40.30.10 Cash and Cash Equivalents
2022-06-30
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40.30.10.1 Definitions
Cash
Cash is considered to be the most liquid (readily available) asset owned by the college and represents readily available cash held.
Cash equivalents
Cash equivalents are short-term, highly liquid investments (readily convertible to known amounts of cash) that are so near to maturity they present an insignificant risk of changes in value resulting from changes in interest rates. Generally only investments with original maturities of three months or less qualify under this definition. Items commonly considered cash equivalents are Local Government Investment Pool (LGIP) deposits, treasury bills, commercial paper, short-term deposits in financial institutions, and money market funds.
40.30.10.2 Chart of Accounts
40.30.10.2 Chart of Accounts
Cash and Cash Equivalents in the ctcLink chart of accounts are maintained with the account range 1000000-1009999.
Current defined cash accounts
| Account | Description |
|---|---|
| 1000010 | Deposits in Transit |
| 1000020 | Petty Cash |
| 1000030 | Dep w/ Escrow Agents and Trustees |
| 1000040 | Non-LGIP Invest 0-90 Days |
| 1000050 | Investment with LGIP |
| 1000070 | Cash - Bank 1 |
| 1000080 | Cash - Bank 2 |
| 1000090 | Cash - Bank 3 |
| 1000100 | Cash - Bank 4 |
| 1000110 | Cash - Bank 5 |
| 1000120 | Cash - Bank 6 |
| 1000130 | Cash - Bank 7 |
| 1000140 | Cash - Bank 8 |
| 1000150 | Cash - Bank 9 |
| 1000160 | Cash - Bank 10 |
| 1000199 | Internal Cash |
For definitions of each account see CLAM 10.30.
40.30.10.3 Statutory Requirements
40.30.10.3.a Daily Deposits
The State of Washington requires all state agencies to deposit all state funds intact each day all cash receipts collected on the preceding day as prescribed in RCW 43.01.050 unless a specific written waiver is granted by the Office of Financial (OFM).
The State also requires receipts for local accounts to be deposited intact each day for the collections of the preceding day unless a specific written waiver is granted by the Office of Financial Management (OFM), or total cash receipts on hand (exclusive of change accounts) are under $500.
However, regardless of the amount on hand, local account receipts are to be deposited weekly.
40.30.10.3.bAuthorized Banks
Local funds must be deposited in a public depository located in the state of Washington and must meet the requirements established by the Public Deposit Protection Commission. See RCW 39.58.
40.30 Accounting for Assets << 40.30.10 >> 40.30.10.4 Deposits in Transit
