General Description
Policy Summary:
A department or unit may be eligible to maintain a petty cash fund to provide an effective and efficient method of processing minor, non-recurring expenses incurred on behalf of the University, that could not otherwise be processed using the P-Card. These funds shall be administered by the Student Financial Services office.
Purpose:
- To clarify the circumstances under which a petty cash fund will be provided.
- To outline the responsibilities of the petty cash custodian.
- To outline appropriate procedures for the administration of any University petty cash fund.
Scope:
This policy applies to all University departments.
Exceptions:
None.
Policy Content
Imprest funds may no longer be established. Imprest funds currently held by departments are subject to random audit. At the time of the audit, all funds must be accounted for either by receipts or by cash on hand. Departments must comply with the University’s "Handling and Accounting for Cash Policy". The designated custodian of the fund will be responsible for its safekeeping.
Imprest funds are intended for infrequent purchases from different vendors.
Imprest funds should be replenished at frequent intervals by submitting purchase receipts.
Departments must reconcile imprest funds at year-end (May 31) using the Petty Cash Reconciliation Form. University Petty Cash Fund
Imprest funds are intended for infrequent purchases from different vendors.
Imprest funds should be replenished at frequent intervals by submitting purchase receipts.
Departments must reconcile imprest funds at year-end (May 31) using the Petty Cash Reconciliation Form. University Petty Cash Fund
When a department determines it needs petty cash, it may, with prior authorization, use the University’s petty cash fund.
To obtain prior authorization, the department must complete the Authorization for Petty Cash. This form designates an employee to make petty cash fund withdrawals on behalf of the department. Each cash withdrawal is limited to no more than $100, and receipts for the purchases must be returned to the cashier within five (5) working days. Failure to do so will result in the denial of future requests.
The petty cash fund is maintained at the cashier’s window in the Student Financial Service office located in Northrup Hall.
To obtain prior authorization, the department must complete the Authorization for Petty Cash. This form designates an employee to make petty cash fund withdrawals on behalf of the department. Each cash withdrawal is limited to no more than $100, and receipts for the purchases must be returned to the cashier within five (5) working days. Failure to do so will result in the denial of future requests.
The petty cash fund is maintained at the cashier’s window in the Student Financial Service office located in Northrup Hall.
Performance Evaluation
Consequences of Policy Violation:
The Student Financial Services office is responsible for reviewing purchases made with Petty Cash funds to ensure they comply with University policies and applicable law, and that appropriate supporting documentation has been received. Annually, the Student Financial Services office will confirm the Custodian and the value of each fund.
The Custodian is fully responsible for ensuring the safekeeping of the Petty Cash fund and for its proper usage. The funds must be stored securely, with access limited to the Custodian. The Custodian is responsible for following the University policies and procedures in maintaining the petty cash fund.
The Custodian is fully responsible for ensuring the safekeeping of the Petty Cash fund and for its proper usage. The funds must be stored securely, with access limited to the Custodian. The Custodian is responsible for following the University policies and procedures in maintaining the petty cash fund.
Attachments
Attachments:
Related Documents
Revision Management
Revision History Log:
|
Revision #: |
Date: |
Recorded By: |
|---|---|---|
| v3.0 | 11/18/2025 10:39 AM | Pamela Mota |
| v2.0 | 7/18/2025 8:38 AM | Pamela Mota |
| v1.0 | 7/25/2019 12:16 PM | Holly Warfel |
Vice President Approval:
|
Name: |
Title: |
|---|---|
| Eric Maloof | Vice President for Enrollment Management |