300.3 - Statewide Accounting Policy - State Entity Cash Management

Policy Area:  Cash Management
Policy Sub Area:  N/A
Authority:  GS 147-86
Effective Date:  7/1/1986
Last Revision Date:  N/A
Policy Owner/Division:  Statewide Accounting

Policy

All agencies, institutions, departments, bureaus, boards, commissions, and officers of the State shall devise techniques and procedures for receiving, depositing, and disbursing monies in their control and custody that are designed to maximize interest-bearing investment of cash while minimizing idle and nonproductive cash balances. This policy applies to the General Court of Justice, public school administrative units, and community colleges with respect to receiving, depositing, and disbursing monies required by law to be deposited with the State Treasurer and with respect to monies made available to them for expenditures by warrants drawn on the State Treasurer. All cash deposited with the State Treasurer by State agencies should be managed in pooled investment accounts to maximize interest earnings.  This policy shall include the acceptance of electronic payments in accordance with G. S. 147-86.22 to the maximum extent possible consistent with sound business practices.

OSC develops, implements, and amends the Statewide Cash Management Policy for all State agencies. The Office of the State Auditor (OSA) monitors agency compliance with the cash management policy. The State Treasurer publishes a quarterly report on all funds in the control or custody of the State Treasurer, showing cash balances on hand, investments of cash balances, and a comparative analysis of earnings and investment performances. 
 

Procedures

N/A

Accounting Guidance

N/A

Related Documents (Memos/Forms)

N/A

Revision History

  • None to date