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Reporting Cash Transactions over $10,000

Responsible Office: Associate Vice President for Business Affairs 

Policy Type: Business Affairs

Policy Number: 220

Last Date Revised: 6/27/17

The University is required to report to the IRS and Financial Crimes Enforcement Network (FinCEN) the receipt of cash in excess of $10,000 in a single transaction, or two or more related transactions, from the same person (or agent) received in the course of the University’s trade or business within a twelve month period. 

IRS Form 8300, Reporting of Cash payments Over $10,000 Received in a Trade or Business, must be filed by the 15th day subsequent to the transaction which causes the total cash payments received from that person (or agent) to exceed $10,000.  The following procedures have been established to ensure the University’s compliance with Form 8300 reporting requirements.

TIMELINE ACTION REQUIRED BY WHOM
At the time of the transaction Complete Form 8300:
--Obtain the most recent version of Form 8300 from the IRS website at http://www.irs.gov/pub/irs-pdf/f8300.pdf
University department representative that received the cash
By the end of the day during which the transaction takes place

Send an email to the Business Office (see required recipients below) that a reportable transaction has taken place and Form 8300 has been completed. Include a phone number at which the department administrator can be reached if there are any questions.

Kathryn Keesler, Accounting Manager
 kkeesler@binghamton.edu

Courtney Emick, Accounting Analyst
cemick@binghamton.edu

University department representative that received the cash
By the end of the following business day Deliver the completed Form 8300 to the Revenue Accounting Office located in the Couper Administration Building University department representative that received the cash
By the 15th day subsequent to the transaction Review and file Form 8300 with the IRS and the FinCEN
--If the form appears to be incomplete or incorrect, contact the department which received the cash to obtain additional information relating to the reportable transaction
Revenue Accounting Office
By January 31st of each year Prepare and furnish Notice to Payer of Reportable Cash Transaction (ATTACHMENT A below) to all payers who were identified on Form 8300 and reported to the IRS during the immediately preceding calendar year Student Accounts Office
For at least five years from the date of filing Form 8300 Maintain a copy of the completed Form 8300 Accounting Office


If you would like more information, please reference the following websites:

Bank Secrecy Act: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Bank-Secrecy-Act

Reporting Cash Payments:  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Form-8300-and-Reporting-Cash-Payments-of-Over-10000

Publications 1544: http://www.irs.gov/pub/irs-pdf/p1544.pdf

If you have any questions regarding these procedures or any of the referenced documents, please contact the Revenue Accounting Office at 777-6100.

ATTACHMENT A

(OFFICE LETTERHEAD)

(DATE)

To the Payer of Cash to Binghamton University,

Pursuant to Internal Revenue Service (IRS) rules and regulations as described in Publication 1544, Binghamton University is required to report to the IRS and the Financial Crimes Enforcement Network (FinCEN) each transaction in which more than $10,000 in cash is received by the University. When the University receives in excess of $10,000 in cash in a single transaction, or in two or more related transactions, it is required to obtain the following information regarding the payer and provide it to the IRS and FinCEN via IRS Form 8300:

  1. Payer’s name, address, date of birth, occupation, Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN),
  2. Identification of the document used to verify payer identification (for example, passport or driver’s license) including the document number, and
  3. If the transaction is conducted on behalf of another person, that person’s name, address, occupation, and SSN or ITIN.

The above information is required by law and expedites the processing of your transaction(s). You are receiving this statement from Binghamton University because we received cash totaling $10,001 from you within a 12-month period and have reported this information to the IRS.

This letter is to inform you of our reporting requirement and no action is required from you at this time.

Sincerely,

Student Accounts Staff

Last Updated: 6/29/17