The university primarily issues fixed and variable rate bonds and commercial paper. The debt may be tax-exempt or taxable.

Commercial paper is an unsecured, short-term debt instrument issued by the university, typically for the interim financing capital projects or gifts and may be issued as taxable or tax-exempt. Maturities on commercial paper typically are up to 90 days and no longer than 270 days.

A fixed rate bond is a bond that pays the same amount of interest for its entire term. The benefit of a fixed-rate bond is that university knows with certainty how much interest will be paid and for how long.

A variable rate bond is a bond with an interest rate that is adjusted at specific intervals, i.e. a floating interest rate.

Debt obligations where the interest received by the investor is excluded from federal and sometimes state and local income taxes.

Debt obligations where the interest received by the investor is subject to federal and state taxes.

The university presently issues debt backed by a pledge of General Revenues.

Hospital Gross Revenues means all revenues, income, receipts and money received by or on behalf of the Regents with respect to or arising from the operation of the Hospital, including but not limited to (a) gross revenues derived from its operation and possession of the Hospital, (b) proceeds with respect to, arising from or relating to the operations of the Hospital, and derived from (i) insurance (except to the extent such proceeds are required by the terms of the Master Indenture to be used for purposes inconsistent with their use for the payment of Revenue Obligations), (ii) accounts receivable, (iii) disposition of inventory and other tangible and intangible property, (iv) medical or hospital expense reimbursement or insurance programs or agreements, (v) investment earnings or profits on funds held by the Regents for the account or benefit of the Hospital and (vi) contract rights and other rights and assets now or hereafter owned, held or possessed by or on behalf of the Hospital by the Regents, but excluding (1) appropriations received from the State or Michigan, (2) proceeds of borrowing an interest earned thereon if and to the extent such interest is required to be excluded by the terms of the borrowing, (3) gifts, grants, bequests, donations and contributions received by or allocated to the Hospital, (4) cash on hand or investments held by the Regents at any time for the account or benefit of the Hospital and (5) medical service plan or other physician, dentist or similar payments to the extent not treated as Hospital revenues for Hospital accounting purposes.

Using this new bag means that you can deposit:

just cash
just coin (up to $25) 
just checks

or any combination of the 3 in the same bag

You only need to complete one deposit ticket and one online cash receipt ticket (CRT) if allocating funds in the deposit!

You will not need to order or store separate cash & check bags. This bag will handle almost all deposits (please continue to use the CoinLOK bags for coin deposits over $25).

Only if you have opaque cash bags and take these bags directly to bank (not a deposit station). Select departments/clinics have been doing so in the past. Once the opaque cash bags are exhausted, the new combo bags will need to be used.

Yes. Combo bags are available in two sizes:

Small (9.5” x 12.5”)

and

Medium (12” x17”)

You have two options:

1. Recommended - Use the new combo bags and return your old cash & check bags to: Treasurer’s Office, 10090 Wolverine Tower, zip 1283. (Please do not dispose of these bags.)

2. Continue to use the cash and check bags as you have previously until they are exhausted.

A new banking trend is to produce transparent deposit bags. These bags will allow bank processing centers to view the contents and ensure that all funds are removed.  It also ensures that there no non-monetary items included.

Transporting these bags to deposit stations or to the bank should be handled in the same manner, meaning that they should be kept out of view in a purse, backpack, etc., during transit.

No.  As of 11/28/12, anyone who has completed the Treasury Depository Certification MyLINC TME101 course does NOT also have to complete the MyLINC Cash Handling TME103 course.

The primary or secondary deposit location contact should have the FINPROD access to update authorized users.

Please see pages 1 & 2 of the link below for further details on how to make changes to authorized users.

https://maislinc.umich.edu/mais/html/GL_CR_Deposit_Merchant.html

The Treasurer's Office no longer requires to be notified of these authorized user changes.

Note: If your department/unit also processes credit cards, these authorized users may also need to be updated in FINPROD. See page 3 & 4 of the above linked document.

Units will have quicker access to their financial information and will have better forecasting capabilities through the improved reporting solutions.  Many departments will save money through time savings and by no longer having to pay for depository supplies. 

Converts to the new process will enjoy an online Cash Receipt Ticket interface in Wolverine Access that makes cash receipt preparation more convenient and efficient. This interface is extremely flexible, and automatic journal entries are made based on how a deposit is allocated in the online interface. Please note: the online cash receipt will not work for your unit until you have converted to the new process.

Units that process all of their deposits to a single Chartfield will no longer need to create cash receipt tickets once they have converted to the new process! 

Is your department/unit seeking to become a new Treasury depositing location?
 
