SECTION 10 - Cash Handling
SECTION 10.4 - Petty Cash Funds
Date: 9/25/06 — Approved: Finance Board, editorial change 12/12/07
The Controller makes available, as necessary, petty cash funds of nominal amounts to divisions for the purchase of miscellaneous and incidental items of small value. Petty cash funds are advanced from the A.S. change fund provided to the A.S.
The Controller determines and publishes the criteria for establishing petty cash funds and any rules and procedures necessary for their use, safeguarding, and reimbursement.
AUDIT
Petty cash funds are subject to an audit anytime by the A.S. Accounting Office.
EXPENDITURES FROM FUNDS
No single purchase may exceed $200. Simultaneous purchases (stringing) may not be made to circumvent these limitations.
No expenditures may be made from petty cash funds for personal services, meals, or travel expenses. Petty cash funds are not used for cashing personal checks or for travel advances.
FUND CUSTODIAN
Divisions receiving petty cash funds designate one employee as custodian of the fund. The custodian is responsible for safekeeping and proper use of the fund.
Fund Limitations
Inactivity mamas the fund to be reduced or returned to the A.S. Cashier.
Loss of funds
Money lost because the custodian has failed to safeguard the fund or allowed it to be improperly used or money lost due to circumstances beyond the control of the custodian is repaid from the division's budget or other available operating funds.
Overages and shortages
Overages in the fund must be deposited with the A.S. Cashier.
Reconciliation
The custodian must insure that the fund is reconciled and a file of all reconciliations is maintained.
Segregation
Petty cash funds are kept separate and not commingled with any other funds.
REIMBURSEMENT
Petty cash funds may not be reimbursed for amounts greater than the original amount of advance.
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