Skip to main content

2.0 Funds Handling Definition

Funds:

Refers to any one or combination of the following:

  • Cash/Checks: Receive receipt of currency, coin, checks, money orders, or traveler’s checks through a University depository account.
  • Credit Cards: Receive receipt of credit card payments or create additional locations by establishing a merchant account.
  •   Electronic Funds: Receive receipt of Automated Clearing House funds (ACH), electronic        Funds Transfer (EFT) or Wire Transfers.
  •    E-commerce: Receive receipt of electronic payments via an internet store front.

Payment Card Industry Data Security Standard (PCI DSS):

  • Requirements developed by credit card companies to ensure consistent security measures for sensitive credit card holder data.

Revenue Services:

  • Refers to the Revenue Services Unit in the Division of Finance.

University:

  • Refers to all departments and employees of West Virginia inclusive of the divisional campuses and the West Virginia University Research Corporation.

University Funds Handling Training Program:

  • Presented by the Revenue Services Unit, this program will provide education on the proper handling of funds throughout the University.  This includes review of the University-Wide Funds Handling Standard and Guidelines, strengthening internal controls, securing funds, separation of duties, deposit procedures, reconciliation, and monitoring.  This training session will also cover completing miscellaneous receipts, e-commerce and meeting PCI DSS requirements.  This program is mandatory for all Funds Handling personnel and their supervisors.