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 to be used for infrequent purchases from different vendors.
Imprest funds should be replenished at frequent intervals by submitting receipts of purchases.
Departments must reconcile imprest funds at year-end (May 31) using the Petty Cash
Reconciliation Form. University Petty Cash Fund
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 to be used for infrequent purchases from different vendors.
Imprest funds should be replenished at frequent intervals by submitting receipts of purchases.
Departments must reconcile imprest funds at year-end (May 31) using the Petty Cash
Reconciliation Form. University Petty Cash Fund
When a department finds it has a need for petty cash, the department, with prior authorization,
may utilize 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 denial of future requests.
The petty cash fund is maintained at the cashier’s window in the Student Financial Services
office located in Northrup Hall.
may utilize 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 denial of future requests.
The petty cash fund is maintained at the cashier’s window in the Student Financial Services
office located in Northrup Hall.
Performance Evaluation
Consequences of Policy Violation:
Student Financial Services office is responsible for reviewing purchases made with Petty Cash
funds to ensure they are in accordance with University policies, applicable law and that
appropriate supporting documentation has been received. Annually, Student Financial Services
office will confirm the Custodian and 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 in a secure manner, with access limited to the Custodian.
The Custodian is responsible for following University policies and procedures in maintaining the
petty cash fund.
funds to ensure they are in accordance with University policies, applicable law and that
appropriate supporting documentation has been received. Annually, Student Financial Services
office will confirm the Custodian and 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 in a secure manner, with access limited to the Custodian.
The Custodian is responsible for following University policies and procedures in maintaining the
petty cash fund.
Attachments
Attachments:
Related Documents
Revision Management
Revision History Log:
|
Revision #: |
Date: |
Recorded By: |
|---|---|---|
| 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 |