Reporting Cash Transactions

1. What Cash Transactions Need To Be Reported?

The IRS requires that the receipt of any single cash payment or series of payments on a related transaction within a 12 month period that exceed $10,000 must be reported to the IRS. In the University setting, the most frequent payment of this type would be tuition. A single tuition payment exceeding $10,000 would need to be reported. If a person made cash tuition payments of $4,000 and later made a cash payment of $6,500 within the same 12 month period, the cumulative total of these transactions would be required to be reported. In order to track a series of cash transactions, it is University policy to request that the attached "Cash Transactions Reporting Form" be completed whenever $4,000 or more is received in cash(or a lesser amount if you have reason to suspect there will be a series of cash payments).

Note: Charitable contributions received by the University are specifically excluded from this reporting rule, so no reporting is required on the attached form.

2. What Types Of Payments Are Considered To Be "Cash"?

"Cash" typically means only the currency of the US or any foreign country. However, in the unusual instance of the retail sale of a consumer durable, a collectible, or a travel and entertainment activity (e.g. if the Alumni Association ran a tour directly instead of receiving and forwarding payments to the travel agency) that exceeded $10,000, then the following would also be considered "cash":

a)Cashier's Checks (also known as bank checks or treasurer's checks); b) Bank Drafts; c)Traveler's Checks; d) Money Orders

Note: Personal checks are not included in the definition of cash.

3. How And When Are These Transactions Reported?

In order for us to prepare the IRS form, you should collect the information requested on the attached form and send it within 48 hours of the transaction to Rick Klee, Tax Director(830 Grace Hall). These transactions must be reported to the IRS by the Controller's Office on Form 8300 within 15 days of the date that the cash was received. For a series of related payments that ultimately total more than $10,000, Form 8300 must be filed within 15 days of the payment that puts the accumulated total above $10,000.

4. What Information Must Be Reported?

a) Name, address, social security(or taxpayer identification) number, birth date, and specific occupation of the individual making the payment;

b) The type of documentation reviewed to verify the individual's name and address(e.g. driver's license, passport, etc) and the related number from the ID;

c) The type of cash received(see # 2 above), date received, and total amount(or accumulated amount, if more than one related payment was received) ;

d) The type of transaction-e.g. "business services-tuition payment";

e) The business that received the cash(complete as preprinted on sample form attached).

University of Notre Dame

Cash Transactions Reporting Form**

1.Identity of Individual(s) Making Payment***

A. Last Name, First Name, M. Initial:______________________________________________

B. Social Security or Taxpayer ID #: ______________________________________________

C. Date of Birth:______________________

D. Address(including number, street, and/or apartment, city, state, zip code, and country):

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

E. Occupation, Profession , or Business:________________________________________

2. Documentation Provided That Verifies Identity(Complete Any One Line)*:

A. Driver's License: Indicate State:_____ and ID Number:___________________________

B. Credit Card: Indicate Issuer:_______________ and Number:_______________________

C. Passport: Indicate Issuer:_______________ and Number:__________________________

D. Alien ID Card: Indicate Issuer:_______________ and Number:______________________

E. Other: Indicate Type of ID:_______________________________________and

Indicate Issuer:_______________ and Number:__________________________

3. Transaction Description

A. Date Cash Received: / /

B. Total Cash Received: $

C. Amount of Payment in $100 bills or higher: $

D. If Payment in Foreign Currency, Indicate Country:

E. Cash Was Received in More Than One Payment? _____No _____Yes

F. Actual Price of Service for Which Payment is Made: $

G. For retail sales(collectibles, consumer durables, or travel/entertainment activity), indicate if "other" type of cash received:

Cashier's Check, Bank Draft, Traveler's Check, Money Order

G. Type of Transaction Description (if other than for tuition, room and board):

Please forward to Rick Klee, Tax Director, 830 Grace Hall within 48 hours of this transaction. Please call Rick at 631-3288, if you have any questions.

* In the case of an alien, item C. or D. is required, unless some other form of official national or residency document is provided.

** Required for cash receipts over $4,000 (per transaction)

*** If more than one individual is responsible for this payment over $10,000, attach separate sheet for each additional payer.