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3451 Petty Cash Funds

The Northfield Board of Education authorizes the establishment of petty cash funds in accordance with this policy. The board directs the implementation of appropriate controls to protect the funds from abuse.

Northfield, New Jersey X Monitored Mandated
Policy X Other Reasons

The board hereby establishes petty cash funds in the care of the following persons and in the following amounts:

Account Title Custodian(s) Amount Maximum Single Expenditure
Board Office Business Administrator and/or Accounts Payable Clerk $300 $25
SAAC Office Business Administrator and/or Accounts Payable Clerk $50 $25

Petty cash funds may be disbursed only for the immediate payment of comparatively small expenditures and may not be used to circumvent the regular purchasing procedures of this district. Each request for petty cash funds must be in a written document that is signed by the person making the request; supporting documents, if any, will be affixed to the request.

The business administrator shall charge petty cash expenditures to appropriate budget line items. The accounts payable clerk shall prepare a voucher for approval by the board when replenishment of fund is required. The voucher will include disbursement slips to support the amount of the replenishment and its allocation to any account.

The petty cash box must be secured daily. All petty cash funds will be closed out for audit at the end of the school year, and unused funds will be returned to the depository. The business administrator of each fund will report to the board on amounts disbursed from the fund not less than once each year.

Adopted: October 20, 2008 NJSBA Review/Update: October 2009; December 2010 Readopted: October 24, 2011

Key Words

Petty Cash

Legal References: N.J.S.A. 18A:19-13 Petty cash funds

N.J.S.A. 18A:23-2 Scope of audit

N.J.A.C. 6A:23A-16.8 Petty cash fund

Possible Cross References: *3320 Purchasing procedures

*3326 Payment for goods and services

*Indicates policy is included in the Critical Policy Reference Manual.

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