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Responsibilities of Petty Cash Fund Custodians
- The custodian is responsible for ensuring that petty cash funds are physically secured or attended by an authorized person at all times. Cash must be locked securely when not in use. The key or combination must also be safeguarded to prevent theft of the cash. Access to the petty cash fund should be limited to the custodian and perhaps one back-up person.
- The amount of cash on hand (or in a university checking account) plus the amount of documented but unreimbursed disbursements must equal the amount of the petty cash advance at all times.
- Petty cash (or change) funds are not to be commingled with other funds.
- No one is permitted to write personal checks against petty cash funds.
- Petty cash funds are only to be used for purposes that would be permissible in regard to university requisition and payment processes.
- Travel expenses may not be reimbursed from petty cash funds.
- Payments for personal services (e.g., payments to research subjects) are only permissible if the petty cash fund was established for that purpose.
- Custodians must make funds and receipts available to state and internal auditors, upon presentation of proper identification, while they perform on-site verifications.
- Custodians must respond to the Controller's Department's confirmation letter each June 30 to verify the amount of cash advanced is still on the premises.
- Custodians should perform a monthly comparison of their 907-XXXX account balance to the petty cash on hand.
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Last Updated August 26, 2009.