DIXIE STATE COLLEGE OF UTAH

POLICIES AND PROCEDURES MANUAL


Section: 6-Administration

Policy No: 7

Approved: 06/07/96
Revised: 05/04/01

Policy: PETTY CASH FUNDS

6-7 PETTY CASH FUNDS

7.1 Dixie State College departments may request Petty Cash funds for minor operational expenses where the normal purchase requisition process is not effective.

7.1.1 The amount of the petty cash fund is based on the needs of the department and as approved by the Controller.

7.1.2 Mini Purchase Orders or Purchasing Cards should be used in place of Petty Cash Funds whenever possible.

7.2 PROCEDURE FOR ESTABLISHING PETTY CASH FUNDS

7.2.1 Departments may request petty cash funds through the business office.

7.2.1.1 Justification for funds must be established.

7.2.1.2 Controller is the approving authority.

7.2.1.3 A custodian of the fund will be designated.

7.2.1.4 Upon authorization of a petty cash fund, the custodian will read, sign, and date a copy of this procedure and return same to Controller to show they have read, understand, and will comply with these requirements.

7.2.2 Once the approval for Petty Cash has been granted, the proposed custodian will initiate a check request in the amount needed to the controller.

7.2.3 Accounting will generate a check which, when cashed, becomes the Petty Cash fund.

7.2.4 The Petty Cash must be kept in a locked box in a locked file cabinet with limited access.

7.2.5 At all times the Petty Cash fund must equal the authorized amount when change, currency, and receipts are added together.

7.2.6 When Petty Cash is used a Petty Cash slip must be completely filled out and signed by custodian of the fund and attached to receipt. (For cash refund)

7.2.7 At least quarterly, the Petty Cash receipts will be posted to a reconciliation and reimbursement request.

7.2.7.1 The request will be completed, signed, submitted to Accounts Payable for reimbursement.

7.2.7.2 Accounts Payable will review and process a reimbursement check within a three day period.

7.2.7.3 At June 30 of each year the custodian will complete and forward to the Controller the reconciliation and reimbursement request form.

7.3 Dixie State College departments with Petty Cash funds need to safeguard them and ensure they are disbursed and accounted for properly.

7.4 The Petty Cash fund may be subject to an unannounced audit at any time.

7.5 A petty cash fund may be revoked if not in compliance with these policies and procedures.