Petty Cash Policy (Imprest Fund)

The Bursar's Office is responsible for overseeing the administration of all petty cash funds throughout the University. As such, it has the responsibility and authority to establish procedures for petty cash and to enforce those procedures.

The Bursar must, at least once a year, have an accounting of all petty cash funds outstanding. This can be performed directly by the Bursar's Office staff, Internal Audit staff or directly through certification by the Petty Cash Custodian and cognizant Dean. The verification methodology of this review must be approved by the Bursar.

• Purpose
• Nature and Use of Petty Cash Funds
• Establishing a Petty Cash Fund
• Closing Petty Cash Funds
• Fund Balance Confirmations
• Petty Cash Custodian Responsibility
• Safekeeping
• Change in Custodianship
• Reimbursement of Petty Cash Expenditures
• Typical Petty Cash Expenditures
• Expenditures NOT Reimbursable as Petty Cash

Purpose

A department or unit must show a need for a fund to enable it to meet certain minor expenditures for supplies and sundry expenses. The frequency and size of the reimbursement requests will assist in evaluating both the need and the amount of the fund. A fund level in excess of current and anticipated requirements should be returned to the Bursar's Office.

Nature and Use of Petty Cash Funds

All petty cash funds of the University will operate as Imprest funds. Imprest is a fund that is always equal to the sum of the cash on hand plus un reimbursed expenditures. Each fund should be balanced frequently, at least at the times of fund reimbursement, and preferably weekly.

Personal expenditures or borrowings, in any amount, by the custodian or staff are not authorized uses of the fund. Coffee, birthday, and other non-university funds must be kept separately from Petty Cash Funds. Funds are subject to audit without notice by the internal Audit Department and/or the Bursar's Office.

Establishing a Petty Cash Fund

Requests for the establishment of a petty cash fund (or an increase in an existing petty cash fund) should be submitted in writing to the Bursar for review and approval, and must include:

1. The reason and justification for the fund,
2. The dollar amount of the fund,
3. The custodian of the fund,
4. The approval of the Budget Unit Head to whom the custodian reports, and
5. How and where (location) the fund will be secured.

Closing Petty Cash Funds

The Bursar will have the authority and responsibility for the closing of petty cash funds, where appropriate or necessary.

Fund Balance Confirmations

The Bursar is responsible for obtaining written confirmation of all petty cash fund balances at least once each year.

Petty Cash Custodian Responsibility

The Petty Cash Custodian is responsible for the Petty Cash Fund, its safekeeping, and its operation according to these and subsequent procedural guidelines.

Safekeeping

1. It will be the custodian's responsibility to provide adequate precautions for the safekeeping of the money in their custody.
2. Efforts should be made to provide safekeeping in a locked steel file cabinet or a small safe to which there is limited and controlled access.
3. Funds should not be left unattended and unsecured during office lunch periods, or other periods during the normal workday.
4. Desk drawers are not considered appropriate overnight or other unattended storage, whether locked or not.
5. Any money missing from the petty cash fund will be charged to the responsible department, and the custodian will be subject to disciplinary action.

Change in Custodianship

1. The Bursar's Office should be notified immediately, in writing, so that an audit may be performed and records properly adjusted.
2. Custodial changes that are not communicated to the Bursar's Office will not relieve the custodian of his/her responsibility.

Reimbursement of Petty Cash Expenditures

1. The fund should be reimbursed so that the money on hand will be adequate for your needs over the next week to ten days.
2. Expenditures must be recorded on a standard petty cash voucher form and must contain a description of the item.
3. The voucher must be supported by an original receipt issued by the vendor, except in those cm where receipts are not normally given (SEPTA Fares).
4. The corp, general ledger account number, cost center and sub ledger number, if needed, and dollar amount must be fined in.
5. The voucher must be approved by the budget unit head or individual with signature authority under the signature authorization policy.

Expenditures of more than $150.00 for a single item are not authorized from petty cash and will not be reimbursed.

Typical Petty Cash Expenditures

• Student Expenditures
• Pencil sharpeners, calculators, extension Cords
• Name and signature stamps and -
• First-Aid Kits
• Calendars
• Computer Supplies
• Stamps
• Priority Mail (Express Mail, Federal Express and UPS)
• SEPTA Tokens
• Gas for University Vehicles
• Parking, Tolls, local taxis
• Food Expense for "working" lunches (not at a restaurant which is covered under the Travel and Business Related Expense Policy)

Expenditures NOT Reimbursable as Petty Cash

• Any travel and business related expenses, including receptions, luncheons and other outlays for food or beverage for University functions (except as noted above).
• Mileage and other non-cash transportation expenses
• Temple Parking Tokens
• Food expenses for working lunches at a restaurant which is covered under the Travel and Business Related Expense Policy
• Payments to individuals without the written approval of the Director of Accounts Payable.
• Any other individual item more than $150.00

All exceptions to this Policy, unless otherwise indicated, must be approved by the Bursar.

Forms Available:

• Request New Fund
  
• Change Custodian
  
• Change Fund Amount
  
• Close Fund
  
• Change Account or Center Charged