PURPOSE:

The purpose of petty cash is to reimburse employees that use personal funds to purchase items or materials for the express purpose of conducting North Carolina A&T State University business.

POLICY:

All employees must secure authorization for reimbursement from the Purchasing Office.  No reimbursement can exceed one hundred dollars ($100.00).  Petty cash fund must be reconciled monthly.

PROCEDURES:

If employees have purchased goods with personal funds, they must obtain an authorized petty cash form from the Purchasing Office. The petty cash form and the original receipt must be presented to the Treasurer's Office before the funds are reimbursed. If employees are seeking advancement of funds to purchase goods, they must obtain an authorized petty cash form that estimates the cost of the goods from the Purchasing Office. They must present the petty cash form to the Treasurer's Office to receive funds in advance. Once the purchase has been made, the original receipt must be presented to the Treasurer's Office. The receipt is compared to the advanced amount; any remaining funds must be placed back into petty cash.