FREQUENCY OF DEPOSITS - 8032.1

Agencies/Departments shall deposit money in a timely and economical manner. Deposits should be combined, and the number of daily deposits kept to a minimum to save time and avoid unnecessary depositing costs. Agencies/Departments shall adhere to the following guidelines in determining when to deposit money into a state depository bank account at an approved depository for credit to the centralized State Treasury System account. For a list of approved depositories, see SAM Section 8031.

• Agencies/Departments with safes, vaults, money chests, or other comparable storage that is adequate to safeguard cash will accumulate collections until they amount to $1,000 in cash or $10,000 in a combination of cash, checks, money orders, and warrants (excluding state warrants and state checks), whichever occurs first.
• Agencies/Departments without a safe, vault, money chest, or other comparable storage that is adequate to safeguard cash will accumulate collections until they amount to $250 in cash or $10,000 in a combination of cash, checks, money orders, and warrants (excluding state warrants and state checks), whichever occurs first. When such funds are not in use, they will be locked in a desk, file cabinet, or other mechanism that provides comparable safekeeping.
• Agencies/Departments will not hold any undeposited money for more than five working days. Agencies/Departments may deposit more than once a day when it is economical or practical to do so because of the size of the deposit.
• Field representatives may either deposit money directly or forward it to the appropriate accounting office to be deposited into a state depository bank in accordance with the agency/department’s field office deposit procedures. However, agencies/departments shall adhere to the SAM requirements governing the depositing of money.

Agencies/Departments should utilize any deposit procedure that expedites the deposit process if the additional earnable interest exceeds the cost of the procedure. For information on maximization of interest, see SAM Section 8099.