Effective Date: December 4, 2002

Signature/Position: Assistant Vice-President, Finance and Services

Table of Contents

• Subject
• Purpose
• Policy

1. Petty Cash Funds will be provided on an Imprest basis, at geographical locations (example main buildings) where the establishment of petty cash stations would facilitate the operations of Departments of the University .
2. Petty Cash stations will be limited to $500 and may be reduced or disontinued according to usage and at the discretion of the Revenue Control Manager. Special approval of the Revenue Control Manager must be obtained for stations requiring in excess of $500. All expenditures paid out of petty cash funds will result in a charge to departmental expense or trust funds. Petty Cash purchases will normally exclude items which are available in University inventories of supplies and materials.
3. Petty Cash Custodians may be delegated the authority of Chair and/or Research Grant holder for approving Petty Cash disbursements.
4. A financial procedure is provided to establish and instruct the Petty Cash Custodian on the method of accounting for Imprest Funds

Subject

Establishment of Petty Cash Imprest Funds on Campus

Purpose

This policy is estabished to provide Petty Cash Imprest Funds at a number of locations on campus as a convenience to faculty and staff members in making small local purchases of goods or services on behalf of the University.

This policy removes the formality of a purchase requisition and approval of the Purchasing Office, providing the purchases are within the limitations set forth.

It should be noted that the placement of cash at various campus locations in accordance with this policy reduces the most effective use of cash; however, it is thought that the benefits to be derived will offset this cost.

Policy

1. Petty Cash Funds will be provided on an Imprest basis, at geographical locations (example main buildings) where the establishment of petty cash stations would facilitate the operations of Departments of the University.
   1. The Revenue Control Manager will have the responsibility of approving the establishment of petty cash stations. Cash stations replenishment should revolve at a minimum of twice per calendar month.
   2. Adequate safekeeping of funds at the stations, both durring and after normal working hours, is a necessity and will be one of the requirements to be met prior to the establishment of each station.
2. Petty Cash stations will be limited to $500 and may be reduced or discontinued according to usage and at the discretion of the Revenue Control Manager. Special approval of the Revenue Control Manager must be obtained for stations requiring in excess of $500. All expenditures paid out of petty cash funds will result in a charge to departmental expense or trust funds. Petty Cash purchases will normally exclude items which are available in University inventories of supplies and materials.
   1. Petty Cash purchases normally should not exceed $100 per supplier order value. Note: For those employees eligible for a reimbursement for the purchase of safety footwear, the Petty Cash limit is $115.00, effective (January 1, 2003). For supplier orders of greater value, a purchase requisition should be used.
   2. Excluded from Petty Cash Station disbursements are the following items:
      1. Salary or wage payments (example student labour)
      2. Personal loans or advances
      3. Purchases for employees' benefit (example coffee making equipment and personal gifts)
      4. Expense reimbursable on Travel Authority and Personal Expense Report in excess of $100.00
3. Petty Cash Custodians may be delegated the authority of Chair and/or Research Grant holder for approving Petty Cash disbursements.
4. A financial procedure is provided to establish and instruct the Petty Cash Custodian on the method of accounting for Imprest Funds.