Cash and Treasury Services
TEMPORARY PETTY CASH ADVANCE POLICY
The University provides for procurement and payment of services and supplies, however, in certain circumstances due to the nature of transactions, a temporary petty cash advance may be issued. Temporary petty cash advances are not to be used to circumvent University procedures and record keeping in regards to purchases and payments. Advances are available for student travel, research study subject payments, awards or prizes to support student activities, and for other valid expenses that cannot be processed by the University’s purchasing system or through the use of a purchasing card. Advances are also available for employee travel (see Travel Cash Advance – Authorization Policy). Advances are to be temporary in nature, meaning that repayment is due within 30 days of the advance issue date. All departments receiving temporary petty cash advances are required to exercise controls over their use.
All temporary petty cash advance requests must submitted to the Cash and Treasury Services Department using a Temporary Petty Cash Advance Form. Requests must be made at least 5 business days before the funds are needed. Requests not made 5 business days in advance may not be fulfilled. The request must be initiated by the employee who will ultimately safeguard the funds and account for their disbursement. A separate employee may be designated on the form to issue repayment to the Cash and Treasury Services Department. Temporary petty cash advances will be processed by direct deposit. Cash will not be given under any circumstances.
Temporary petty cash advances should only be requested in anticipation of immediate need or use. All advances must be repaid to the Cash and Treasury Services Department within 30 days of the issue date. Funds may only be used for the purpose indicated on the Temporary Petty Cash Advance Form. Any funds remaining must be redeposited.
Departments are responsible for documenting the use of temporary petty cash advances. If the advance is distributed (i.e. in support of research study subjects or for awards or prizes to support student activities, etc.), the person accountable must keep a log of any disbursements made. All documentation must be retained within the department for auditing purposes.
The person accountable is responsible for safeguarding the funds until they have been either exhausted or redeposited. Funds should be accounted for on a weekly basis. Any shortages must be reported immediately to Internal Audit. If burglary or theft is suspected, the University Police Department should also be notified immediately after discovery. Mishandling of funds will be addressed in accordance to the University discipline policy and any other applicable state and federal law enforcement.
- Reporting Units
- Policies and Procedures
- Teams, Committees, Councils
- Office of the Executive Vice President for Finance and Operations
- Accounting for Related Organizations
- Accounting Services
- Accounts Receivable
- Budget Office
- Cash and Treasury Services
- Controller's Office
- Human Resources
- Land and Capital Asset Stewardship
- Lean Office
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