ADMIN 130 - Change Funds/Petty Cash Funds Policy

Policy

Establishment, use and maintenance of change funds and/or petty cash funds are necessary for cashiering functions, departmental use and various activities with CWI. This policy is intended to provide for the sound management of these funds and prevent the mismanagement or abuse of any such funds.

Guidelines

Authority And Responsibilities

The authority to establish either a change or petty cash fund must come from the Vice President for Finance and Administration (VPFA). A Dean, Department Chair or Supervisor must make a written request for authority to maintain a change or petty cash fund. The person to whom such authority is granted holds overall responsibility for the management of the fund.

Individual responsibility is established by assigning the fund to a specific employee. This employee is responsible for the fund until the monies are either returned to the Business Office or until another employee is assigned responsibility. Any employee assigned responsibility for a change or petty cash fund must sign a form to such effect provided by the Business Office. 

Authorization

An authorization request must be submitted to establish a change or petty cash fund, a “petty cash/change fund action” form and a letter of request should be submitted to the VPFA. Once the VPFA has approved the change or petty cash fund, a request with specified cash denominations should be submitted to the Business Office.