Petty Cash Procedures & Regulations
Petty cash funds/change funds may be requested when there is an established need for repetitive small cash purchases or where the need to maintain a change fund has been justified. A "Petty Cash/Change Fund Authorization" form should be completed and appropriate signatures affixed (see Informed Filler, "Petty Cash Authorization"). After approval is granted, a check will be made payable to the custodian and available for pick-up in the Accounting Office.
At the time an expenditure is made, a receipt will be obtained which contains the following:
- Date of expenditure
- Name of Vendor
- Amount paid.
- Positive evidence that a payment was made. (Cash register receipt or handwritten invoice on which "paid" appears.)
- Description of the goods purchased
- Signature indicating receipt of goods or services (when applicable)
Reimbursement to the fund custodian will be made when the following documentation is submitted:
- Petty cash voucher supported by original purchase receipts (see Informed Filler, "Petty Cash Voucher")
- Completed summary information on first page of petty cash voucher
- Pre-approved food and related items (when applicable)
When petty cash funds are no longer needed; have not had any activity in 6 months; or upon termination or departmental transfer of the custodian, petty cash funds will be returned to the Accounting Office. Transfer of funds to a successor is not authorized. If a successor is to be furnished a petty cash fund, a new request is required.
Petty cash cannot be used to purchase anything requiring special approval, nor should it be used for purchases requiring a purchase order. When the fund is not in use, it must be kept in a secure, locked receptacle.
In the event of theft, notify Campus Police immediately. A new request should be submitted requesting reimbursement of the fund that will include the following details:
- Date and time of theft
- Amount of theft
- Circumstances involved
- Prevention taken against similar occurrences
- Name of custodian and department
- Copy of police report
- The petty cash funds which currently exist in various departments are managed by a "petty cash custodian." Each department must have their own fund if they wish to use petty cash for expenditures
- All petty cash purchases must be for valid and proper University business purposes; the same rules and criteria used by the Purchasing Department apply to petty cash purchases
- Purchase of a single item or multiple items totaling more then $50 (excluding sales tax) on a single receipt, or invoice, can not be reimbursed by petty cash
- A petty cash voucher may combine separate receipts from the same vendor if dated different days and they do not exceed the $50 limit
- Individuals can claim reimbursement from department petty cash custodians by presenting original receipts, or by presenting order/registration form with copy of check, or credit card statement
- Petty cash custodians should request reimbursement of their departmental petty cash fund at least monthly by completing the Summary Information section and submitting the petty cash vouchers to Accounting Services M/S JA 58
- Purchases of food and /or snack related items should not be made from petty cash funds, except in limited circumstances when approval is granted in advance
- Petty cash voucher must include a complete Peoplesoft Chartfield string and an authorizing signature.