Approved: March 8, 1989
Nomenclature changes: December 22, 2006
Monitor: Vice President for Business Affairs
These policies and procedures shall apply to all University departments, organizations, and accounts.
Funds established for petty cash funds or for change funds shall not be used to cash personal checks.
A petty cash fund is defined as a small working cash fund maintained by a University office, department, or organization for use in purchasing incidental supplies of an unpredictable nature.
Establishment of petty cash funds is not encouraged and shall be approved only when it is deemed essential for daily operations of the requesting unit.
As funds are expended from petty cash funds, receipts shall be accumulated and periodically submitted to the Accounting Office with a request for payment in order to restore the petty cash fund to its authorized level.
A change fund is defined as a fund with a small amount of cash for purposes of making change. Usually this need is temporary and is associated with activities such as ticket sales.
Establishment of change funds shall be approved only when it is deemed essential for operations of the requesting unit. The amount approved shall be limited to minimum needs as demonstrated by the requesting unit.
Change funds shall not be used for purchase of goods or services.
When the need for a change fund is temporary or intermittent, the entire amount shall be redeposited into the account from which it was withdrawn no later than the next University work day following the end of need for the change fund. The change fund may be re-established at a later date, if needed, by request for payment from the account manager.
The request for establishing a petty cash or change fund shall be made by the account manager. Complete justification, including need, amount, and the account from which funds are to be drawn, shall be submitted in memorandum form.
Each request shall be reviewed and approved by the appropriate dean or director and vice president.
After approval by the appropriate vice president, the request shall be forwarded to the University Treasurer for consideration.
The University Treasurer shall decide whether or not to approve the request and shall notify the requesting account manager, the appropriate dean or director, and the Chief Accountant of that decision.
If approved, the account manager shall send a request for payment to the Accounting Office, asking that funds be withdrawn from a particular account in the amount authorized.
If a request is disapproved by the University Treasurer, an appeal for reconsideration may be sent to the Vice President for Business Affairs by the vice president of the area originating the request.
The amount of the fund established shall be recorded on the general ledger of the account from which funds were drawn.