Chapter 2. Accounting Services
Section 2.7. Accounts Payable

2.7.10.2. Establishing a Petty Cash Fund

Petty cash funds are subject to periodic audits. Recurring audit findings may result in the petty cash fund being revoked.

The custodian is responsible for ensuring the cash on hand and receipts equal the authorized amount of the fund at all times. Petty cash funds must be kept separate from change funds, cash drawers, personal funds, and any other collected revenue.

The department head submits the following items to the coordinator of General/Auxiliary Accounting:

1. A memo justifying the need for a petty cash fund and designating the fund custodian. The memo should include the identification number and an original signature of the custodian.



2. A completed check request made payable to the designated fund custodian in the amount requested. Refer to section 2.7.2. Check Request for procedures how to complete a check request form. Include the department name and have it signed by the department head.

The department custodian will receive a check payable to themselves and the current petty cash procedures. Petty cash checks may be cashed at the Cashiers' Office.