Petty Cash / Change Funds
4 Critical Policy Activities (Cont'd.)
| Reconciliation: | The custodian should regularly (monthly or quarterly - based upon the amount of the fund) ensure that the amount of the fund (cash and receipts) remains intact. Within 30 days of the ending reporting date, the fund custodian completes a reconciliation or verification (as appropriate) of the fund for General Accounting's review. | |
| Physical Security: | The fund should be locked up except when in use. For funds up to $1,000, be sure that the lock on the desk, file cabinet, etc. is NOT common on the campus. (Avoid S-100 locks). See Business and Finance BUS-49 for secure storage requirements for funds in excess of $1,000. Each fund is to be maintained and stored separately, for example, in it's own envelope, cash bag or cash box. |
For detailed information on Petty Cash and Change Fund processes access the Operating Cash website.
Last Revised 4/18/2006