Please send an email for additional information prior to ordering initial depository supplies.

Initial deposit supplies will be provided to each unit once the Treasurer's Office completes the location setup. 

Additional quantities of deposit bags, deposit tickets, endorsement stamps, etc. can be ordered through the Treasury online depository supply order form.  Please allow up to three weeks for delivery.

No.  U-M is now using Huntington Bank for U-M's cash/check deposits.  Please contact [email protected] for new Huntington Bank supplies. 

Shred any old Bank of America or LaSalle Bank deposit tickets. You can send old endorsement stamps to the Treasurer's Office for proper disposal.

Appropriate items to deposit:

• U.S. Cash (currency and coin)
• checks issued by U.S. banks are acceptable
• Contact [email protected] if you have a Canadian check(s) prior to depositing
• traveler's checks & domestic money orders

Inappropriate items to deposit:

• severely damaged U.S. cash (i.e., bent coin or less than 75% of a bill)
• foreign currency & coin
• checks drawn off of banks other than U.S. banks

Inappropriate items will not be accepted and will not be credited in the deposit.

If the total coin is less than $25, loose coin can be placed in a plain envelope and included with the cash deposit. 

If the total coin exceeds $25, contact the Treasurer’s Office for heavy duty CoinLok bags.  These bags are able to hold up to 50 lbs of coin.  If the department is unable to transport the bag for deposit, the Treasurer’s Office can make special arrangements for it transportation.

The University of Michigan does not accept checks of any kind issued from foreign banks located outside the U.S. and Canada. This includes payments from students, vendors and other affiliates, regardless of whether payment is issued in U.S. dollars or foreign currencies.

Accepting checks issued from foreign banks (non-U.S./non-Canadian) presents unique challenges in the collection of the funds. Unlike domestic checks that are cleared through the United States Federal Reserve, foreign-issued checks must be presented and cleared through a variety of channels depending on the banking system associated with the country of origin. Impacts of the more complex foreign check clearing process include:

• Increased cost for clearing which can exceed the amount of small deposits. Some banks will not process foreign checks under $250.00 USD. Each bank that is involved in the chain of clearing a foreign check can add service fees that reduce the amount of the deposit. Costs for clearing foreign checks are charged back to each depositing unit.

• Foreign checks must be handled through a separate labor intensive process from domestic checks.

• Delay in clearing (as much as 12 weeks) as check clearing laws vary per country.

• Foreign exchange risk can be encountered on some currencies.

The University is sensitive to the strategic partnerships held with our vendors and academic affiliates abroad as well as our diverse student population. The Treasurer’s Office is available to assist students, faculty, and staff in making the determination of the most cost effective payment alternative. Suggested payment alternatives include wire transfer through the SWIFT payment network and credit card payments for non-tuition & fee
payments.

Anyone requiring assistance with establishing the acceptance of credit card payments or details for receiving wire transfer payments may contact the Treasurer’s Office for further
instructions.

Committed Cash Receipt Tickets cannot be altered.  If the deposit is still in your possession, in most cases, it is suggested to:

1. Shred the white deposit ticket.
2. Write "void" on the yellow deposit ticket copy in the book of deposit tickets.
3. Create a new deposit ticket with the correct amount.
4. Create a new Cash Receipt Ticket* using the new deposit ticket number. 
5. Make the deposit. 

* The first Cash Receipt Ticket will never match with the "shredded" deposit ticket and will actually be deleted from the Online CRT system after about 90 days.

The same procedures above can be followed for errors done in a committed CRT, assuming that the deposit is still in your possession.

If the deposit was already sent to the bank and Cash Receipt Ticket committed with a different amount or had incorrect allocations, the deposit ticket amount will post to the department's default Chartfields.  The department will need to process a correcting journal entry.

If you have committed the online Cash Receipt Ticket (CRT) and closed your Web browser without printing a copy of the CRT, at this time you will not be able to obtain a CRT copy for your records. 

However if you have query access to FINPROD and you wait until the following business day, you can run a specific query that will provide the same CRT information in a spreadsheet format.  Use this link for FINPROD query instructions.  If you do not have FINPROD access, please contact the Treasurer's Office with the deposit ticket number and date of CRT.

If any default chartfield requires alteration, simply send an email to [email protected] with your:

1. department name
2. 4 digit Treasury-assigned location number
3. new chartfield information

Please indicate if the change applies to credits and/or debits.  Financial Operations must approved the new chartfields before we can post them in FINPROD.  Changes generally will be processed within a few business days.

Deposit Stations are ATM-like devices designed to accept university deposits.  Deposit Stations are currently located at the:

• Michigan Union
• Michigan League
• Pierpont Commons

Units can deposit funds at local Huntington Bank branches.  Please be sure to use your assigned deposit tickets from the Treasurer's Office.

Please visit https://www.huntington.com/branchlocator to find a branch near you. 

Please contact the Treasurer’s Office in advance for details; they can make alternate deposit arrangements for special circumstances.

Please contact U-M Shared Services Center - SOA Reconciliation at 734 615-2000 #3 or [email protected] for assistance.

Please contact Treasury Services - Amy Cobb, Dave Doyle or Kelley Thomas using the following email:

[email protected]

E-mail [email protected] with the HSIP control number and the package I.D.s you would like to have activated.

E-mail [email protected] with the HSIP control number and the package I.D.s you would like to have activated.

If the PI does not use all the cash requested, the unused portion can be deposited using the cash deposit system:

• Debit account 111575 with your chartfield combination
• Send copy of the cash receipt with the Subject Incentive Receipts to the HSIP Office for documentation. The receipt can be sent by campus mail or as a PDF in an email to mailto:[email protected].

If the PI does not use all the coupons that were requested, the Unit Administrator can cancel the coupons using the following process:

• Contact the HSIP Office at [email protected] to have coupons cancelled. Please include the HSIP control number and coupon sequence number or numbers to be cancelled.
• HSIP Office will cancel the coupons. If this completes a request, the HSIP Office will complete the form to post to the SOA.

Contact [email protected]to request an appointment to return MasterCard gift Cards

• Include package ID numbers and amounts
• Let HSIP Office know preferred time for return.

Documentation can be submitted to the HSIP via the following methods:

• Attach a file directly in the HSIP request
• Fax the documentation securely to (734) 764-5375
• Send the documentation through Campus Mail

To request an extension please contact the HSIP Office at [email protected]. State reason for extension and time needed to complete request.

You may use different incentive types for a study if they have been approved by the IRB. Each request will only be for one payment type, but separate requests can have different payment types.

If a subject does not receive a check, please contact the HSIP Office. We will help to reissue or cancel a check. DO NOT make a new request before contacting the HSIP Office. If this is done, two checks will be issued to the same person.

The merchant contact should have the MPathways FINPROD access to update merchant authorized users.

Please see pages 3 & 4 of the link below for further details on how to make changes to authorized users.

https://maislinc.umich.edu/mais/html/GL_CR_Deposit_Merchant.html

The Treasurer's Office no longer requires to be notified of these authorized user changes.

Note: If your department/unit also processes deposits (with deposit tickets), these authorized users may also need to be updated in MPathways  FINPROD.  See page 1 & 2 of the above linked document. If further deposit questions email [email protected].

Please see this web page for more information. Thank you! 

Please see this web page for more information. Thank you!

Yes, you need to schedule a meeting by sending an email to [email protected] in the Treasurer’s Office first before completing any Merchant Registration forms. The Treasurer’s Office needs to verify that the third party gateway provider that you selected for Web based transactions is PCI compliant and is compatible with U-M's processor.

Visa, Mastercard, Amex and Discover collaborated to create common industry security requirements that each Merchant must comply with.  These requirements are referred to in the Payment Card Industry as the PCI Data Security Standard (PCI DSS).  The standard applies to all payment methods, including retail (brick and mortar), mail/telephone order, and e-commerce. 

And, the standard is also applicable to non-university entities that are using the University systems to process transactions.  The PCI Data Security Standard offers a single approach to safeguarding sensitive data for all card brands (including American Express, Discover and JCB). 

All U-M merchants must abide by the PCI DSS compliance which includes annually completing the MyLINC TME102 Merchant Certification and PCI Self-Assessment Questionnaire (SAQ) on the website provided by our 3rd party vendor CampusGuard..

It usually takes around 3 weeks to get your merchant account established. 

Equipment purchases may affect the timing of being able to accept credit card payments. This can be due to Vendor stock limitations, workload and possible training involved for certain devices.

U-M's credit card processing bank, Worldpay, can expedite merchant account opening to about one week for a $100 fee.  Contact [email protected] for additional info.

You should contact the Treasurer’s Office at [email protected] or 734 615-6123 (Merchant Coordinator) and tell them what problems you are experiencing. Please provide device type and a S/N if available. Depending on your type of standalone device you are using we will assess the best course of action.

You can obtain a monthly statement from our Merchant Acquirer Bank (Worldpay) via their portal called Worldpay iQ detailing your sales and your fees. Also, all Worldpay merchants are set up with an automatic feed into the University’s General Ledger. Merchant sales and most fees will be posted to the chartfields that were provided on the Merchant Reguest Form sent to Merchant Services and will appear on your U-M Statement of Activity.

Merchants will need to contact Shared Services Center - SOA Reconciliation at 734-615-2000 #3 or [email protected] for assistance.

Please see this link related to chartfield/shortcode changes, which are processed by the UM Shared Services Center.

Yes, you must complete batch processing of all sales receipts at the end of each business day. 

In some cases processing with standalone devices (terminals), credit cards online or through software, batching is automatically done.  However, one must verify sales receipts each business day.

If a customer disputes a credit card sales transaction within 18 months with the credit card issuer, the Merchant will receive either paperwork or an email notification requiring them to respond within a specific period of time.  If a chargeback is awarded to the card holder, the merchant will be debited for the credit card transaction amount.

You must respond within the timeframe specified on the notification with proof of cardholder authorization for that transaction. Otherwise, the customer will be issued a credit on their card and you will be debited the disputed amount.

No, the person who processes the sale cannot process the return without the documented approval of designated individual in section 7 of the Merchant Services Policy document to authorize credit refunds. Supervisory approval of all credit refunds is required. A common form of fraud is for an employee to process credits to their own personal credit card(s).

No. The card associations do not normally permit cash refunds for any credit card transactions. The only exception to this rule is if the purchase was made with a prepaid card (e.g. Visa or Mastercard gift card) and the cardholder is returning items, but has discarded this card, you may give a cash refund, have a check issued through U-M Accounts Payable or in-store credit.

A Merchant shall not process a credit transaction without having completed a previous purchase transaction with the same cardholder and the same credit card.  The only exceptions to this rule is:

1. if the purchase was made with a prepaid card (e.g. Visa or Mastercard gift card) and the cardholder is returning items, but has discarded this card, you may give a cash refund, have a check issued through U-M Accounts Payable or in-store credit.

2. if the original transaction was processed on a Worldpay credit card terminal and the cardholder has lost the original credit card.  A credit up to the original purchase amount may be refunded to a new credit card in the same person's name.

In all cases, credits/refunds must be approved/documented by a designated approver (listed on the merchant policy document).

FIRST:  Notify [email protected] immediately and provide full details of the situation.  The Treasurer's Office will respond with any further steps required.

Also as reference the Standard Practice Guide 601.25 outlines the regular incident reporting policy for all University units.  Note: Wait for a response from Treasury.

A merchant is required to retain legible copies of credit card receipts for up to 18 months in order to satisfy any disputes/chargebacks. These receipts should be kept in a locked file cabinet or safe. After the 18 month period has expired, the credit card receipts should be shredded in order to protect cardholder information (refer to PCI DSS Requirement 9.1).

Please refer to SPG 604.01 as the required retention period is dependent upon the source of funds supporting the activity (e.g. sponsored programs retention period is different from non-sponsored programs).

Internal controls provide important benefits to your department and to the University as a whole by improving the quality of accounting information, and it reduces the possibility of mismanagement, error and fraud. Segregation of duties is the cornerstone of internal control. It is a coordinated system of checks and balances in which tasks necessary to complete a transaction either are performed by different individuals, two or more individuals working in tandem, or the tasks are independently reviewed. No one individual should control all aspects of processing a credit card transaction or refund (i.e., reviewing daily batches, reconciling the Statement of Activity and Monthly Merchant Statement from Vantiv).

For further information on internal controls, please see:

SPG 500.1 Fiscal Responsibilities 

U-M Internal Controls Department

University Audits

You are insured for claims made against you personally for any loss or damage resulting from your university sponsored activities, except for any loss or damage resulting from any willful misconduct or illegal activities. Coverage provides for payment of all costs, including defense costs, for which covered persons or departments become legally obligated to pay.

Anyone covered by university insurance is required to cooperate fully with all aspects of the defense of the claim.

In some cases, persons covered by the university’s insurance program must receive approval of indemnification from the Provost or Executive Vice President and Chief Financial Officer. Refer to Defense and Indemnification SPG 601.09: www.spg.umich.edu.

The university’s insurance provides liability coverage for volunteers while performing authorized services on behalf of the university, except for any loss or damage resulting from any willful misconduct or illegal activities. Coverage provides for payment of all costs, including defense costs, for which covered persons or departments become legally obligated to pay.

Anyone covered by university insurance is required to cooperate fully with all aspects of the defense of the claim.

In some cases, persons covered by the university’s insurance program must receive approval of indemnification from the Provost or Executive Vice President and Chief Financial Officer. Refer to Defense and Indemnification SPG 601.09: www.spg.umich.edu.

