The custodian is responsible for appropriately documenting all purchases of a Petty Cash Fund. Petty Cash Funds cannot be used for personal loans, reimbursements of purchases made on personal credit cards or debit cards, travel expenses, or taxes for which the University is not liable (i.e. sales tax, freight taxes, or federal excise taxes). Departments must track purchases to ensure they are appropriate and have sufficient documentation to support Petty Cash Fund purchases.
The department should keep all original receipts for auditing purposes in accordance with UF record retention requirements. As the rules for record retention depend on the type of funds used and the nature of the information, please contact the Records Management Office at (352) 392-4180 for more information.
A Petty Cash Fund provides convenience for small transactions for situations when using a PCard or other payment method is unreasonable. Banking & Merchant Services is responsible for the stewardship of the University’s cash and investments, including Cash Funds. This directive provides assurance that Cash Funds will be authorized, well-safeguarded, and appropriately used.
All University departments.