|Oversight Unit:||CONTROLLERS OFFICE|
|This policy has a related procedure. Click to view the procedure below.|
The Accounting Office establishes Petty Cash Funds for use by departments to make minor purchases. Petty Cash Funds are established based on departmental need and ability to adequately secure the fund. The size (dollar amount) of the fund is determined by the using department and the Accounting Office. Those requests for a substantial dollar limit (over $100) are referred to the Purchasing Office for approval. The custodian of the fund and the Department Head requesting the fund are personally responsible for the fund. Petty Cash Funds are subject to periodic audit and may be withdrawn if not accounted for properly.
All University Departments.
A department who wishes to request a Petty Cash Fund does the following:
- Prepares Petty Cash Fund Authorization Form.
- Forwards the completed form to the Accounting Office.
- Accounting Office approves and sets up fund.
A check will be prepared in the fund custodian’s name and sent to the department. Periodically, the fund will need to be reimbursed. Prepare a Petty Cash Settlement Form and forward to the Accounting Office. After auditing the form and receipts, the Accounting Office will prepare a reimbursement check and forward it to the fund custodian.
If a department does not need their petty cash fund for a couple of months during the year, it should be deposited with the Cashier’s Office to avoid theft of the fund.