- Created by Justin Lytle - Admin, last modified by Dwyer, Dana on Sep 16, 2020
Policy identification number: ACCT-0004 | ||
File: Business & Finance Policies > Accounting Services Policies | ||
Petty Cash | ||
Policy Summary To establish criteria and procedures for issuance and guardianship of petty cash funds. | ||
Policy Owner Vice President, Finance & Administration | Approval Date July 18, 2018 | Effective Date July 18, 2018 |
Search Terms petty, cash, p, vpfa | Scheduled for Review Spring 2023 |
I. Policy StatementPetty 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 PolicyTo provide guidelines in accordance with the College policies for issuance and guardianship of petty cash funds. |
III. ResponsibilitiesFor 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 |
IV. Procedures
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V. Revision HistoryJune 2018 – revised policy to new format, eliminated procedures from policy statement Previous update: February 2013 Original approval date: January 14, 1973 |