The bond unit is responsible for the registration, transfer, redemption, and payment of interest for the Board of Regents, State of Iowa, Series ISU registered bonds and is also paying agent for the Board of Regents, State of Iowa, Series ISU bearer bonds and coupons.

For information, contact Jason Glidden at (515) 294-1002.

The cash management and investment unit is responsible for daily bank activity, wire transfers, ACH payments, internal and master lease program, reconciliation of the Master Card/Visa merchant accounts, purchase and sale of investments for the operating account and the reconciliation and reporting for the university operating and endowment accounts.

Cash Handling Procedures

Departmental Deposits (Cash, Check, EFT)

Departments may request a deposit by emailing, or by filling out the Request a Cash or Check Deposit form in the Finance and Planning section of the Service Portal. The request form will capture all required information and walk you through the next steps of the deposit.

Once your deposit request is submitted to Finance Service Delivery a Finance Specialist will process the Record Cash Sale and send you the Cash Sale (CS) reference number. Once you have received the reference number then you can proceed with dropping off your funds at 1220 Beardshear Hall for the Treasurer’s Office to complete the deposit. Please include your Cash Sale (CS) number with your money for deposit for the Treasurer’s Office to reference.

For additional information related to departmental deposits please refer to the Workday Accounting: Record Cash Sale Quick Reference Guide in the Finance and Planning Portal.

Campus Organization Deposits

Deposits for Campus Organizations should be taken to the Memorial Union Business Office, located in room 3610 Memorial Union.


Any department wishing to accept payment cards should email the Treasurer's Office with your request, and we will schedule a time to review your plan.

Becoming a Merchant

In order to accept payment cards in return for their goods/services, departments (merchants) must complete a Departmental Request to Process Payment Cards and a Merchant Agreement and return it to the Treasurer's Office. The University accepts VISA, MasterCard, Discover and American Express cards. It will take approximately three weeks for merchant numbers to be activated and to receive the appropriate equipment.

Equipment and Supplies

New merchants can either lease or purchase the equipment from the credit card processor. One terminal with a printer is the required equipment. A pin pad is only required if a merchant plans on accepting debit cards. Any equipment problems should be handled with the credit card processor through the 800 phone provided.

Data Security

Along with the privilege of accepting payment cards, every merchant must be very careful in handling transaction data. Sensitive cardholder data must be securely disposed of when no longer needed. All but the last four digits of the account number must be masked when displaying cardholder data. Never store credit card numbers. Data Security pertains to all transactions, whether they are initiated via the telephone, over the counter, mail order, Internet, etc. If you are not in compliance with any of these requirements, contact the Treasurer's Office, 294-4363, immediately for assistance.

Security Standards

The PCI DSS is a mandated set of requirements agreed upon by the five major credit card companies: VISA, MasterCard, Discover, American Express and JCB. These security requirements apply to all transactions surrounding the payment card industry and the merchants/ organizations that accept these cards as forms of payment. Further details about PCI can be found at the PCI Security Standards Council Web site.

In order to accept credit card payments, the university must prove and maintain compliance with the Payment Card Industry Data Security Standards.  The university’s Payment Card Policy and additional supporting documents provide the requirements for processing, transmission, storage, and disposal of cardholder data transactions.  This is done in order to reduce the institutional risk associated with the administration of credit card payments by individual departments and to ensure proper internal control and compliance with the Payment Card Industry Data Security Standard (PCI DSS).

Questions about how to comply with the PCI DSS should be directed to IT Security.


University departments may request that stop payment orders be placed on disbursement checks that are lost, stolen, or mutilated, and replacement checks be issued to the payee. All requests must be routed through the ISU Accounting Office. The replacement check will be mailed to the address indicated by the department. It is the responsibility of the department to ensure the correct address. The limit for rewritten checks is 2. After 2 rewrites, the department will need to submit a new voucher to the accounting office.

