Policy identification number: ACCT-0004
File: Business & Finance Policies > Accounting Services Policies
To establish criteria and procedures for issuance and guardianship of petty cash funds.
Vice President, Finance & Administration
July 18, 2018
July 18, 2018
petty, cash, p, vpfa
Scheduled for Review
I. Policy Statement
Petty cash funds will only be issued for the purpose of paying incidental expenses of a nominal amount that require cash payment, such as postage or other expenses not otherwise appropriately billed by invoice and paid through Accounts Payable or paid by use of the College procurement card (p-card). Petty Cash funds will not be used to cash personal checks or to make temporary loans.
All disbursements from petty cash must be for College business purposes only and must be necessary and reasonable, and be consistent with College disbursement policies described in Policy 1-1. Receipts must be obtained for all expenditures.
At the end of each fiscal year, all petty cash funds will be verified and replenished by the fund custodian. Departmental budgets will be charged for expenditures made.
II. Reason for Policy
To provide guidelines in accordance with the College policies for issuance and guardianship of petty cash funds.
For following the policy: All petty cash fund custodians
For enforcement of the policy: Controller, Director of Purchasing
For oversight of the policy: Vice President for Finance & Administration
For notification of policy: Policy Librarian
For procedures implementing the policy: Controller
V. Revision History
June 2018 – revised policy to new format, eliminated procedures from policy statement
Previous update: February 2013
Original approval date: January 14, 1973