PETTY CASH FUNDS

The University will reimburse its faculty and staff, as well as other authorized individuals, for necessary business expenses that they incur on behalf of the University. To reduce time, paperwork, and administrative expense, departments may establish and use petty cash funds for the purchase of items of a nominal value or in emergency situations. Examples of such items are minor delivery charges, postage, and inexpensive supplies, generally costing less than $10. Petty cash funds may not be used for payment of services, check cashing, travel expenses, business and entertainment expenses, or to circumvent normal purchasing procedures.

Change Funds: Some departments that make cash sales may require a small amount of cash on an ongoing basis to provide change necessary for normal operations. Change funds are similar to petty cash funds except a change fund may not be used for making petty cash disbursements and does not require periodic replenishment. The same policies and procedures apply to both permanent change funds and temporary change funds requested for individual events/activities.

Responsibility for Funds: Each petty cash fund is the responsibility of the head of the department or activity receiving the fund. The department head should designate one individual as the custodian of the petty cash fund to be accountable for the custody of the funds including proper safekeeping of the fund and adherence to all applicable policies and procedures.

Audit of Funds: Petty cash funds and change funds are subject to periodic surprise audits by Saint Louis University internal and external auditors and by the Office of the Controller. Cash funds that are not used in compliance with this policy or which have significant discrepancies may be closed. Saint Louis University's Controller may also close petty cash funds at his discretion to maintain sound fiscal policies and practices.

How to Establish or Increase a Petty Cash Fund

Use and Maintenance of a Petty Cash Fund

How to Reimburse a Petty Cash Fund

How to Close or Reduce a Petty Cash Fund

Any questions regarding petty cash funds or change funds should be directed to Karen Reagan in the Cashier's Office.

Page content owned by: Controller's office

Revised: Wednesday, 4 Apr 2007

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