The purpose of this policy statement is to state the University policies relative to Petty Cash Funds.

The policy will govern the issuance and control of all petty cash funds.

The University will process requests for petty cash funds from the Chancellor, members of Cabinet and Deans only. Upon acceptance of the fund, those persons become personally liable for the funds and will be required to sign an authorization for payroll deduction form. This form authorizes the University to deduct any unsettled petty cash amount from their payroll check. Additionally, these persons will be responsible for record keeping, controlling and disbursing of the funds. The funds shall not exceed a maximum of 10% of budgeted supplies line item or $500 whichever is less. The minimum fund amount is $100.

Requests along with justification for petty cash funds should be submitted to the Vice Chancellor for Business and Finance for approval. Once approved, a check will be issued to the designated fund custodian. Petty cash settlement forms should be submitted periodically (at least monthly) to the accounting office to replenish the fund. The form should be typewritten or prepared in ink with all the budgetary information complete. Separate petty cash settlement forms must be submitted for charges to different funds, (i.e., a settlement form for charges to state funds and a separate settlement form for charges to trust funds). Vouchers submitted must conform to the following regulations:

1. Individual purchases cannot exceed $100.00.
2. Only original receipts will be honored.
3. No prior year expenses can be paid from the current year's fund.
4. All purchases must conform with state and university purchasing regulations (in the case of sponsored projects, they must also conform with grantor regulations).
5. No equipment purchases.
6. No fines or fees resulting from the violation of any laws, statutes, or regulations.

Petty cash funds must not be commingled with personal funds. Petty cash funds must be cleared and the funds returned to the Fiscal Office by June 15 of each year.