2 Petty Cash Overview The petty cash system is not intended to replace the purchase order process. The petty cash process is intended to provide expediency to the school location for emergency purchases only. Refer to Appendix A for Board Policy
3 Petty Cash Overview In order to issue a petty cash check, you must first have the available funds in your student activity accounts. Fund #Description 018 Principal's Fund (Includes Teachers’ Vending, SPO & Donations) 200Student Managed Fund 300Athletics 0185Scholarships
4 New Procedures Effective in
5 NEW PROCEDURES EFFECTIVE IN Each school is allowed a maximum of 3 checks per semester to be used for emergencies only. All other pre-established limits and guidelines set by the Chief Financial Officer must be followed. All checks written after the 3 rd check in any one semester must be approved by the Budgets/SFA office.
6 NEW PROCEDURES EFFECTIVE IN (Cont’d) A Request for Petty Cash Check Approval form must be submitted to the Budgets/SFA office for all checks after the 3 rd check of each semester. If a check is written after the 3 rd check without approval, the school will lose their check writing privileges and the checkbook will be confiscated immediately.
7 NEW PROCEDURES EFFECTIVE IN (Cont’d) A Request for Petty Cash Check Approval form will only be approved by the Budgets/SFA office for school emergencies and scholarships. Refer to Appendix B for Request for Petty Cash Check Approval form
8 Petty Cash Procedures Signature Cards
9 A Signature Card must be signed by each principal and be on file at Key Bank. All signature cards must be returned to the Budgets/ SFA office. Do not return signature cards to Key Bank branches. All new principals including principals assigned to a new school must sign a new signature card. (Refer to Appendix E for new signature card form and Appendix F for change of signer request form) Principals who remain at the same school do not have to sign a new signature card each year.
10 Petty Cash Procedures Checkbooks
11 Checkbooks Checks will be ordered by the Budgets/SFA Office. your analyst to order additional checks before you run completely out. It takes 2-3 weeks for delivery. A check cannot be written from the school’s checkbook until there is a signature card on file at Key Bank with the current signer’s signature.
12 Petty Cash Procedures Petty Cash Dollar Limits
13 Petty Cash Balance Requirements In order to receive a petty cash checkbook your school must have a minimum student activity fund balance of $1,500. This includes all student activity funds 018,200,300 & 0185.
15 Individual Check Limit You must complete a Request for a Petty Cash Check Approval form if the check is more than the established limits for your school. Pre-K - 5 Elementary Schools K-8 SchoolsHigh Schools $250$350$500
16 Petty Cash Procedures Reimbursement Process
17 Petty Cash Reimbursement Process Each check must be accompanied by a pay-out voucher form and a receipt. Pay-Out voucher forms must include a justification for the purchase. Attach receipts/invoice to the pay-out form. Refer to Appendix C for the pay-out voucher form.
18 Petty Cash Reimbursement Process Continued Complete a reimbursement form. ( Refer to Appendix D for the Petty Cash Reimbursement form) Receipts/Invoices must equal the total amount of checks written. Total Reimbursement = Petty Cash Start-Up – Remaining Balance
19 Petty Cash Reimbursement Deadlines Reimbursements must be submitted at the end of each semester. 1 st Reimbursement due on: Jan. 30, 2009 Final Reimbursement due on: June 5, 2009
20 Petty Cash Procedures Do’s & Don’ts
21 Important Do’s Adhere to the 3 check per semester limit policy without prior approval of Budgets/SFA Office A Request For Petty Cash Check form must be approved by the Budgets/SFA Office after the 3 rd check is written in any one semester. Checks must be signed by the principal or principal’s designee. Designee’s signature must be on file at KeyBank as well.
22 Important Do’s (Continued) All receipts/deposits are to be turned in as collected and deposited only into the board account # Every school must use the coded deposit tickets only. Submit monthly reports to the Budgets/SFA Office by the 3 rd business day of each month for the previous month. Always use the coded deposit tickets with the correct fund numbers when making deposits.
23 Important Do’s (Continued) All major purchases should be paid by a purchase order or a direct pay if under $ Turn in all Sam’s Club cards at the end of the school year
24 Important Don’ts Do not make cash payments Do not make deposits in the petty cash checking account Secretaries are never to sign checks Do not hold money in safe for more than 24 hours Do not pay or reimburse sales tax
25 Important Don'ts (Continued) Do not write a check without a receipt Do not make a check payable to yourself or any other signer. You must be reimbursed with a P.O. or direct pay Do not issue a check if it is not an emergency (Issue a P.O.) Do not write a check if you don’t have the available funds in your petty cash account Do not write a check to an individual (including employees) for services rendered. This would include DJ’s, caterers, or any other professional.
26 Important Don’ts (Continued) Do not write a check over the check writing limit without the approval of the Budgets/SFA Office Do not write more than 3 checks per semester without the prior approval of the Budgets/SFA Office Do not call in vendor orders Do not purchase anything that is not directly related to the students
27 4 Ways to Lose Your Checkbook If checking account is overdrawn If monthly reports are not received by the 3 rd business day of each month for two consecutive months Writing checks over the stated limits without approval Writing more than the 3 checks in one semester without the approval of the Budgets/SFA Office
28 Petty Cash Appendix Appendix A - Board Policy Appendix B - Request for Petty Cash Check Appendix C - Sample Pay-Out Voucher Appendix D - Petty Cash Reimbursement Appendix E - Signature Card for New Accounts Appendix F - Signature Card for Change of Signer
29 Appendix A: Board Policy
30 Appendix B: Request for Petty Cash Check Approval
31 Appendix C: Sample Pay-Out
32 Appendix D: Petty Cash Reimbursement Form
33 Appendix E: New Account Signature Card
34 Appendix F: Signature Card Change of Signer Request