73-01 Purchasing - Petty Cash

Procedure Description

A Petty Cash Fund of $1,000.00 is maintained by Florence-Darlington Technical College. Expenditures of the fund are made in such a way as to improve the efficient operation of the College, and all expenditures shall be properly accounted for. The Business Affairs Coordinator for the Vice President of Finance and Administration is designated as custodian of the Petty Cash Fund

The Petty Cash Fund will be used for single purchases that do not exceed $100.00 unless approval to exceed the limit is given in advance by the Vice President for Finance and Administration.

1.    When the need is determined to purchase from Petty Cash, the department budget manager should review budget funds to ensure funds are available for the purchase, document account number to be used, and sign the petty cash form.

2.    After written approval is given, the requester will either purchase the goods from personal funds and obtain a receipt for reimbursement purposes, or come by the Business office, sign a Petty Cash Voucher, and receive the funds to purchase the goods.

3.    If the Purchaser elects to make the purchase from personal funds, the receipt should be presented to the Business Affairs Coordinator for reimbursement at which time the Petty Cash Voucher must be completed and signed. If the Purchaser elects to receive funds prior to the purchase, the employee must return to the Business Affairs Coordinator the receipt and any change after the transaction has been completed (within 3 business days).

4.    Petty Cash purchases will be charged back to the individual budget accounts. Therefore, the purchaser must affix an expenditure code on the Petty Cash voucher prior to receiving reimbursement.

5.    Petty Cash will be limited to (l) reimbursement per day.

6.    Split orders will not be reimbursed by petty cash. (Split orders are those orders that are deliberately split to give the appearance of single Purchases.) Example: A department that will obtain up to $200 by splitting the goods in half or etc., then have two or more employees present receipts for reimbursement. The receipts are for the same day, same function, same vendor, same cash register, and the time is usually one minute or less.

7.    If purchasing food items, please provide an agenda, flyer, etc. noting the purpose of the meeting.

Petty Cash Reimbursement Form

Date ______________    Amount _______________________________

Buyer's original Signature ___________________________________

Item _________________________________________________________

Purpose _____________________________________________________

Account Number ___________________________________________

Department Budget Manager Approval:

______________________________________________________________

ORIGINAL SIGNATURE

Grant Purchases I Grants Office Approval:

______________________________________________________________

ORIGINAL SIGNATURE

Please tape receipts to front or back of this form.

Attach receipts here or on back of this form.