Details Regarding the Changes in Departmental Deposit Procedures

On June 30, 2020, the on-campus Capital One branch located in the Butler Pavilion Tunnel closed. This change affects the procedures surrounding departmental deposits.

Detailed Procedures for Departmental Deposits

(Excluding Remote Deposit and Express Deposit)

1. Departments should make all cash and check deposits at the Spring Valley Capital One Bank Branch located at 4860 Massachusetts Avenue NW (across the street from the University’s Spring Valley Building, 4801 Massachusetts Avenue NW).

2. A Capital One Bank Deposit slip (provided by your business office) is required to make a departmental deposit at the Capital One Spring Valley Branch. Enter a total for both checks and cash on the deposit slip and then provide an overall total on the bottom of the deposit slip in the total section.
3. Please endorse the back of each check with “American University-For Deposit Only”.
4. Take your deposit “package” to the teller window at the Capital One Bank Spring Valley Branch on campus.
5. The teller will deposit the funds directly into the University’s operating account and provide you with a receipt and a copy of the Capital One deposit slip to keep for your records.
6. Separately, the staff member must also electronically fill out the Departmental Deposit Form in its entirety, including individual amounts, descriptions, and GL accounts for each piece of the deposit. After completing the departmental deposit form, print and sign the form.
7. The Departmental Deposit Form along with a copy of the deposit receipt from the Capital One teller must be scanned and emailed to departmentaldeposit@american.edu. If you do not email your departmental deposit form and deposit receipt to this email address, your deposit will not be posted to your AU general ledger accounts in Colleague.
8. The Departmental Deposit Form is located on myAU.american.edu on the Controller’s Forms and Resources page. There is also a link to the Departmental Deposit form on the Treasury Operations website.
9. The day following your deposit (contingent upon receipt of your Departmental Deposit Form and deposit receipt), the funds will post to the general ledger accounts in Colleague that were noted on your departmental deposit slip.

Express Deposit Procedures (Departments with Large Volume of Cash Deposits):

1. Any department that is making cash deposits of $500.00 or more per week on a regular basis should email Treasury Operations (Treasury@american.edu) to be set up with Express Deposit from Capital One.

Remote Deposit Procedures (Departments with Large Volume of Check Deposits:

1. Any department that makes 10 or more check deposits a week should email Treasury Operations (Treasury@american.edu) to be set up a with a Capital One Remote Deposit machine.

Requests for Change from the Bank

1. All requests for change should be completed at the Spring Valley Capital One Branch (4860 Massachusetts Avenue NW).

Contacts

For any questions regarding the above changes, please contact the following people:

Departmental Deposit Procedures – Veronica Holland; vholland@american.edu; x1572 and Kathy Imbalzano-Muirhead, kimbalza@american.edu; x2715

Departmental Deposit Accounting or Specific Deposit Details – controllersoffice@american.edu