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Business and Financial Policies and Procedures

10.5.1 Establish a Petty Cash Fund

Policy Statement

Petty Cash Funds may not be established for amounts exceeding $1000 and can only be used for the purchase of miscellaneous and incidental items of small value. University Student Financial Services and Cashier Operations (USFSCO) advances this money at each campus. Petty Cash Funds are subject to an audit by the Office of University Audits and/or by a representative of USFSCO at any time.

Procedure

To establish a Petty Cash Fund:

  1. The unit head designates one employee as custodian of the fund.
  2. Custodians complete online training. Training is done when the fund is established and then annually thereafter.
  3. Complete the Request New Fund form.
    1. State the reason the fund is required and the desired denomination breakdown.
    2. Limit the amount to the cash needed for 2 to 4 weeks. TEM replenishment requests can be processed after that time.
  4. Follow the instructions on the Request New Fund form to approve and submit the new fund request.

Inactivity may cause the fund to be reduced or returned to the USFSCO Cashier Office.

Forms Used in this Procedure

Request New Fund

Related Policies and Procedures

10.5.2 Serve as a Petty Cash Fund Custodian

Additional Resources

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

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

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