Feb 28, 2024  
DMACC Policies and Procedures 
    
DMACC Policies and Procedures
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BS5818 - Petty Cash and Change Funds


Procedure

Section: BUSINESS SERVICES PROCEDURES

SubSection: BUSINESS OFFICE

Master List Section: Business Service

  1. Institutional Regulations

    When necessary, for the purpose of making change when receipting payments to the college, change funds will be provided to responsible staff. In a few instances, Petty Cash funds will also be available for restricted purpose of paying COD charges, prepaid freight, or postage expense.
     
  2. Procedure
    1. CHANGE FUNDS: Cash amounts will be maintained for the purpose of making change in certain specified areas of the college. These funds are not to be used for reimbursement of expenses. The amounts of the funds may be changed on an as needed basis by turning in the cash to the Business Office Cashier or by submitting a Request for Payment for additional funds required. Change Funds, which are not to be used for Petty Cash expenditures, are provided any college area satisfactorily documenting to the Controller their need for such funds on either a long or short-term basis.
    2. PETTY CASH FUND: Petty Cash funds are allowed only for the restricted purpose of paying COD charges, prepaid freight, or postage expense. Cash may be disbursed from these funds for this designated purpose only.
      1. Reimbursement of Petty Cash disbursed must be requested by completion of a Request for Payment form FE-2, with Petty Cash Vouchers and backup attached (reference Procedure Number BS5820 ).
    3. SAFEGUARDING OF FUNDS: It is the responsibility of the designated custodian of each fund to insure that the cash on hand is at all times in balance, and held in a safekeeping location, under lock and key, preferably in a fireproof storage.
    4. AUDIT OF FUNDS: Periodic audits will be made of these funds on at least an annual basis by the Business Office in addition to similar audits performed by the College’s Auditors.


Adopted: July 1, 2000



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