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Policy Information

Policy Title	Reporting Cash Transactions over $10,000
Responsible Office	Senior Associate Vice President for Budget and Business Affairs
Policy Type	Business Affairs
Policy Number	217
Last Revision Date	12/13/2023

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	University department representative that received the cash
By the end of the day during which the transaction takes place	Send an email to the Accounting Office at business@binghamton.edu 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.	University department representative that received the cash
By the end of the following business day	Email the completed Form 8300 to the  Accounting Office	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	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:  

Reporting Cash Payments:

Publications 1544:  

If you have any questions regarding these procedures or any of the referenced documents, please contact the Accounting Office at 607-777-3073.

Attachment A

(Office Letterhead)

(date)

To the Payer of Cash to ºÚÁÏÊÓƵ,

Pursuant to Internal Revenue Service (IRS) rules and regulations as described in Publication 1544, ºÚÁÏÊÓƵ 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 ºÚÁÏÊÓƵ 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