Policies & Procedures Manual - Elizabeth City State University

400.3.1.15Adopted: 06/14/05Amended: 06/13/06ELIZABETH CITY STATE UNIVERSITYPetty Cash PolicyPreambleThis policy statement shall govern the administration of Petty Cash purchases,reimbursement and accountability for all university employees. This policy supports theability of employees to make small purchases ($100 or less) in an expedient manner toaddress the needs of operating departments.1. The custody and control of petty cash funds may be delegated to appropriatepersonnel; however, accountability and responsibility for proper use and care ofthe funds remain with the designated department head.2. Petty cash funds must be kept separate from all other funds.3. The petty cash fund should be balanced frequently to ensure that the cash pluspaid receipts on hand equal the amount of the fund.4. Petty cash funds are to be used for cash payments of minor items. These cashpayments are not to exceed $100.00 (one hundred dollars).5. Supplies and materials which are available through the university store may notbe purchased through the petty cash fund except in emergency situations. If suchpurchases are necessary, an explanation must be attached to the voucher.6. The petty cash fund can not be used to make personal loans.7. Original receipts for items purchased must be presented in order forreimbursements to be honored.8. The receipts must meet the following requirements:must be datedmust contain a brief description the items purchasedmust list the total costmust be the original receipt (standard carbon accepted)must be positive evidence of payment (PAID should be stamped or writtenby the salesperson on the receipt)receipts which bear evidence of alteration cannot be accepted