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There are two types of cash funds:
1.
Working cash or change funds to be used in a cashiering
function during the normal routine of conducting University business.
These funds are used only in making change, cashing checks, etc., and are
involved with the receipting of money. Examples of areas using these
funds are the Bursar’s Office, the Holmes Student Center and the
residence halls. The restrictions and policies pertaining to working
funds are contained on the Request for Working Fund form.
2.
Petty cash advances to be used by department heads or
individuals for the cash purchase of small items or services. This
includes payments to program participants of small dollar amounts.
Participant must sign the form acknowledging receipt of cash.
Petty Cash
Advances
The University will, upon written justification,
advance an individual a petty cash fund on an imprest basis. These funds
are to be used for the cash purchase of small items or services for the
University. The individual who receives the petty cash fund is held
entirely responsible for the total monies advanced. The fund must be
returned when it is no longer needed or upon the request of the Assistant
Controller. On an annual basis the Accounting Office will evaluate the
use of and need for each petty cash advance.
The following restrictions and policies pertain to all
petty cash advances:
1.
The petty cash advance should be replenished on a timely
basis via a check request form. Current valid receipts must accompany the
check request and should clearly indicate the business purpose of the
purchases.
2.
The petty cash expenditure should be under $50.00.
3.
The petty cash advance is to be used for University
business only. Personal loans, hold checks, etc. are not permitted.
Misuse or abuse of the advance will result in an immediate recall of the
total amount advanced.
4.
The petty cash advances are not to be used for travel or
meal expenses. These expenses are reimbursable on a travel voucher. (See
4-31 Travel.) However, Parking and toll expenses may be reimbursed
through petty cash, (providing no other travel expenses are incurred).
5.
All petty cash advances are subject to audit, at any
time, by the internal audit staff of the University. The individual
receiving the advance is responsible for the accounting and safekeeping
of the fund. Any shortages of the fund are the responsibility of this
individual.
6.
The petty cash fund is to be immediately closed should
the person responsible for it terminate employment or be reassigned.
Opening a Petty
Cash Advance
A Request for
Petty Cash Advance form should be completed by the individual
responsible for the petty cash fund. Approval of the Department Head is
required. The form should then be forwarded to the Assistant Controller
for final approval. If approved, a check will be drawn from the
University’s working cash fund, payable to the individual requesting the
advance. A slightly different form, Request for
Working Fund should be used to request a change fund.
Reimbursing the
Fund
Reimbursement of a petty cash advance is made by
completing a check request form and attaching receipts to support the
request. A check is issued to the individual responsible for the petty
cash fund not to the petty cash fund itself. It is the individual’s
responsibility to cash the check and replenish the fund. The check
request should be coded with the chart field combination of the
department being charged.
Closing the
Petty Cash Fund
The amount of the petty cash fund, intact, should be
deposited with the University Bursar. The individual’s copy of the
original Request for Petty Cash Advance form should accompany the
deposit, and a written receipt will be returned to the individual.
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