Financial Services Policy 7.5 – Cash Funds

A cash fund to make low-cost, infrequent purchases or to provide change for the cash receipting function may be requested. All purchases of equipment must be requested through the Purchasing Office on a “Purchasing Requisition”. All purchases of capitalized fixed assets must be done in accordance with Policy 7.8 – Fixed Assets.

The custodian of the cash fund is responsible for keeping the fund in a secure location and not a personal checking account, and must be able to account for the fund at all times. The cash fund must be available for audit by the Internal Auditor and by the N.C. Office of the State Auditor.

Petty cash expenditures are limited to $100.00 per purchase. Reimbursements must be filed within 45 days of the date of expenditure. Refer to Procedure Number 1 for an explanation of the operation of a cash fund.