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FISCAL MANAGEMENT OPERATIONS GUIDE

Petty Cash Fund Policy

Petty Cash Funds may be permanent or temporary.

Permanent petty cash funds are set up so that department's may have cash on hand for daily use, such as purchase of small supplies, sales of tickets for on-going special events, etc.

Temporary petty cash funds are set up so that department's may have cash on hand for an individual temporary event. They are usually small amounts ($50.00 or less) and are set up for sales of tickets for a special event, or onetime events that may require the availability of change. Depending on the length of the event, temporary petty cash funds should be deposited back into the account within a few days from the date they were assigned. As with permanent petty cash funds, a custodian must sign for the money. A copy of the signed custodian form is maintained in the Fiscal Services Office until the funds are returned.

In either case, when a department no longer engages in the activities that initiated the need for the petty cash fund, it is the department's responsibility to deposit the petty cash funds back to the proper account.

Control and Security of the Petty Cash Fund

The petty cash fund must be maintained in a secure location where only the custodian has access to the funds.

Locations of Fiscal Services Offices: