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Responsibility for the security of the petty cash rests with the custodian of the fund. The custodian must take appropriate measures to ensure the petty cash fund and unreimbursed receipts are safe and secure at all times. This includes:

• Keeping the petty cash locked up.
• Restricting access to the petty cash fund only to the custodian.
• Obtaining signed memorandum receipts for any petty cash issued to an individual to make a purchase.
• Obtaining receipts and/or unused cash issued to make a purchase in a timely manner.

The petty cash fund must be counted weekly to verify that it is intact. The total cash on hand, plus receipts on hand, plus cash signed for, plus Payment Authorizations (PA) in process for reimbursement must add to the total authorized amount.

If the petty cash fund is found to be short due to an error, prepare a Payment Authorization as a charge against the petty cash FOPPS, account code 552630 – Cash Over/Short. If the shortage is more than 10% of the fund amount, CCO must review and approve the PA. If the petty cash fund is found to be over due to an error, then the overage should be deposited to the petty cash FOPPS, account code 552630 using a Cash Receipt. If the overage is more than 10% of the fund amount, CCO must also sign the Cash Receipt.

If a theft occurs, notify the University of Å·ÃÀ¿Ú±¬ÊÓƵ Police Department (Å·ÃÀ¿Ú±¬ÊÓƵPD) and CCO as soon as the theft is discovered. Å·ÃÀ¿Ú±¬ÊÓƵPD will investigate and complete a report. Prepare a Payment Authorization for the amount of the theft. The PA should be drawn against the petty cash fund FOPPS, account 552630 – Cash Over/Short. Attach a copy of the police report to the PA and submit these materials to the PSC. A check to reimburse the change fund will be issued to the custodian. Note: If the theft or loss is determined to be due to the negligence of the custodian, the department head may choose to require the custodian to replace the funds.

For internal control purposes, someone other than the custodian should participate in the monthly statement review process with particular emphasis on petty cash expenditures. The petty cash fund is subject to unannounced audits at any time by CCO staff, internal auditors, and external auditors.