Title

Procedure 5.07.02

Subtitle

College Store Internal Controls

Body

Part 1. Purpose

To establish the College Store cash controls and daily cash reporting, which holds significant importance in ensuring financial oversight and fiscal health at the College. Establishes proper separation of duties to ensure audit compliance.

Part 2. Definitions

The following definitions apply to this procedure:

Auxiliary Enterprises: Defined in College Procedure 5.07.01.

College Store: Formerly known as the College Bookstore, this is a college operation that provides course material and general merchandise for sale to students, faculty, and staff.

The College Store is an enterprise operation under the oversight of The College’s Auxiliary Services.

Point-of-Sale (POS) system: A point-of-sale is a software system used to operate all technology functions of the College Store operations.

Part 3. College Store Cash Controls, Reporting of Daily Sales, and Cash Reports

All College Store revenues must be documented and recorded in the Minnesota State Enterprise Resource Planning System (ERP)Daily sales totals will be audited and recorded in the ERP by appropriate Business Office staff. Receipts will be deposited within one business day. Customer receivables must be entered into the Minnesota State ERP system at the time the amount is first established or within a reasonable period afterward.

The College Store Supervisor will coordinate and direct staff in the duties outlined below.

Subpart A. Change Fund Audit

The College Store Supervisor will direct staff to audit the change fund each morning. College Store staff will record the balance of the change fund by denomination. College Store staff will notify the College Store Supervisor if the fund balance is not accurate.

Subpart B. Returns Fund Audit

The College Store Supervisor will direct staff to audit the returns fund each morning. The staff member will record the balance of the returns fund by denomination. This audit is a blind count and will be verified by Business Office staff The College Store Supervisor may rotate staff as necessary for this duty.

Subpart C. Cashiering

College Store cashiers perform their daily duties regarding customer sales and customer service as directed in position descriptions. Student workers shall receive clear directives regarding their work assignments and expectations. All College Store cashiers will follow generally accepted retail practices regarding customer service and public safety as directed. Cashiers are responsible for their cash drawer balances during their shift. Each cashier should take appropriate security steps and exercise sound judgment when working with money. Unattended cash registers should be logged out.

Cashiers will count back change to customers and will not accept tips.

Customers paying by check are required to present a Minneapolis College Student ID or Minneapolis College Employee ID. Non-college customers may not write checks in the College Store. Checks must be written for the exact amount of purchase. The College Store does not offer a check cashing service.

Subpart D. Student Charges

Approved students with financial aid, scholarships, and third-party funding sources may charge books, supplies, course materials, parking, and prepaid bus passes in the College Store. College Store cashiers verify funding via student accounts within the POS system as appropriate and obtain the student’s signature as an acknowledgement of debt. Documentation is forwarded to the Business Office daily. The Business Office ensures the posting of s these charges to student accounts in the ERP.

Subpart E. Deposits

Separate deposits will be completed by cash register. The cashier will count back the cash till to the appropriate amount and complete a deposit at the end of each business day. This will be a blind count. The College Store Supervisor and Business Office staff will verify the deposit totals.

Deposits must be kept in the College Store safe overnight. All deposits will be delivered to the Business Office on the next business day. The College Store Supervisor will direct staff to ensure deposits are brought to the Business Office on time. The College Store staff will deliver the deposit directly to the Business Office for deposit into the College’s bank. This process should be completed daily to ensure timely armored car delivery.

Business Office staff will verify all accounting totals and reconcile the Point-of-Sales system reports to the daily deposits. Business Office staff will record all sales and returns paid by cash, check, or credit card in the ERP. The ERP transaction information and backup documents are recorded as part of the Business Office reporting for that day.

College Store staff will prepare a file with all appropriate documentation for each business day. This file contains sales information from the daily operations including but not limited to parking card receipts, accounts receivable sales, deposit copies, adjusting entries, etc.​​


Owner(s) Title: Vice President of Finance and Operations

Date of Adoption: 12/27/2005

Date of Implementation (if different from adoption date): Changes approved on 1/13/2022 were will be implemented with the approval of the full revisions of the College’s finance policies section in May 2025.

Date Last Reviewed: 5/1/2025 (Limited)

History and Subject of Revisions: 5/1/2025 (Limited Review), 1/13/2022 (Comprehensive Review. Part of the review of all college finance policies. Added a Purpose section and removed Authority section. Added definitions. Changed references from “Book Store” to “College Store.” Updated College Store cash handling and reporting guidelines.), 1/2/2019 (Non-substantial changes.), 12/27/2005 (Adopted)

Regulatory Authority (e.g. Minnesota State policy, federal or state law):  Minnesota State Colleges and Universities System Procedures for Board of Trustee Policies 7.1 and 7.6.