Administration and Finance
 
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Administration and Operations Manual

2.07 Petty Cash

Last Revised: 6 Oct 2000
Refer Questions To: Executive Director, Finance

Policy

Whenever possible, purchases using University funds should be made in accordance with the Procurement policy. However, when this procedure is not practical and a small purchase needs to be made by cash, a department may use petty cash funds. Petty cash may not be used for purchases exceeding $100.

All requests for reimbursement using petty cash must be appropriately authorized and submitted to the Cashier's Office with a receipt. An employee may be authorized to receive an advance of petty cash funds for the purchase; however, a receipt must be submitted within three working days of receipt of the funds. If a receipt cannot be submitted, a written explanation from the unit administrator, senior administrator, or administrative officer must be provided.

Only departments needing cash for sales or change purposes may maintain a petty cash fund. Petty cash accounts must be approved by the Executive Director, Finance (Controller), and may be periodically audited by the Director of Audit and Management Advisory Services. Temporary petty cash funds for specific events must also be approved by the Executive Director, Finance, and all cash must be strictly accounted for.

No faculty member, teacher, or staff employee may borrow money, cash checks, or secure a temporary loan for personal needs from a petty cash fund.

Approved by: Gallaudet University Administration
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