60.1.1 Petty Cash Funds
Approval Authority: Controller
Responsible Executive: Controller
Responsible Office: Office of Finance
Effective Date: February 6, 2006
- Policy Statement
This policy sets the guidelines by which petty cash reimbursements may be made to Stevens? faculty and staff.
- Reason/Purpose for Policy
It is understood that circumstances occasionally arise when time constraints make processing an expense through accounts payable or check request difficult, or the nature and size of an expense does not justify cutting a check. Petty Cash funds are intended to reimburse employees for minor business related expenses incurred on behalf of Stevens Institute.
- Policy Scope
This policy applies to all Stevens? faculty and staff.
- Related Documents
Student Service Center (Bursar)
Petty cash funds are intended to reimburse individuals for minor, out of pocket, business expenses incurred on behalf of Stevens Institute. The Petty Cash Fund shall be administered by the Office of Finance through authorized petty cash accounts established at the department or school level. To establish a petty cash fund, please fill out the Petty Cash Requisition form (PDF) (Word). Petty cash funds will be charged to the units? budgets and shall be maintained by authorized petty cash custodians responsible for disbursing monies, reconciling their fund, and requesting replenishment of their fund. Petty Cash reimbursements shall be limited to $60.
Examples of items that may be reimbursed through petty cash include (but are not limited to):
- delivery charges
- urgent need office or lab supplies
Petty cash reimbursements will not be issued, under any circumstances, for:
- travel(except for tolls, mileage or occasional public transport fare under $10)
- business meals
- cell phone reimbursements
- internet/cable modem charges
- personal loans
- personal purposes (any event or expense not directly related to conducting Institute business, e.g. birthday cakes, flowers, gifts, etc.)
- office hospitality items (coffee, cookies, etc
In order to be reimbursed, the employee who incurred the expense must complete a Stevens? Petty Cash Reimbursement Form (PCRF) (PDF) (Word) and attach ALL ORIGINAL RECEIPTS INDICATING PROOF of PAYMENT Though small in amount, petty cash expenditures represent business expenses and need to be documented as such. Expenses not properly supported by receipts will NOT be reimbursed.
Note: Invoices and/or bills which do not document payment are not acceptable support for reimbursement. Completion of the PCRF requires the following information:
- Date of submission
- Amount to be reimbursed
- Detailed description of expenditure (including business justification and referencing the attached receipts)
- Account number(s) and subcode(s) to be charged
- Printed name and signature of person receiving funds
- Printed name and signature of the department head
Procedures for establishing petty cash accounts, disbursing monies, reconciling petty cash, transferring responsibility and disestablishing an account can be found on the Office of Finance webpage at www.stevens.edu/fd or requested in hardcopy from the Office.
It is understood that not every unit incurs enough of these types of expenses to justify maintaining its own petty cash account. Individuals in these units may process their occasional petty cash reimbursement requests through the Office of Finance which will approve requests for reimbursement through the Student Service Center. Petty cash reimbursements will be made available through the Student Service Center during posted operating hours. The Student Service Center will only reimburse properly completed, supported and approved petty cash reimbursement forms presented by members of Stevens? faculty or staff. Any PCRF submitted for reimbursement by a person other than a full-time Stevens? employee, or without proper approval, will not be honored. Employees requesting reimbursement should be prepared to show their Stevens identification upon request of the counselors.
In lieu of using Petty Cash individuals should consider obtaining and using a procurement card. The Procurement Card (P-Card) is designed to help minimize the need for Petty Cash reimbursements. The cards can be utilized to directly pay for legitimate business expenses saving the employee the need to pay with their own cash. For information on the P-Card please contact the Purchasing department at extension 5132.