If a payee claims that the endorsement signature on a university check is not his/hers, the payee must complete an Affidavit of Check Forgery. This form can be picked up in the Treasurer's Office, 1220 Beardshear Hall. Once the Affidavit of Check Forgery is completed, the Treasurer's Office will submit it to the university's bank. If reimbursement occurs, a replacement check will be issued.

All funds belonging to Iowa State University must be deposited in an Iowa State University bank account. Bank accounts used to conduct University business must be approved by the Treasurer of Iowa State University, who is the only individual authorized to open bank accounts. The use of personal checking or other bank accounts for depositing University funds is prohibited.

University employees should not be dealing directly with any financial institution regarding the opening or closing of bank accounts. Only the University Treasurer or his/her delegates have the authority to enter into or modify banking agreements on behalf of Iowa State University.

Procedures for Petty Cash Funds Requiring Checking Accounts for Disbursements

  • The Department must complete the External Bank Account Application and Policy Acknowledgement Form (PDF) prior to opening an external checking account.
  • The Treasurer of the university will determine the financial institution where the checking account is to be established. The name of the account should be "Iowa State University--(Name of the Project)."
  • The Treasurer of the university must be included as one of the authorized signatures on the account. The signatures must be updated as needed. Only current designated employees and the Treasurer can be signers for the account.
  • The funds deposited to this bank account are only available for the requested purpose, bank charges, and cost of checks. The use of these funds for any other purpose would have to be authorized in advance of the disbursement(s).
  • Replenishment of the petty cash funds deposited to this bank account should occur on a timely basis. The replenishment should follow the procedures identified in Procedures for Replenishing Petty Cash Funds. It is expected that a reconciliation will be submitted to Accounting on a monthly basis, consistent with the bank statement cycle.
  • When the need for the checking account no longer exists, the University Treasurer is to be notified of the intent to close the bank account. All unused checks should be destroyed and a current bank reconciliation should be forwarded to Accounting (3606 ASB). It will be the responsibility of the employee to work with the University Treasurer to formally close the account and appropriately transfer all funds remaining in the account back to the funding University account.
  • The need to retain an external checking account longer than indicated on the External Bank Account Application requires notification and approval of the University Treasurer.
  • Occasionally, a check may remain outstanding for an extended period of time. If it is expected that the check will not be cashed by the subject (outstanding at least 180 days), the amount of the check(s) should appear as a credit on the next petty cash voucher submitted by the employee. The effect of the credit will be to reduce both the expenses charged against the university fund account and the amount of the replenishment. When a check is written off in this manner, it must be added back to the checkbook balance and eliminated from the outstanding check total used in reconciling the bank account.
  • When a check must be reissued to a subject; (e.g., the original check was lost or possibly stolen), a stop payment notification must be communicated to the financial institution where the checking account is maintained. Such checks should not appear on any future replenishments of the account.
  • Any interest earned on the account, net of bank fees, should be recorded to the Treasurer's temporary investment account (950-10-01, class 056-50). If the funding source was federal, contact the Sponsored Programs Accounting Office for the appropriate account number to credit.
  • In order to provide adequate separation of duties, the bank reconciliations should be prepared monthly by someone other than an authorized signer on the account. The department is responsible for reconciling both the checkbook balance to the bank balance and the bank balance to the amount of the petty cash advance. These reconciliations are due in the accounting office (3606 ASB) by the 30th of the month following receipt of the bank statement.  Should you require any assistance with the reconciliation process, please contact Accounting at 4-5180.

The University may grant internal loans to departments to finance selected acquisitions or projects, financed from internal funds. Internal operating loans have a specific term, a defined interest rate, and a formal repayment schedule.

