Community Campus Delegation 306: Petty Cash/Change Funds

Purpose

To provide delegated authority to establish or adjust petty cash or change funds.  

References

Statewide Accounting Manual P-05 & P-06

Definitions

Petty Cash Fund: A petty cash fund may be thought of as a loan to a department. That loan is a fixed sum and is maintained by a fund custodian, the individual responsible for the petty cash fund. As the custodian makes payments out of the fund for small purchases, a receipt and voucher replaces the cash paid out. The custodian periodically replenishes the petty cash by submitting a reconciliation form and the receipt documentation to Accounts Payable for reimbursement. The total cash available and accumulated receipts must always equal the fund amount.

Change fund: An asset of the university, usually held in the form of coin and currency. Change funds are administered by a change fund custodian and are used to make change for departmental cashiering functions.

Custodian: The individual who has the responsibility for the use, accountability and security of the petty cash or change fund.

Policy

Delegation Authority
Authority is delegated to the Directors/President to create or adjust petty cash or change funds for campus use. The Directors/President may approve their petty cash reimbursements.

Delegation Criteria
Community campuses must manage the funds in conformance with the requirements and restriction specified in the Statewide Accounting Manual.

Applicability
All community campuses have the delegation authority expressed in this policy unless special limits or requirements are set by the Vice Chancellor for Administration.

Effective: 10/25/2005