4.0 PETTY CASH POLICY

There are three (3) transactions involving Petty Cash: 1) Petty Cash Fund; 2) Change Fund; 3) Petty Cash Reimbursements. Types 1 and 2 are described in this section. Type 3 is described in Section 7.

1. Petty Cash Fund

A petty cash fund is established with the approval of the Associate Vice President for Finance for a designated amount from which payments and/or reimbursements for small dollar expenses may be made. At all times, the cash on hand plus the dollar amount of expenses supported by paid receipts must equal the designated amount of the fund.

The following procedures will be followed:

1.1 A receipt properly documenting the purpose of each expenditure is required for reimbursement.

1.2 All university expenditure policies must be followed.

1.3 Entertainment and travel reimbursements are excluded.

1.4 The custodian shall be responsible for the following:

1.4.1 Safe and secure storage

1.4.2 Keeping the fund separate from all other funds

1.4.3 Ensuring all transactions comply with university policy

1.4.4 Requiring the fund to be balanced daily

1.4.6 Reporting any non-balancing to General Accounting immediately

1.5 The Department Supervisor shall notify General Accounting of change of custodian immediately.

1.6 The fund may be replenished by completing a Purchase Voucher with reimbursement receipts attached.

1.7 The fund is subject to surprise cash counts at any time by General Accounting and must be made available at that time.

1.8 Fund custodians must sign a statement acknowledging their responsibility for cash and adherence to cash handling policies and procedures.

1.9 Annually each employee working with a Petty Cash Fund will acknowledge in writing they have received, read, and understood the University procedures concerning Petty Cash Funds.