Petty Cash

The amount of a petty cash fund should be limited to the smallest possible amount necessary that permits efficient use of the cash fund, normally $50 to $100. The petty cash fund should be kept to a minimum, as excessive balances lead to unnecessary risks of loss. Each petty cash fund is kept by a fund custodian who has sole responsibility for the security of the cash and related documents. Petty cash funds are established by submitting the Application for Petty Cash Fund—State & Local Area Orgs to Student Business Services

In addition, petty cash funds should not be used to:

  1. purchase items with a cost greater than $100
  2. make payments for services that would be considered either wages or independent contractor payments
  3. pay for gifts, awards, prizes or scholarships
  4. issue personal loans or cash personal checks

and

  1. pay travel reimbursements.