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05.142 |
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PETTY CASH |
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Authority: |
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Vice Chancellor Business Affairs |
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History: |
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Effective July 1, 1992; Updated June 27, 1994, Updated April 1, 1994, Updated September 23, 1997, Updated June 4, 2003, Updated July 1, 2006, supersedes former Administration Policy No. CSH1.20, “Petty Cash” |
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Source of Authority: |
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Generally Accepted Accounting Principles & University Business Practices |
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Related Links: |
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Petty Cash Procedure |
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Responsible Office(s): |
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Cashier’s Office
Comptroller Office |
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| I. |
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Purpose |
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To provide guidelines for the reimbursement of petty cash expenditures, and for establishing and maintaining petty cash funds.
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| II. |
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Scope |
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This policy applies to all university departments and activities. Included in the policy are petty cash reimbursements submitted to both the Accounting and Cashier Petty Cash Funds.
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| III. |
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Policy |
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Reimbursement through petty cash funds is NOT allowable for the following:
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A. |
Expenditures exceeding $50.00 per expenditure without prior written approval of the Comptroller. Purchases may not be split to circumvent the $50.00 limit.
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B. |
Purchases of items or services available through Central Stores, Printing Services, Copy Center, or on state contract, unless specifically approved by a purchasing agent prior to purchase. (Inquiries regarding purchasing policies should be directed to Purchasing Services.)
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C. |
Payments to individuals for personal services.
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D. |
Entertainment expense.
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E. |
Purchase of postage stamps.
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It is university policy that departments shall not maintain separate petty cash funds. However, petty cash funds may be established upon authorization by the Comptroller via a “loan” to the department. Petty cash “loans" may be established for a specific period of time or indefinitely, based upon Comptroller’s analysis of the term for which the funds are actually needed.
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