Procedure: 2-5

Effective: April 5, 1994

Owner: Associate Comptroller, Revenue and Collections

Latest Revision: December 2, 2002

Scope

Concerning a petty cash, petty cash checking, or change fund:

To establish,
Request an increase in the amount,
Report the amount decreased,
Report the account closure, and
Report a change of custodians.

System References [Top]

Form: "Request for Petty Cash, Petty Cash Checking, or Change Fund" (RC-50)

Obtain Blank Forms From: UVA Forms Directory
                                          key words: petty cash

Policy [Top]

This procedure corresponds to, and should be read in conjunction with,
Petty Cash, Petty Cash Checking, and Change Funds -- Policy II.E.2.

Petty Cash, Petty Cash Checking, and Change Funds

Creating the Fund

The fund must be justified on the "Request for Petty Cash, Petty Cash Checking, or Change Fund" RC-50 form.  For all Petty Cash Checking requests, a signed original of the "Bank of America Corporate Signature Card" must be attached.

Increasing the Fund

The amount of a fund may be increased by a supplemental request, provided the increase is justified. The justification must show the fund is not adequate, even though the policies on restrictions and frequency of reimbursement are being met.

Decreasing a Fund

A fund should be reduced whenever the total amount of the fund exceeds the actual needs for the department or activity. That portion of the fund in excess of the department's needs should be returned to the Associate Comptroller, Revenue and Collections with a supplemental request indicating the amount by which the fund is being decreased. Also complete a RC-48 (Deposit/Receipt Form) to show method of returning the excess.

See also Procedure 5-6, "Preparation of Central Cashier Deposits."

Closing a Fund

All funds, regardless of whether established for a specific or an indefinite period of time, should be returned - after being reimbursed - to the Associate Comptroller, Revenue and Collections when the funds are no longer needed. Complete both a RC-48 (Deposit/Receipt Form) and a "Request for Petty Cash, Petty Cash Checking, or Change Fund" to document the action taken.

See also Procedure 5-6, "Preparation of Central Cashier Deposits."

Change of Custodian

The "new" custodian completes a "Request for Petty Cash, Petty Cash Checking, or Change Fund" to document the action taken. The name and signature of the "former" custodian is also required.

Responsibility [Top]

Distribution [Top]

Ownership [Top]

The Associate Comptroller, Revenue and Collections is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Procedure Steps [Top]

The numbered items on the sample form should be completed as follows:

Section I
1.   Date of preparation.
2.   Amount requested.  Note: The following dollar limits

              Petty Cash $500
              Petty Cash Checking $2,500
              Change $200

 

Effective July 1, 1994 amounts above those listed will require special written approval from the appropriate Dean or Vice President.

 

3.   Full name of custodian

4.   Fund name (proposed name for new fund)
5.      Custodian's email address
6.      Custodian’s telephone number
7.      Name of department submitting request.
8.      Messenger mail
9.   U.S. mail address

Section II
        10.      Type of fund requested.

Note: Only one type of fund per request. Checking account requests must have a "Bank of America Corporate Signature Card" attached (see procedures below).

11. Length of time the fund will be needed.

Section III

NEW FUND
12. Indicate if the request is for a New Fund.
13. Purpose and justification of fund.

For Petty Cash and Change Funds

14. Proposed location of fund.
15. Provisions for safeguarding the fund.

For Petty Cash and Checking

16. Expected dollar amount of purchases.
17. Expected frequency of reimbursements.

Note: All petty cash and petty cash checking accounts must be reimbursed at a minimum of every 30 days, regardless of dollar amount of reimbursement.

INCREASE

18. Indicate if the request is for an increase and the amount of increase requested.
19. Explain reason for increase.

DECREASE

20. Indicate if the request is for a decrease and the amount of the decrease.

CLOSURE OF FUND

21. Indicate if request is for Fund Closure and the amount.

CHANGE OF CUSTODIAN

22. Indicate a change of custodian. 

23. List name and custodian (vendor for reimbursement) number for former custodian.

24. Signature and date from former custodian.

25. List name of new custodian

Note:  The New Custodian is to complete the request and sign in section v.

Section IV

23. List all petty cash funds, amounts, and custodians currently held by the department. 

Section V

24. Enter the custodian and department head signatures.

Section VI

25. LEAVE BLANK

ATTACHMENT FOR PETTY CASH CHECKING

Bank of America Corporate Signature Card

In the center of the form complete one line for each person with signature authority:

1. Name (typed or printed)
2. Title
3. Signature

Send original of this form to the Associate Comptroller, Revenue and Collections as an attachment to RC-50 Petty Cash Checking requests.

End of Activity