Petty Cash Procedure

Policy Approve By
Scott McCallum, Superintendent
Policy Date (original policy date)
Policy Prepared By
Mary Sarate, Director of Business and Finance
Policy Category
Administrative

PURPOSE:

To establish a policy and procedure for safeguarding and disbursing funds from WSSB’s local petty cash fund.

POLICY/PROCEDURE:

General Provisions:

  1. A local petty cash fund has been created in the amount of $300.
  2. The Director of Business & Finance will designate the staff person assigned as the trustee for the account.
  3. The purpose of the account is to reimburse staff for miscellaneous expenditures of $25 or less.
  4. The account was established to facilitate reimbursement of employees for small dollar expenditures and make available to the agency a source of cash when cash is the only accepted form of payment.

Process:

  1. The petty cash fund is secured in a safe during non-business hours.
  2. Employees seeking disbursement of funds from petty cash must provide either a receipt or a completed PETTY CASH form. Both documents must contain the following information:
    (a.) Date of transaction
    (b.) Total dollar amount
    (c.) Signature of employee
    (d.) Signature of staff member with delegated signature authority
    (e.) Program Index that disbursement is to be charged to
  3. Disbursement will be made for items with a value of $25 or less.
  4. Daily entries are made to the Petty Cash Log to monitor the on-going balance.
  5. Random audits are conducted by the designated business office personnel to ensure accurate record keeping.
  6. The fund is replenished as necessary and at the end of each fiscal year.
  7. When reimbursement is needed, the trustee submits the Petty Cash Log, receipts and the cash box to the designated Business Office staff for verification and processing. Under no circumstances will the trustee and the staff person designated to verify be the same person.
  8. The designated Business Office staff prepares a Revolving Fund check for the amount of the documented transactions.
  9. The designated Business Office staff takes the check to the bank and obtains cash to replenish the fund to $300.