21.01.03.S1 Petty Cash Funds

May 3, 2000

Supplements System Regulation 21.01.03

  1. GENERAL

    Petty cash funds may be established or increased/decreased by the Associate Vice Chancellor for Budgets and Accounting. The funds may be used for making change or paying for items which cannot be expeditiously handled through regular disbursement procedures. Such funds may be used only for the purposes for which they are designated. The funds may not be used to cash checks or make advances.

  2. DISBURSEMENTS

    Disbursements from petty cash funds for goods and services are subject to the same certification, approval, and documentation requirements as disbursements made through regular voucher procedures. Reimbursements to petty cash fund accounts shall be made at least monthly and as many times during the month as necessary to maintain the efficiency of the accounts.

  3. ACCOUNTABILITY

    Full accountability for the petty cash fund shall be maintained at all times by one primary custodian within the department. The System Internal Audit department may make periodic audits of the petty cash fund.

  4. PROCEDURES

    System Regulation 21.01.02, Receipt, Custody, and Deposit of Revenues, establishes procedures regarding working/petty cash funds. Detailed petty cash fund operating procedures for SAGO may be found at http://sago.tamu.edu/soba/pettycash.pdf.

HISTORY: New

CONTACT OFFICE: System Office of Budgets and Accounting