Undistributed ACH & Wire Deposits

On a daily basis UCSB receives both international and domestic funds in the form of Automated Clearing House credits (ACH) and wire transfers. These funds are deposited into UCSB's Bank of America account #xxxxxxx030 and recorded in the UCSB General Ledger (GL) in Account 110080 (Main Depository). Funds are often intended for campus departments, and recipient departments often do not know when their funds may be deposited into the campus bank account.

Unclaimed ACH/Wire deposits (except for those identified as Extramural Funds deposits) are credited to GL Account 116019 Cash Received Undistributed on a regular basis as part of the reconciliation of the Main Depository Account.

Guidelines & Process

To assist departments in identifying their funds, the General Accounting team uploads undistributed ACH and wire deposit bank details to the Undistributed ACH and Wire Deposits list on an ongoing basis. Access to this secure list is given to campus fiscal officers, who can then claim funds by notifying General Accounting. Contact General Accounting for access to the list.

Claiming CRU Funds

Unclaimed ACH/Wire payments will remain on GL Account 116019 and be listed in the Undistributed ACH and Wire Deposits List for 24 months. When an ACH/Wire item is identified, the department is to notify the General Accounting team and provide the appropriate FAU (Financial Accounting Unit) to credit for the financial journal. General Accounting will submit these journals. This time frame allows a minimum of 2 years for departments to identify/claim funds received by UCSB and properly record them.

The General Accounting team actively works across the campus on an ongoing basis to identify potential recipient departments.

Requests relating to unreceived Extramural Funds deposits, including gifts, should be directed to Extramural Fund Accounting.

Unclaimed CRU Funds After Two Years

Unclaimed ACH/Wire payments will remain on GL Account 116019 and be listed in the Undistributed ACH and Wire Deposits List for 24 months. When an ACH/Wire item is identified, the department is to notify the General Accounting team and provide the appropriate FAU (Financial Accounting Unit) to credit for the financial journal. General Accounting will submit these journals. This time frame allows a minimum of 2 years for departments to identify/claim funds received by UCSB and properly record them.

The General Accounting team actively works across the campus on an ongoing basis to identify potential recipient departments.

Requests relating to unreceived Extramural Funds deposits, including gifts, should be directed to Extramural Fund Accounting.

Background

Undistributed Cash and other credits are addressed in the UC Accounting Manual at C-173-26, Cash: Deposits and Other Credits. To a lesser extent some guidance is provided in Accounting Manual R-212-2 Receivables Management, applicable to payments made in excess of receivables. However, there are no clear guidelines for the disposition of aged undistributed cash. This new process of sharing the Undistributed ACH and Wire Deposits list via Google Sheets is provided by Business & Financial Services to improve transparency to campus departments allowing them to claim revenue that they have earned. Furthermore, this local guidance specifically describes the processes for UCSB to continue to be in compliance with Policy of aged undistributed cash.