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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 Bursar advances this money at each university. Petty Cash Funds are subject to an audit by the Office of University Audits and/or by University Bursar at any time.

Procedure

To establish a Petty Cash Fund:

  1. The unit head designates one employee as custodian of the fund.
  2. The custodians complete online training. Training is completed 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 University Bursar Cashier Operations.

Forms Used in this Procedure

Request New Fund

Related Policies and Procedures

10.5.2 Serve as a Petty Cash Fund Custodian

Additional Resources

University Bursar Petty Cash & Change Funds
Petty Cash Fund Training
University Bursar office locations and hours:
   Urbana-Champaign
   Chicago
   Springfield

Last Updated: June 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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