Wayne State University

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Policies and Procedures

APPM

1.7.6 Other Payment Methods

1.1.     Incoming Electronic Fund Transfers (EFT) and Automated Clearing House (ACH)

This section of the document defines and outlines university procedures regarding incoming Electronic Fund Transfers.  These transactions typically are U.S. Government funding or other special payments.

The Cashier's Office should be contacted prior to receipt of an incoming ACH deposit and/or Electronic Fund Transfer (EFT) to identify/match to the appropriate department.  The following information should either be emailed to the Cashier's Office listserv at (bursar@Wayne.edu) or sent through inter-office mail.

  1. Source of the incoming ACH or EFT deposit (sender or bank).

  2. Any identifying code numbers (reference & verification).

  3. Date funds are expected.

  4. Amount of the deposit.

  5. Fund, ORG, Account & Program (FOAP) that funds are to be deposited.

All ACH's and EFT's should be directed to Wayne State University's Depository Bank with instructions to the sender to include as much pertinent information as possible for identification purposes; i.e., the name of the company remitting payment and the name of the university department expecting payment. The receiving department should contact the Cashier's Office to obtain depository bank information.

Unidentified incoming ACH's and EFT's will be credited to the university's general fund account if they are not identified by a department.

1.2.     Wire Transfers

Wire transfer payments are accepted for tuition and fee payments only.  Contact the Cashier's office at (313) 577-3650 for banking information and specifications.

1.3.     Foreign Checks

Any check not drawn on a U.S. bank or which does not have a U.S. clearing bank listed on it, is considered a foreign check even if the check is payable in U.S. funds.  The University does not accept foreign checks of funds not paid in U.S. dollars.

1.4.     Gifts, Grants, and Contracts

Gifts, grants and contracts are processed in accordance with Executive Order 04-05 Approval, Stewardship and Reporting of Gifts, Grants and Contracts.  All moneys received as gifts, grants and contracts shall be deposited by the Fund Office.

1.4.1.    Gifts

A contribution received by the university for either restricted or unrestricted use in furtherance of the institution's mission for which no commitment, other than use as specified by the donor, of resources or services has been made by the university.

1.4.2.    Grants

A contribution received by the university for either restricted or unrestricted use in furtherance of the institution's mission that typically comes from a corporation, foundation or organization, not an individual.

1.4.3.    Contracts

An agreement between the university and another entity to provide an economic benefit for compensation.  The agreement is binding and creates a quid pro quo relationship between the university and the entity.