Effective Date: June 20, 2023
Last Reviewed: June 20, 2023
Purpose and Scope
The College strives to eliminate the use of cash whenever possible. Yet in situations when cash is necessary, the Controller’s Office maintains controls to reduce risk of loss or misappropriation.
The College maintains a petty cash fund in the Controller’s Office for use by all departments. These funds are available to purchase minor items when it would be otherwise impractical to purchase items through the usual purchasing methods.
The Controller’s Office is responsible for reconciling the cash on hand and receipts to equal the authorized amount of the fund.
Policy
Reimbursements
Students, Staff and Faculty are allowed to be reimbursed through petty cash for purchases up to $200. To receive reimbursements, the following must be presented:
- Completed Petty Cash Request Form containing approver signature.
- Receipts supporting the reimbursement amount.
The receiver is required to confirm receipt by signing the Petty Cash Request Form after the money is counted in front of them.
Advances
Students, Staff and Faculty may take cash advances up to $200. To receive advances, a completed/authorized Petty Cash Request Form must be presented. Once the advance is spent, receipts are matched to the advance amount, at which point the following may occur:
- The amount per the receipt(s) is more than the advance. In this situation, adjust the amount on the form and pay the balance from petty cash.
- The amount per the receipt is less than the advance. In this situation, the customer should pay the difference to petty cash.
Petty cash advances must be reconciled and returned to the Controller’s Office within ten business day after receipt.