Back to Top
Business and Financial Policies and Procedures

10.5.8 Close a Petty Cash Fund

Policy Statement

If your unit's Petty Cash Fund is inactive and/or your unit no longer needs/uses a Petty Cash Fund, University Student Financial Services and Cashier Operations (USFSCO) may close the fund.

The custodian must return the full amount of the Petty Cash Fund to the USFSCO Cashier Office when closing the fund. For example, if your Petty Cash Fund is $100, the unit must return $100 to the USFSCO Cashier Office.

Procedure

To close a Petty Cash Fund:

  1. Count, reconcile and replenish the Petty Cash Fund.
  2. The custodian submits a Close Fund form for petty cash, which is located on the USFSCO Petty Cash & Change Funds website.
    • Submitting the form automatically generates an email to the unit head/supervisor/delegate who must reply indicating whether or not they approve the Petty Cash Fund closure.
  3. Give the USFSCO cashier the total amount of the Petty Cash Fund. Tell them that you are the Petty Cash Fund custodian and you are closing the fund.
  4. Retain the closure form and cashier receipt for your records.

Forms Used in this Procedure

Close Fund

Related Policies and Procedures

10.5.4 Verify Petty Cash Funds Monthly
10.5.5 Replenish Petty Cash Funds

Additional Resources

USFSCO Petty Cash & Change Funds
Petty Cash Fund Training
Campus USFSCO office locations and hours:
    Urbana
    Chicago
    Springfield

Last Updated: February 22, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

Give us feedback about this page Submit Feedback