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1、Petty Cash and Change FundsPurpose of Change Funds: Achange fund is intended to provide cash to a department for the sole purpose of making change. THIS FUND MUST ALWAYS REMAIN CONSTANT. No purchases are to be made from this fund. A change fund is not to be used for cashing checks.Purpose of Petty C
2、ash Funds: A petty cash fund is intended to provide a means for making minor off-campus purchases when such purchases are unavailable through campus facilities and under conditions by which the normal procurement department procedures are not practical or adequate. Purchases must be such that they w
3、ould be acceptable if processed through university procurement procedures. All purchases must be supported by proper documentation such as an original invoice, receipt, register tape, etc. clearly identifying what is being purchased and signed by the person making the purchase. A petty cash fund is
4、in no way intended to be a means for circumventing Kent State Universitys policies, regulations, or required controls and approvals.Custodian Responsibilities: The custodian of the fund is theperson responsible for the care of the fund, accounting for/safeguarding the cash, and securing proper recei
5、pts. All money should be kept inlocked storage at all times. In no instance should a university fund under an individuals control be kept on ones person, deposited in a personal bank account, or taken to ones home for safekeeping.A Petty Cash or Change Fund Request Form can be obtained by going to t
6、he Controllers website at: http:/www.kent.edu/about/administration/business/financial/controller/ This form must be submitted for the following requests:A. To establish a petty cash or change fund.B. To increase a petty cash or change fund.C. To change the custodian of a petty cash or change fund.Or
7、iginal signatures of the custodian and the department chairperson or dean are required in each of the above situations.A Petty Cash Reimbursement Form can be obtained by going to the Controllers website at: http:/www.kent.edu/about/administration/business/financial/controller/A Petty Cash Reimbursem
8、ent form should be used to replenish the petty cash fund. Reimbursementshould be doneonce a month in order for transactions to be recorded on a timely basis. It is not necessary to use all of the funds before submitting a reimbursement request. In addition, the fund should be replenished prior to th
9、e Universitys fiscal year end (June 30) in order to record expenditures in the proper fiscal period.When completing the Petty Cash Reimbursement form, please be sure to include the petty cash fund number that has been assigned to your account. It is important to use this number any time you contact
10、the Controllers Office in reference to your petty cash fund. Departmental index and account codes to be charged must be clearly identified in order for the expenditures to be properly recorded. Original signatures of the custodian and the department chairman or dean are required before the petty cas
11、h reimbursement request will be processed.Cash Overages and Shortages: Cash on hand should be counted each time a reimbursement request is compiled. Discrepancies between the total cash on hand plus the receipts to be reimbursed and the established petty cash level should be identified on the reimbu
12、rsement request as either a cash overage or shortage and recorded to account 77013. Overages should be deducted from the reimbursement request total and shortages should be added to the reimbursement request total in order to bring the petty cash balance back to the established level. A theft of pet
13、ty cash funds needs to be supported by a copy of a police report before being reimbursed.Policies:The collection of funds from sales should be deposited with the Bursars Office in a timely manner. Checks collected should be designated immediately upon receipt by a restrictive endorsement indicator,
14、i.e., an endorsement stamp, cash register endorsement, or manual endorsement. A restrictive endorsement stamp can be obtained through the Bursars Office.Personal services, travel and entertainment (including coffee, food, etc.) are generally not considered petty cash purchases in order to comply wit
15、h university policy and legal requirements, and must be processed through established procedures. In general, any allowable travel and food expense incurred while on university business should be reimbursed via an Electronic Expense Reimbursement. However, if the amount isless than $10.00, then reim
16、bursement through the petty cash fund may be the most convenient method. If possible, receipts for individual small expenses should be collected covering a months period of time and a single Expense Reimbursement submitted for the month. Authorized expenditures for group gatherings must be reimbursed in the same manner.In general the University Policy Register does not permit the use of state funds for depa
