Petty Cash (Procedure 5.1000)

Purpose:

The purpose of this procedure is to afford staff a method to make small purchases on a timely basis and be reimbursed by college funds.

Procedure:

1. The President is authorized by the Board to establish a petty cash fund to be administered by the Vice President for Administrative and Business Services.
2. Petty cash purchases are made with personal funds and reimbursement may be accomplished by presenting a completed Petty Cash Reimbursement Requisition (form 90) to the Petty Cash Custodian in the Office of Finance and Budget.
3. Purchases must be $50.00 or less.
4. Two or more receipts from the same vendor, with the same date, will be considered one purchase and the $50.00 limit will apply.
5. Purchasers required to pay sales tax will be reimbursed for the tax as well as for the cost of the item(s) purchased.
6. Petty cash funds for individual cost centers may be established by the Vice-President, Administrative and Business Services, upon submission of sufficient written justification by budget administrators.
7. All petty cash funds are subject to audit without notice.