- Does the department have a petty cash fund? If yes, review the following:
- Is the Petty Cash Fund authorized with Financial Services? (Note: As with unauthorized change funds, unauthorized petty cash funds also evolve from holding back money that should be deposited. While receipts for purchases are often retained, these represent "off-book" transactions and are not recorded in University records. The fund is often replenished by other department collections.)
- The Fund should be kept in a secure location accessible only by the custodian.
- An authorized petty cash fund is to be used to make small emergency purchases and is not to be used for cashing checks, making loans, or paying wages.
- Petty cash funds are to be balanced monthly using the form "Petty Cash Report and Reimbursement Requisition" and sent to Financial Services with all supporting receipts and documents.
- Other monies (i.e. proceeds from copy machine use, change funds, departmental sales, reimbursements etc.) should not be commingled with the petty cash fund.
- Conduct an unannounced count of the fund and agree the balance to University records. Resolve any differences with the fund custodian and supervisor.
- If the fund is unauthorized, it should be deposited into the department supplies account.
Application forms for a petty cash fund are available from Financial Services by contacting Ralph Lassiter at B-202 ASB, at 422-7803.
