1. Petty Cash/Change Fund Policy & Procedures

2. Agenda Purpose and Definitions Establishing and Changing Funds Safeguarding Funds Using and Replenishing Funds Closing Funds

3. Set guidelines for appropriate use & establish internal controls to prevent/detect the misuse of University funds Petty cash fund or Change fund versus Fund as used with Banner Purpose and Definitions

4. Petty Cash Fund: small dollar recurring purchases ($50 or less) for which the Pcard cant be used limited to reimbursements to staff, faculty, students University petty cash fund at Cashiers office (107 Reynolda Hall)

5. Purpose and Definitions Change Fund: Provides change to customers who pay for goods or services with cash Cash drawers or the till Examples – Deacon Shop, Athletics Ticket Office, Graylyn Not to be used for small dollar purchases, incidentals, emergency business expenditures

6. Purpose and Definitions Is your fund named properly? Petty Cash vs Change Fund

7. Establishing and Changing Funds Cash Fund Action Form

8. Establishing and Changing Funds Cash Fund Change of Fiduciary Form

9. Safeguarding Funds Count and balance change funds at beginning and end of each day Store funds in secure device (safe, vault, locked drawer, locked room) Never leave funds unattended or unsecured Be prepared for unannounced audits by Internal Audit or FAS

10. Safeguarding Funds Monthly Petty Cash and Change Fund Reconciliation

11. Using and Replenishing Petty Cash Funds Use of petty cash funds should be pre-approved by one of the departments authorized approvers The following is needed to verify the purchase: Date of purchase Vendor name Receipt Breakdown of total and tax total in US dollars Description of purchase Business purpose Proof of payment for reimbursements

12. Using and Replenishing Petty Cash Funds Missing Receipt Affidavit

13. Using and Replenishing Petty Cash Funds At any given time, cash on hand plus receipts must equal the authorized fund amount It is the responsibility of the Fiduciary to maintain a current record of the funds financial status Example:

14. Using and Replenishing Petty Cash Funds Prohibited Purchases: Single purchases in excess of $50 Capital assets Payment for services rendered Alcoholic beverages Personal check cashing or personal cash advances Items purchased more than 30 days prior to reimbursement request Honorariums, salaries and wages

15. Using and Replenishing Funds DO NOT replenish petty cash funds from ATM withdrawals Replenish funds at least monthly or more frequently if needed

16. Using and Replenishing Petty Cash Funds Petty Cash Replenishment Request Form

17. Closing Funds Notify FAS via Cash Fund Action Form Prepare full reconciliation of fund Deposit all funds at the Cashiers window in 107 Reynolda Hall

18. Links and Contact Info To find this presentation: http://finance.wfu.edu/faculty-staff/financial-reporting To find the forms in this presentation: http://finance.wfu.edu/forms To find the related procedures: http://finance.wfu.edu/policies-and-procedures Jennifer KillingsworthRuth Smith Manager, General AccountingSenior Accounting Coordinator killinjl@wfu.edukillinjl@wfu.edu ext. 4088smithrr@wfu.edu ext. 5977smithrr@wfu.edu