Generally speaking, the university’s coverage does not extend to personal property. Some exceptions apply if property is being used at the request of, or to benefit, the university. Call Insurance and Claims Administration for more information.

No, the University’s property insurance program covers university owned property in transit.

No, you should:

• Use the University’s designated car rental company. If that is not an option;
• Use the University P-Card to rent the vehicle. If that is not an option;
• The University’s self-insurance program will respond to a loss.

The owner of the vehicle's insurance responds to the loss or damage. Insurance costs are included in the per-mile reimbursement rate and are not reimbursable as a separate expense.

Pursuant to SPG 507.10-1, the University does not assume liability for damage to personal vehicles used on University business and does not assume liability for deductibles or any other uninsured loss to the vehicle.  Liability insurance protection will be provided as additional coverage only after the private owner’s personal liability insurance limits are exhausted when the vehicle is used for business purposes.

Cost of repairs to a vehicle, whether or not they result from the traveler’s actions, are not reimbursable.

Insurance and Claims Administration will be happy to provide assistance upon request. Typically Insurance and Claims Administration reviews contracts received from the Office of General Counsel or Procurement.

Yes, charges are made to major units and each of these units determines how the costs will be charged within their areas.  Not every department will be recharged. For example, recharges to departments within the General Fund-Ann Arbor are charged to one chartfield combination. Flint, Dearborn and the Hospital receive one recharge for all the units within each.

Contact Insurance and Claims Administration at (734) 764-2200.

Yes, contact Insurance and Claims Administration at (734) 764-2200. We will be happy to work with you and coordinate the services of experts to help formulate effective loss prevention plans.

Contact Insurance and Claims Administration at (734) 764-2200.

Yes, please read through the Shared Services page regarding how to pay a foreign supplier. https://ssc.umich.edu/payments/pay-a-foreign-supplier/

Please contact the Shared Services Center at [email protected] for more information on how to setup a voucher to pay as a wire. 

In most cases, approved wires will be sent within 10 business days.

A wire is a real-time method of transferring immediate funds and supporting information between two financial institutions and is relatively expensive to use. An ACH is similar to a wire transfer only it uses a batch-process. Transactions received by the bank are processed in batches and funds are not available in the beneficiary account until the next business day. ACH transfers are less expensive than wire transfers.

This 9-digit number is used by the banking system to route a check or electronic payment to the drawee or beneficiary bank.

The Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T) is the major international interbank telecommunications network that transmits international payment instructions. A SWIFT code identifies a specific financial institution within the SWIFT network.

The following information will be needed to ensure proper recording of your deposit, which is done by Shared Services Center - Accounts Receivable: * Chartfield(s) to which the funds should be applied; * Amount of funds being sent; * Estimated date of funds transfer; * Sender’s name and any other pertinent information that may help us route the funds to the appropriate destination, such as student ID, vendor ID, etc. The bank account that will receive the wire transfer is dependent upon the type of transaction being deposited. Please contact the Treasurer’s Office for further direction on the details necessary to complete the transfer.

A valid business reason is needed to open any new account. Contact the Treasurer’s Office at 734 763-1299 or [email protected].

Check and ACH payment cycles are run on a daily basis, with the exception of University of Michigan holidays and Federal Reserve Bank holidays. Checkwriting is also closed for the winter season days, which usually run from December 26th through the 31st. Checks are sent out in the U.S. mail the day they are written and ACH payment files are also submitted to JP Morgan Chase Bank daily. ACH payments may take an additional day to appear in a bank account.

Contact Accounts Payable Customer Service Desk in the Shared Services Center (734) 615-2000.

Yes, checks going to foreign countries are sent out airmail. Checks to Canada and Mexico are metered at the correct postal rate for these countries.

No, the only official distribution used for checks is the U.S. Postal Service.

We have no affiliation with the U.S. Post Office and do not know what their work schedule or workload might be at any given time.

No, vendor checks must be processed with the available Accounts Payable internal controls.

Supplier Maintenance takes care of all supplier related needs and issues.  Any questions related to vouchers, their creation or payment, as well as supplier information and numbers should be directed to Accounts Payable, the Accounts Payable Customer Service Desk in the Shared Services Center (734) 615-2000.

The Checkwriting area in the Treasurer's Office has no control or part in the processing of either type of voucher. Any questions related to vouchers, their creation or payment, as well as supplier information and numbers should be directed to Accounts Payable, the Accounts Payable Customer Service Desk in the Shared Services Center (734) 615-2000.