05.142 Petty Cash

Vice Chancellor Business Affairs

Updated November 1, 2015; Updated July 1, 2006; Updated June 4, 2003; Updated September 23, 1997; Updated April 1, 1994; Updated June 27, 1994; Effective July 1, 1992 supersedes former Administration Policy No. CSH1.20, “Petty Cash”

Generally Accepted Accounting Principles & University Business Practices

Petty Cash Procedure

Controller's Office

Policy Details:

1. Purpose

   To provide guidelines for the reimbursement of petty cash expenditures and for establishing and maintaining petty cash funds.

2. Scope

   This policy applies to all university departments and activities. Included in the policy are petty cash reimbursements submitted to General Accounting, Accounts Payable and the Cashier’s Office.

3. Policy

   Reimbursement through petty cash funds is NOT allowable for the following:

   1. Expenditures exceeding $50.00 per expenditure. Purchases may not be split to circumvent the $50.00 limit

   2. Purchases of items or services available through Facilities, 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.)

   3. Payments to individuals for personal services.

   4. Entertainment expense.

   5. Purchase of postage stamps.

   It is university policy that departments shall not maintain separate petty cash funds. However, petty cash funds may be established upon authorization by the Controller via a “loan” to a department custodian. Petty cash “loans" may be established for a specific period of time or indefinitely, based upon Controller’s analysis of the term for which the funds are actually needed.