Petty Cash Policy FN.004

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LU Policy Number: FN.004

Effective Date: NR

Approval Date: NR

Revised Date: 5/26/2017

Purpose:  Concerns petty cash allowances, disbursement and reconciliation

Scope: All Employees(Faculties and Staff) of Life University

Approval Authority: EVP Finance

Responsible Authority: Finance

Definitions: N/A

Policy Title

Petty Cash Policy

Policy Statement

Petty cash is available to employees primarily for 2 purposes:

• To reimburse employees (faculty/staff) for small cash purchases of $25 or less with a receipt

• To make change for the Clinic or the Department

Petty cash reimbursements can be requested for gasoline usage, food or meals, minor graduation expenses, various supplies, postage or miscellaneous fees as long as a valid receipt is attached. This is a limited number of examples for reimbursements. Life University will NOT reimburse for candy, donuts or other foods of this nature with the exception of special events (i.e. Halloween when children trick or treat throughout the campus)

Procedure(s)

The petty cash request form can be completed online (NEED GOOGLE DOCS LINK ADDED) by entering the name of the person requesting the reimbursement along with the department of the individual.

• The department number and object code MUST be included on the form or reimbursement may not occur.  A description for the reason of the purchase is helpful.

•  Print the form and ensure the Department Head approves the form by signing and dating it.

• Bring the signed form to the Finance Department where we will provide the cash reimbursement and then request the recipient to sign and date the form on the line “Received by Signature” indicating the cash has been received.

Other Notes

NR= No Records