are declining significantly. In academia, many of UVA’s peer institutions are currently cashless.
Advances in technology available now mean that e-check or credit card payment is easier and more streamlined than ever. The efficiency, increased safety, and timeliness of the electronic deposit process resulted in a Cornerstone project team’s recommendation of “going cashless.” UVAFinance Strategic Projects and Student Financial Services are now partnering on that recommendation to fully implement remote deposit and eliminate the use of cash in 2019.
Cashless Grounds does not affect public-facing entities such as the bookstore and dining halls, nor does it affect gift processing and processing of expenditure credits.
Currently, project team members are: - Presenting information on the Cashless Grounds Income project to a variety of groups across Grounds to talk about the changes and get input.
- Developing training with Finance Outreach & Compliance to help ensure a smooth rollout of remote deposit services across Grounds.
- Partnering with Information Security Policy, the Compliance office, Treasury, and the University Records office to ensure the process is secure and functioning according to UVA policy.
- Working with Treasury, Financial Reporting & Operations, and Enterprise Applications to ensure that additional remote deposit locations’ activity is reconciled programmatically. This impacts departmental deposits and delivers significant time savings throughout Financial Operations
- Communicating with students and parents to help them understand and prepare for SFS’ switch to a cashless system by November 2019 (for student cash and check payments).
If you have questions or thoughts about remote deposit services, going cashless, or if you would like to see how you can take advantage of these changes, please contact Brenda Nalley.
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Related Content: Mark Anderson and UBI recognized at Cornerstone Program Graduation
Read more about the succession development Cornerstone Program here: https://leadershipexcellence.virginia.edu/succession-development
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