Post on 17-Dec-2015
Introductions
Heather Banes – Petty Cash/Change Fund Officer
Randy Duncan – Purchasing Annette Heller – Purchasing Card Program Jerri Painter – Accounts Payable Julie Hughes – Travel/Complex Payments Tommy Earnhardt – Internal Audit
Overview
Policy Statement # 39 can be found at:
http://www.legal.uncc.edu/policies/ps-39.html
Petty Cash/Change Fund Forms
Forms can be found at:
http://finance.uncc.edu/forms/alphabetical-list-forms
Definitions
Petty Cash Fund – Supply of cash necessary
to make immediate payments for the purchase of authorized items.
Change Fund – A specific amount of money placed in the custody of an individual for the purpose of making change.
Definitions
Petty Cash Custodian – A full-time, permanent employee of the University responsible for maintaining the security, accountability and replenishment of a petty cash fund.
Change Fund Custodian – An employee of the University responsible for maintaining the security and accountability of the Change Fund.
Definitions
Petty Cash/Change Fund Officer – A staff member in the University’s Controller’s Office who has the authority to disburse Petty Cash/Change Funds and administer the fund according to the policies and procedures established by the University.
Uses of Funds
Petty Cash
Purchase of low priced items Generally limited to $100 per purchase May only be used to obtain goods or services
necessary to carry out that department’s University functions
Uses of Funds
Petty Cash MAY NOT be used to: Cash checks Make loans Reimburse or advance Travel expenses Pay wages or overtime Total orders may not be split to avoid $100 limit Pay expenses related to motor vehicles (exception: short term
parking) Provide floral tributes, gifts, gift cards, prizes or awards Make purchases that would not be approved by Materials
Management Reimburse purchases made with a credit card
Establishing funds
Petty Cash/Change Fund Request Form
– Complete and return to Heather Banes, General Accounting, Reese 2nd floor
– Agreement form must be signed by Custodian & Supervisor
– Check can be picked up from Heather Banes, 2nd floor Reese
Must have photo ID Training must be completed before check is released
Replenishing Petty Cash Funds
Petty Cash reimbursement form can be found on the Financial Services website under ‘Forms’
Original receipts– Must show date, store name, item purchased, and
amount If original receipt is not available, expense will be
charged to over/short account
Credit card purchases MAY NOT be reimbursed through Petty Cash
Change in Custodian
Petty Cash Current Custodian, New Custodian and Supervisor
will sign Change of Custodian form and forward to Petty Cash Officer.
Present Custodian and New Custodian must verify funds are correct.
New Custodian and Supervisor must submit a completed Petty Cash Agreement.
Petty Cash Officer will contact new Custodian for training on policy & procedures.
Responsibilities
Custodian – Petty Cash
Maintain funds on campus Secure funds Ensure access to Petty Cash is limited to Custodian Maintain accountability Replenish/reconcile Petty Cash at least once each
month Make all documents available to Auditors and allow
cash counts when requested by Auditors
Responsibilities
Supervisor – Petty Cash Fund Ensure Custodian exercises responsibilities
appropriately Notify PC/CF Officer when Petty Cash
Custodian leaves the University Close out Petty Cash fund if Custodian is not
available Ensure Petty Cash overages/shortages are
addressed and part of the employee’s performance evaluation
Securing Funds
Funds must be secure at all times
Must be kept in locked box in locked location
Must remain on campus
Cannot be commingled with personal funds in bank account, wallet, purse, etc.
Repeated overages/shortages will result in the loss of Petty Cash Fund privileges
Accountability & Reconciliations
Petty Cash Custodian must verify, reconcile & replenish funds at least once each month– If no expenditures, cash must be counted and noted on the
reconciliation form
Discrepancies should be reported to Internal Audit
If a theft is suspected, notify Campus Police immediately. Also notify Petty Cash/Change Fund Officer and Internal Audit.
Periodic Reviews
All Petty Cash Funds are subject to unannounced audits and/or cash counts.
The funds must be available at all times.
Audit will be performed by a representative from Internal Audit.
Uses of Funds
Change Funds
Change funds are used to accommodate sales and allow for making change ONLY
Cannot be used for reimbursement
Cannot be used to cash checks
Responsibilities
Custodian – Change Fund
Maintain funds on campus Secure funds Maintain accountability Reconcile Change Fund daily Deposit funds daily Send a reconciliation to PC/CF Officer quarterly Make all documents available to Auditors and allow
cash counts when requested by Auditors
Responsibilities
Supervisor – Change Fund
Ensure only appropriate personnel have access to Change Fund
Ensure daily deposits are accurate Ensure department policies/procedures are
established Ensure Change Fund overages/shortages are
addressed and part of the employee’s performance evaluation
Responsibilities
Petty Cash/Change Fund Officer
Ensure that establishment of new funds is in compliance with University rules
Ensure Custodian has access to current rules and procedures
Ensure Custodian follows University guidelines Notify Internal Audit when Custodian is not following
correct procedures
Securing Funds
Funds must be secure at all times
Must be kept in locked box in locked location
Must remain on campus
Cannot be commingled with personal funds in bank account, wallet, purse, etc.
Repeated overages/shortages will result in the loss of Change Fund privileges
Accountability & Reconciliations
Change Fund Custodian must balance cash daily and deposit sales with the Cashier’s Office daily.
Custodian is required to count cash & submit a reconciliation to Petty Cash/Change Fund Officer quarterly.
Discrepancies should be reported to Internal Audit. If a theft is suspected, notify Campus Police
immediately. Also notify Petty Cash/Change Fund Officer and Internal Audit.
Establishing funds
Petty Cash/Change Fund Request Form
– Complete and return to Heather Banes, General Accounting, Reese building
– Agreement form must be signed by Custodian & Supervisor
– Check can be picked up from Heather Banes, 2nd floor Reese
Must have photo ID Training must be completed before check is released
Change in Custodian
Change Fund
Current Custodian, New Custodian and Supervisor will sign Change of Custodian form and forward to Petty Cash Officer.
Present Custodian and New Custodian must verify funds are correct.
New Custodian and Supervisor must submit a completed Change Fund Agreement.
Petty Cash Officer will contact new Custodian for training on policy & procedures.
Periodic Reviews
All Change Funds are subject to unannounced audits and/or cash counts.
The funds must be available at all times.
Audit will be performed by a representative from Internal Audit.