  • Maximum threshold for financing is $200,000.00.
  • Departments must provide a viable, non-federal account with demonstrated evidence of availability of funds for payments. The Controller's office will review all proposed repayment accounts for viability. (Use of federally funded accounts would be prohibited due to federal policies on interest payments).
  • Exceptions to any policies contained in this proposal would be only at the discretion of the Chief Financial Officer.
  • Final approval of financing will be the responsibility of the Treasurer. The Internal financing form, signed by DEO, is forwarded with attachments to the Treasurer's office for processing. 
  • The internal financing form serves as the request, approval and agreement document. This form will include the following information before a purchase order is processed.
    • Amount financed
    • Rate and finance period
    • Amount of first and subsequent payments
    • Account to be charged installments
    • Acknowledgment statement that property cannot be disposed of without paying outstanding balance.
    • Dean or Director signature
    • Treasurer's office signature
    • Controller's office signature
  • Financing periods will be up to five years. Any agreement for more than five years or above $200,000.00 will require specific approval of the Chief Financial Officer.
  • Repayment will be on 12/31 and 6/30.

The Regents' master lease agreement may be used for purchase of equipment or capital projects (real or personal property) with cost from $100,000 to $5,000,000 with a maximum maturity of 10 years. 

Proposals for the purchase of equipment or capital projects that are to be financed using the Regents' master lease agreement shall be submitted to the Treasurer's Office for review and shall contain a business plan setting forth the:

  • Description of the equipment or project
  • Cost of equipment or project
  • Projected use of equipment or project with a breakdown of public and private use
  • Length of time for financing
  • Projected date for funding
  • Source of funds for master lease payments
  • Return on investment calculation

The proposal will be forwarded to the University's legal counsel for review and to the university's leasing agent for a tentative amortization schedule and interest rate.

The financing will be docketed for the Board of Regents, State of Iowa review and approval. Once approved by the Board, lease documents will be prepared and signed by the University, the university's leasing agent, and the Executive Director of the Board. Notification of the approved financing will be forwarded to the Legislative Fiscal Bureau.

Depending on the length of the project an escrow account will be established to hold funds for disbursement. All funds must be spent within 18 months to avoid arbitrage.

A. Cash Sales

  • Cash is considered to be any type of payment for goods or services including: coin, currency, checks, money orders, credit cards and electronic funds transfers.
  • The cash received must be entered on a cash register, if one is available, and a copy of the receipt given to the customer. If a cash register is not available then pre-numbered receipts must be utilized and a copy of the receipt given to the customer.
  • The cash collection point must maintain a clear separation of duties. An individual should not have responsibility for more than one of the cash handling components: collecting, depositing and reconciling.
  • All checks must be endorsed immediately with a restrictive endorsement payable to Iowa State University and the corresponding departmental Worktag.
  • Checks received that were intended for another department should be restrictively endorsed to Iowa State University and forwarded to that department for deposit. If the intention is unclear, the checks should be restrictively endorsed and sent to the Treasurer's Office to handle.
  • An adding machine tape of the individual checks with the total of all the checks must be included with the deposit. The currency must be sorted by denominations bundled into groups of $100.
  • All cash sales must be recorded through the use of the Record Cash Sale function in Workday.
  • Once the deposit has been submitted in Workday, a cash sale number is assigned. This number along with the cash and checks must be delivered to the Treasurer's Office. For those departments that are not conveniently located to the Treasurer's Office, checks may be sent by campus mail. All cash must be hand delivered.
  • When cash receipts are less than $100, the deposit must be delivered within 5 days. Monies exceeding $100 should be delivered within 2 days.
  • The responsibility for monies does not cease until the monies are deposited with a completed and correct Cash Sale number and verified by the Treasurer's Office.
  • Cash must be stored in a safe or other secure place until it is deposited.

B. Balancing of Cash Receipts

  • All cash collected must be balanced daily by comparing the total of the cash, checks, credit cards receipts, etc. to the cash register totals, the pre-numbered receipts totals and the money received by mail totals, as applicable.

C. Reconciliation of Cash Collected

  • This function must be performed by an employee who has no cash handling responsibilities.
  • Verify that all transactions are complete, recorded, and deposited in a timely manner.
  • Monthly, compare the deposits submitted to your corresponding Workday report.
  • Cash Handling Procedures