University of South Florida Research Foundation, Inc

University of South Florida Research Foundation, Inc.

Introduction

A petty cash fund may be established in a department when it can be demonstrated that a continuing cash advance should be kept on hand to permit the purchase of low-value supplies or services for official University business purposes. The usage of petty cash would be in lieu of purchase cards, i.e. P-cards. Each department will be responsible for restrictions on the petty cash fund established, including the amount ofcash in the fund and a dollar limit per expenditure. Each fund must be used strictly in accordance with the purposefor which it was authorized.

Establishment of Petty Cash Funds

The Department Chair will request the establishment of the petty cash fund through the USF Research Foundation, Inc. (USFRF). This request must include the fund/account from where the funds will be transferred and the dollar amount of the transfer. If a grant fund is being utilized for the establishment of the petty cash fund, the term of the petty cash fund must coincide within the dates of the grant. Upon conclusion of the grant, the petty cash fund will be reconciled, closed and, if applicable, any remaining funds will be transferred back to the original fund/account.

Operation of Petty Cash Funds

The USFRF will not be held responsible or liable for the actual operating of the petty cash fund. This would include designation of a custodian of the fund, disbursements made from the fund, physical security of the fund, internal control procedures for the use of the fund and cash overage/shortage of the fund.

Replenishment of Petty Cash Funds

In order for the petty cash fund to be replenished for purchases made, the USFRF will require submission of a completed Check Request Form in the amount of the disbursements made. The Check Request form must be supported by purchase receipts for all disbursements, and a listing of disbursements from the petty cash fund. This listing should contain the date of the purchase, the amount of the purchase and the name of the payee.

Following approval, a check will be issued and made payable to the petty cash custodian or other Department designee.

All petty cash funds should be reconciled and reimbursed at fiscal year end (prior to June 30) in order to charge expenditures to the proper accounting period.