PETTY CASH FUND
The purpose of this policy is to provide direction on the use of petty cash funds in order to expedite reimbursements to staff for out of pocket expenses and reduce the volume of check requests processed between School Board meetings.
II. GENERAL STATEMENT OF POLICY
Petty cash reimbursements shall be authorized for purchases less than
$100 and includes such expenditures as student refunds, postage, classroom supplies, emergency purchases, and meeting expenses. The funds shall not be used for check cashing, loans, payments to individuals for services, mileage or sales tax reimbursements.
The Superintendent is directed to develop administrative guidelines to facilitate implementation of this policy.
Legal References: M.S. 123B.11, subd, 1, Imprest Cash Funds
ADOPTED BY THE BOARD OF EDUCATION: April 3, 2006
REVIEWED BY THE BOARD OF EDUCATION: February 17, 2009
REVISED BY THE BOARD OF EDUCATION:
710.1 Administrative Guidelines
PETTY CASH FUND
The purpose of this administrative guideline is to provide assistant on the appropriate use of petty cash funds to expedite reimbursements to staff for out of pocket expenses and reduce the volume of check requests processed between School Board meetings.
II. ELIGIBLE EXPENSES
A. Acceptable petty cash fund expenditures must be less than $100 and includes such activity as student refunds, postage, reimbursement for employee classroom supply and emergency purchases, and meeting expenses excluding mileage reimbursement.
B. Unacceptable petty cash fund expenditures include transactions in excess of $100; check cashing, loans, payments to individuals for services, and the reimbursement of sales tax.
III. TYPES OF PETTY CASH FUNDS
A. General Accounts - This petty cash fund is identified by a “GENERAL ACCOUNTS PETTY CASH ENVELOPE” and is used for the reimbursement of acceptable expenses that would typically be chargeable to the general fund accounts and the school’s or department’s budget.
B. Activity Accounts - This petty cash fund is identified by a “ACTIVITY ACCOUNTS PETTY CASH ENVELOPE”, it is separate from the general accounts and is used for reimbursement of acceptable expenses that would be typically chargeable to the student activity accounts at the High School.
IV. USE OF PETTY CASH ENVELOPES
The school principal or department supervisor is responsible for the custody of their petty cash fund (s) and for the legality and propriety of the petty cash expenditures pursuant to policy and administrative guidelines and applicable state laws and regulations. The custodian of the funds should obtain approval from the Business Office if there is any doubt as to the legality, propriety or eligibility of an expenditure.
A. Every petty cash expense must be charged to a budget account which is only controlled by the custodian of the funds.
B. Every petty cash expense must be substantiated by an invoice, receipt or cash register tape and use the form “CLAIM FOR REIMBURSEMENT OF EXPENDITURES OR REQUEST FOR PAYMENT OF ENTRY FEES” for a cash reimbursement.
C. Petty cash funds are not to be intermingled or deposited with any other receipts, funds or cash-on-hand.
D. Petty cash funds will be replenished by the Business Office upon the receipt of all invoices, receipts or cash register tapes and the appropriate completed petty cash envelope itemizing all disbursements made since last replenished. The replenishment is limited to the amount of expenses incurred.
E. No replenishment of the petty cash fund will be made for an amount in excess of the established fund amount.
F. An incomplete submission by the custodian of the funds will be returned to the school or department for proper completion before a check is generated to replenish the fund.
G. Internal audits of the petty cash funds will be conducted throughout the year by the Business Office.
V. FUND LOCATION & AMOUNT
A. Centennial Elementary administration office $100.00
B. Sheridan Hills Elementary administration office $100.00
C. Intermediate School administration office $200.00
D. Middle School administrative office $200.00
E. High School administrative office $800.00
F. High School administrative office (ACTIVITY) $800.00
G. Community Education office $200.00
H. Extended Campus office $100.00
I. Transitions program office $100.00
J. District office $200.00
K. Dual Language administrative office $100.00 L. Buildings, Grounds, and Transportation office $100.00
LEGAL REFERENCES: M.S. 123B.11, subd, 1, Imprest Cash Funds
Dated: April 3, 2006
Revised: February 17, 2009