Accounts Receivable and Cashiers

Administrative Procedure – Cash Receipts and Cash Disbursements

At its meeting on February 10, 1997, the Business Board rescinded the policy on cash receipts and disbursements and replaced it with the following administrative procedure.

  1. Cash Receipts – All cash receipts, without exclusion, should be deposited the sooner of weekly or when cash receipts total $500, into a University of Toronto bank account in the name of the Governing Council of the University of Toronto, authorized under the Banking Resolution.
  2. Cash Disbursements – All cash disbursements by, or on behalf of the University of Toronto, will be made by the Office of the Chief Financial Officer or appropriate designate. The Chief Financial Officer may approve the use of three alternative disbursement methods by approved application as follows:
    1. Imprest petty cash accounts – Justifiable petty cash accounts may be arranged to facilitate the payment of cash expenditures not greater than $100.
    2. Imprest expenditure bank accounts – Justifiable imprest bank accounts may be arranged to facilitate the payment of minor expenditures not greater than $500.
    3. Purchasing Cards – Purchasing Cards may be arranged for approved University employees to facilitate the payment of eligible expenditures not greater than $10,000.

Effective October 15, 2024, the University of Toronto Financial Services Department will begin a gradual wind-down of the in-office services offered by the Cashier’s Office. In-office drop-offs will fully cease on December 13, 2024.

Effective January 1, 2025, all cash receipts must be self-deposited to a CIBC Branch the sooner of weekly or when cash receipts total $500, into a University of Toronto bank account in the name of the Governing Council of the University of Toronto, authorized under the Banking Resolution. For a map of CIBC Branches on the St.George Campus, click here.

Departments can use their own subordinate bank account for these deposits, or, if a departmental subordinate account is not used, departments can deposit to the Cashier’s subordinate account.

If a department requires a departmental subordinate account to be created, please see: How Do I Open a Subordinate Bank Account?

Resources

The following documents are required for all self-deposits:

  1. CIBC Deposit Slip (can be obtained from CIBC branch or found here)
  2. UofT Bank Deposit Form
    1. Direct Deposit to Departmental Subordinate Account
    2. Direct Deposit to Cashier’s Subordinate Account

Additional Resources can be found here, including:

Contacts – Accounts Receivable

Below please find a list of contacts in Accounts Receivable and Cashier’s Office. The email addresses can be found by clicking on the staff member’s name.

Assistant Manager, Receivables Ruth Bonifaz 416-978-6400
Accounts Receivable Administrator Nataliya Iordakiyeva 416-978-2073
General Accounting Administrator Fabian Gan 416-978-8185

 

Last Revision October 2024

 

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