PETTY CASH
The petty cash fund was established to handle small item purchases of an emergency nature. To eliminate any misunderstandings about petty cash reimbursements and to insure that the appropriate administrator is aware of the expenditures coming out of his/her budget, the following procedures should be followed in obtaining reimbursement for petty cash expenditures, which are limited to purchases of less than $25.00, including tax.
- An employee needing to make a small-item purchase of less than $25.00 should, if possible, consult his or her supervisor before making the purchase to verify that budgeted funds will be available for the purchase.
- An employee presenting a purchase for reimbursement must have an appropriate invoice showing payment or a cash register receipt substantiating the purchase. This document should show a description of the item(s) purchased and state the purpose of the expenditure. The administrator will indicate his/her approval on the proof of purchase and indicate on the receipt the budget code from which the funds will come.
- Once the administrator has indicated his/her approval, the paid invoice will be submitted to the business office for payment.
- The business office will notify the individual as to when the petty cash reimbursement can be picked up. The reimbursement normally will be within 24 hours of the receipt of the approved paperwork.
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