A petty cash fund of $750.00 shall be maintained in the accounting office for college business purposes.
Approved May 16, 1996
PRO 2.030 PETTY CASH
- Disbursements from the petty cash account are to be made for expense reimbursements of $50.00 or less, or where immediate payment of an amount greater than $50.00 is essential to the efficient operation of the college. No amount greater than $100.00 for any single transaction may be drawn against this account.
- All disbursements from the petty cash account will be made by a member of the accounting staff authorized by the chief financial officer. Disbursements over $50.00 must be authorized by the chief financial officer.
- Disbursements from the petty cash account are subject to the same audit procedures as other college disbursements. Therefore, disbursements must be substantiated with proper documentation (invoices, receipts or sales slips) and authorized by the appropriate budget officer. To authorize the documentation, the budget officer must sign and include appropriate account number on the documentation. Even when purchases have already been made, the budget officer has the right to decline authorization of purchases and reimbursement for such purchases.
- Upon receipt of an authorized request for reimbursement, the member of the accounting staff will fill out a petty cash voucher. This voucher will then be signed by the person making the request, the accounting office personnel making the transaction, and the chief financial officer, when applicable.
- Disbursements from the petty cash account will be made in cash.
- A log of all transactions in the petty cash fund will be maintained in the accounting office.
- When the petty cash account is close to being depleted, a designated member of the accounting staff will summarize the activity in the account including budget accounts charged, the number of transactions and the total expended.
- This summary, along with a request to replenish the account, will be brought to the chief financial officer for approval. Upon approval, a check will be written to Kirtland Community College to replenish the account.