3451(R) Petty Cash Funds, Regulation

NORTHFIELD BOARD OF EDUCATION FILE CODE: 3451 Northfield, New Jersey

Regulation

PETTY CASH FUNDS

Each petty cash fund established by Policy No. 3451 shall be administered in accordance with the following rules:

A. Authority

1. The business administrator shall assume direct control of the fund or assign direct control to a responsible school employee under his/her direct supervision.
2. Each deposit and expenditure shall be promptly and accurately recorded.

B. Withdrawal

1. Each person who seeks petty cash funds shall prepare and sign a written request stating the amount requested and the purpose of the funds. The requestor will supply receipts or invoices as appropriate to support the request, and all such documents will be attached to the request.
2. The custodian will prepare a disbursement slip for each expenditure that records the date, amount of the expenditure, purpose of the expenditure briefly stated, and the name of the requestor. The disbursement must be signed by the business administrator.
3. The person who receives the funds will acknowledge receipt by signing the disbursement slip. The disbursement slip will be attached to the request for expenditure.
4. Any check drawn on a petty cash fund shall be in the exact amount of the request submitted for reimbursement.
5. No cash shall be released from the petty cash box to any person as a loan or in change for a personal check, but change may be made from the petty cash box on a direct exchange of funds in equal amounts.
6. No single petty cash expenditure may exceed the amount established by Policy No. 3451, unless approved with prior approval from the business administrator. No request for funds or supporting receipts will be divided so as to circumvent this rule.
7. At the end of each school day, the custodian will lock the petty cash box and place it in a secure and locked place, preferably fireproof and stationary.
8. The custodian will retain and file each request for funds, with the disbursement slip and supporting documents attached.

C. Reimbursement

1. When the fund is required to be replenished the custodian will complete and file with the business administrator a report on the amounts disbursed from the fund during that period.
2. The business administrator will prepare a voucher for board approval in an amount equal to that which was disbursed. All requests for disbursement, supporting documentation, and disbursement slips will be submitted with the request for replenishment.
3. At the end of each school year, the custodian of the fund will return the petty cash box, with remaining petty cash, and the checkbook to the business administrator. The custodian will also complete a final report of the fund for audit.