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The Fiscal Policy on Petty Cash can be found online here.
Ref: FPS #5, Sec 030
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- Petty cash funds are available for departments that have a need. Send a written request to Business Affairs explaining the need. Funds are advanced to the department head. Additional information may be found in the referenced fiscal policy, parts 1 & 2.
- Expenses >$100 may be paid for by individuals and reimbursed by this office. Special approval is needed to exceed $100 and be reimbursed locally. Expenses up to $2,000 may be made without special approval and be reimbursed via the Treasurer's Office via a T-44 form (available online).
- Normal purchasing guidelines apply to petty cash items: Don't purchase items that are available from Central Stores. Food/beverage items require explanation & special approval. Personal items can't be bought.
- Sales tax should be paid on items paid for by individuals and reimbursed via petty cash. When a petty cash check is written to a vendor, sales tax should not be paid.
- Payments to individuals for casual labor cannot exceed $50 per payment. Such payments that could total >$600/year must be paid via payroll. Employees must be paid via payroll. There are a few exceptions to the $50 limit, in which case we have to have a 1099 form.
- Receipts: Part 04 of the referenced policy gives the requirements for receipts. There are four types. All must be dated, be itemized, be an original, show positive proof of payment. Indicate the account name and number, object code, and have it approved by the department head. Receipts cannot be accepted if they have been altered. Receipts that are attached to PC vouchers should be stapled, not clipped.
- Receipts must be submitted for reimbursement at June 30 and cannot be held over to the next fiscal year.
- Entertainment incurred outside of Martin should be submitted on a T-3 (Travel expense form).
- Receipts for entertainment must include an explanation (including who was involved) and require extra approvals, so they take a little longer.
Petty Cash Form (T-4)
Petty Cash Form (T-44)
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