Petty Cash and Change Funds for Departments
A petty cash or change fund is money advanced to a department, issued in the name of an employee, designated as the fund custodian. The purpose of the petty cash fund is to provide cash on hand for a department to reimburse small recurring expenses of $100 or less to employees. The purpose of the change fund is to make change for cash sales. The Controller's Office is responsible for approving all petty cash or change funds.
Petty Cash Funds
Departments may establish a petty cash fund when cash on hand is needed, on a revolving basis, for the payment of small recurring expenses of $100 or less.
The use of petty cash to make purchases is an exception to the formal procurement methods. The University Credit Card is the preferred method of making small dollar purchases.
Change Funds
Departments may establish a change fund when cash on hand is needed to transact daily business to make change for cash sales.
Temporary Change Fund
Departments may request a temporary change fund when cash on hand is needed to transact business to make change for cash sales for a temporary time period of less than five (5) business days.