Petty Cash


Purpose

The purpose of this section is to outline the procedures to administer and safeguard Petty Cash funds maintained by the AUI Corporate Office. Petty cash funds are used to make small purchases and cover emergency needs such as: taxi cab rides, catering deposits, reimbursement of and other miscellaneous items.

Procedures

The AUI President’s Executive Assistant maintains a petty cash fund of $750, in AUI Corporate Office.

  1. Requests for Petty Cash are processed by a petty cash voucher, which includes the requestee name, requested reimbursement amount, date, description, requestee signature and approver’s signature. When applicable, receipts are attached to the petty cash voucher.
  2. The signed vouchers are kept by the President’s Executive Assistant and entered into the Microsoft Money software program.
  3. The Microsoft Money software keeps a running balance of the current petty cash amount.
  4. Once the petty cash amount goes below $250 a reconciliation is completed and a request for replenishment is sent to the AUI/NRAO Chief Accountant along with copies of the petty cash vouchers, corresponding receipts, and a report from the Microsoft Money software program, with approval’s signature
  5. The AUI/NRAO Chief Accountant reviews the Microsoft Money report, vouchers and receipts and issues a check to the AUI President’ Executive Assistant, to replenish to the petty cash funds to maintain a $750 balance.