Business Services
PETTY CASH AND CHANGE FUNDS
The Cashier Services Department has a small working cash fund to be used as cash advances to establish petty cash and change funds. The Revenue Handling Procedures must be followed to secure these cash advances. Contact Nancy Dahmen at 608-262-1798 to receive a Request Form for setup of Petty Cash Fund or Change Fund. The guidelines for these funds are as follows:
CHANGE FUND
General Guidelines - May be used only for making change for sales transactions. It is not for vending machine change, stamp sales, or check cashing. The amount on hand must never be less than the amount of the change fund authorized on the Cash Fund Advance Agreement, and must equal that amount when deposits are prepared. Will not be issued for amounts under $25.00.
Return of the Change Fund - In the event the activity for which the fund was established ceases operation, the fund must be returned to the Cashier Services Department.
PETTY CASH
- General Guidelines
- May only be used for minor expenses specified in the Cash Fund Advance Agreement. No purchase in excess of $50.00 may be made from the fund.
- Must be reimbursed periodically and at the end of the fiscal year by submitting original receipts/documentation with a Travel Expense Report (TER) through regular channels.
- Must be accountable at all times with cash and purchase receipts totaling the fund issued. It should be reconciled at least weekly, and daily if for more than $100.00.
- May be used only for those items normally allowable under University Purchasing Rules. Any disallowed purchases are the personal responsibility of the fund custodian.
- Reimbursement Procedures (To obtain reimbursement for expenditures, you must prepare a Travel Expense Report (TER) and submit it through regular channels to pre-audit as follows)
- Prepare a TER at least quarterly, or when the unexpended balance will last for only two more weeks.
- Affix the correct class code of all expenditures. The words "Petty Cash" should be shown in the Purpose of Trip box.
- Include an original sales slip for each purchase and number each to coincide with the items listed on the TER.
- List purchases in date order and include all purchases made during the period.
- Review the TER for accuracy and completeness before sending it through channels for payment.
- Direct disbursing to mail the reimbursement check to you to reduce processing time.
- Maintain a summary record of reimbursements with the Petty Cash Fund until the reimbursement has been received.
- Return of the Petty Cash Fund
- In the event the activity for which the fund was established ceases operation, the fund must be returned to the Cashier Services Department. Reimbursement for all purchases must be made prior to that return.
SECURITY
Security over a cash fund is the personal responsibility of the fund custodian. Theft of the fund would only be covered by University insurance for that portion of the fund in excess of $500.00, if there is evidence of forced entry. If there is no evidence of forced entry, only that portion in excess of $1000.00 would be covered by insurance. Any uninsured loss would be the responsibility of the department as long as the fund was stolen from University property and timely discovery and reporting to University Police occurred. Any other loss of the fund is the responsibility of the fund custodian.