Creighton University
Accounting Policies
POLICY TITLE: | Petty Cash Funds / Change Funds | POLICY NUMBER: | GNPL 02 |
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DATE ISSUED: | July 1, 1984 | DATE REVISED: | January, 2000 |
A petty cash fund represents cash maintained within a department or area as a convenience for purchasing small supplies and for minor operating expenses. A change fund is cash used strictly as change for monies received, and not for the purposes specified under the definition of a petty cash fund. The creation of either a petty cash fund or a change fund within a department requires the prior approval of the applicable Dean, Vice President, and the Controller.
The maximum amount for any petty cash fund is typically $100. Individual petty cash purchases should not exceed $50 each. Petty cash funds and change funds are not to be used for cashing personal checks, travel expenses, for advances or to circumvent the University's normal purchasing system and procedures.
In lieu of obtaining a departmental petty cash fund, departments may use the Business Office as their "petty cash fund" by submitting receipts for items less than $50 through the Business Office. Reimbursement under this last alternative can be obtained without submitting the documents for formal processing through the Controller's Office.