Departmental Petty Cash Funds
Overview
Establish, Increase/Decrease, Close a Fund
Change Custodian
Petty Cash/Change Fund Reconciliation
Petty Cash Reimbursement
Petty Cash and Research/Patient Studies
Completed Examples of Forms
Overview
The Treasury Reporting area of Treasury Services is responsible for the
establishment and oversight of Department Petty Cash funds. Individual
departments often need access to petty cash for incidental business payments or
small dollar business reimbursements. On these occasions, departments may
request a petty cash fund to be maintained within their department. One
fiscal person within the department takes responsibility for the fund.
This person is the petty cash custodian.
- Custodian has sole responsibility for safekeeping, maintenance, proper usage
of funds. Check cashing is PROHIBITED.
- Treasury Reporting
must be notified of changes in custodian.
- Funds must be maintained at the authorized amount at all times, which
can be a combination of cash and any unreimbursed receipts.
- Funds are subject to review by
Audit and/or Treasury Reporting.
- The funds are monitored with regard to and accountable to Chapter 5, section 5.30
of the Financial and Budget Administration Policies and Procedures Manual.
Establish, Increase/Decrease, Close a Fund
Change Custodian
Petty Cash/Change Fund Reconciliation
-
Chapter 5, section 5.32
of the Financial and Budget Administration Policies and Procedures Manual.
- Custodian should reconcile funds monthly, but can be more frequent due to
size of fund or operating cycle of department.
- Suggest use of
Petty Cash Attachment B.
- Formal, annual reconciliation required by Treasury Reporting. Notice is sent
each May with a response deadline in June.
- Department Vice President and Audit notified if annual reconciliation response is 30 days late.
- All discrepancies must be resolved prior to fiscal year end (June 30th).
- Possible closure of fund for non-compliance with annual reconciliation
request.
Petty Cash Fund Reimbursement
- Utilize a A Direct Pay Form or Travel Expense Reimbursement Voucher, as applicable.
- Expenditures less than $25.00 should be consolidated and periodically
reimbursed.
- amounts of $25.00 or greater should be reimbursed monthly
- amounts less than $25.00 should be reimbursed quarterly
- Departmental petty cash funds can be utilized to reimburse for incidental
business expenditures.
- Employees on payroll direct deposit
will receive reimbursements directly to their designated payroll direct
deposit account.
- employees not on payroll direct deposit will receive a reimbursement check
mailed to their home address
- Utilize the GE MasterCard Corporate Purchasing Card to the extent possible.
Petty Cash and Research/Patient Studies Funds Replenishment
- Petty cash funds used for research/patient studies cannot be replenished via
Petty Cash Reimbursement process.
- A Direct Pay Form must be
used.
- Special instructions available.
- Petty cash checking accounts are accountable to the same policies and
procedures as regular petty cash funds.
- When reimbursement is ready, a check is mailed to the department, payable to
the custodian.
- The custodian may cash the check at a bank branch or the University cashier's
office. (Please call ahead to cashiers (828-8774) if the check is for a large
dollar amount.)
Completed Examples of Forms
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