Cash Payments over $10,000
Any time the University receives $10,000 in cash in one transaction or in two or more related transactions, we are required to file Form 8300 “Report of Cash Payments Over $10,000 Received in a Trade or Business. “Cash” is narrowly defined as U. S. and foreign coin and currency or a cashier’s check, money order, bank draft, or traveler’s check. Transactions occurring up to a rolling 12 month period are considered related (and reportable) if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions. Payments for tuition, fees, room and board, etc. are considered related (and reportable) transactions.
Note: Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount or a charitable contribution. Trade or business is defined as any activity constituting the sale of goods or the performance of services to produce income under Internal Revenue Code Section 162. One such example of trade or business income for a university would be tuition payments.
Form 8300 is due the 15th day after the date the cash was received. The University must give a written statement to each person named on a required Form 8300 on or before January 31 of the following calendar year in which the cash is received. The Form 8300 is issued by the Cashier’s Office.
For specific form information, contact the Cashier’s Office.
Cash Payment Procedure
When making a cash payment, you will be asked to present your government issued ID, such as Driver’s License, Passport, or Permanent Resident Card. Please note Mason ID is not an acceptable form of ID. You will also need to provide information for a Cash Intake Form. The form can be filled in advance and signed at the office or is available at the Cashier’s window.