Serve as a Petty Cash Fund Custodian
Before You Begin
The custodian of the petty cash fund is responsible for the fund’s safekeeping and proper usage of the fund. The custodian is personally liable for cash losses and discrepancies in the petty cash fund. In the custodian’s absence, the custodian may delegate authority to disburse funds to another staff member. However, the custodian remains responsible for the fund.
Notify the University Student Financial Services and Cashier Operations (USFSCO) Cashier Office immediately when you are no longer the custodian or your office address changes.
Begin
To serve as a petty cash fund custodian:
- Do not use the petty cash funds:
- As change funds.
- For personal services, meals, or travel advance/expenses. However, local transportation charges may be authorized for reimbursement from petty cash.
- To purchase items that will be on your biennial inventory.
- To cash personal checks.
- Limit single purchases to $100 or less per purchase and per vendor. Simultaneous purchases (stringing) may not be made to circumvent these limitations.
- Secure a receipt for each expenditure and have the person being reimbursed for the purchase sign the receipt:
If a vendor does not normally furnish receipts, or if a receipt is incomplete or lost, submit a Missing Receipt Affidavit form.
- Reconcile petty cash monthly and maintain a file of all reconciliations.
- Reconcile petty cash quarterly online at the USFSCO Petty Cash & Change Funds website.
- Renew each fund by July 1 each year.
Employee Travel/Miscellaneous Reimbursement
Missing Receipt Affidavit
Establish a Petty Cash Fund
Change the Amount of a Petty Cash Fund
Close a Petty Cash Fund
Change the Custodian of a Petty Cash Fund
Renew Petty Cash and Change Funds
USFSCO Petty Cash & Change Funds
Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance - February 2008