In limited circumstances when a need is established and documented by a department head, the establishment of a small, departmental petty cash fund may be approved. The following criteria will be considered in granting approvals:
- The purpose of the petty cash fund;
- Whether or not the petty cash fund requirements can be met in another way, (such as through use of a Procurement Card (P-Card), which is the primary method for small, miscellaneous business expenses);
- How often the petty cash fund will turn over (be replenished); and
- The department's ability to properly safeguard the petty cash fund.
Departments with petty cash funds are responsible for appointing a petty cash fund custodian, and for following all use, management, and safeguarding requirements set forth in the Petty Cash Procedures Manual available upon request from [email protected].
All petty cash disbursements must be approved in advance by the department head or his/her designee, and must be made in accordance with the requirements of the Petty Cash Procedures Manual. Requests for establishment of, or changes to, petty cash funds must be submitted to University Payables through iBuy+ Invoice, attaching the Petty Cash Establish/Replenish Form (xls). Detailed instructions for completing the form are provided in the Procedures Manual. The form is submitted in the same manner as a regular invoice, with an invoice naming convention of the custodian's first and last initials, 6 digit date format, and PETTYCASH.
The Petty Cash Receipt Slip (PDF) is used to record distributions from the Petty Cash Fund.