Banking & Merchant Services will regularly review all Petty Cash Funds or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise) to confirm whether the Cash Fund is being used for the purpose it was initially set up for and to ensure the controls surrounding the Cash Fund are in place and operating effectively. All Cash Funds are subject to periodic unannounced counts and reviews.
Banking & Merchant Services is responsible for the sound stewardship of the University’s cash and investments. This includes Change Funds and Petty Cash Funds. Banking & Merchant Services is responsible for regularly reviewing all Cash Funds to confirm whether the fund is being used for the purpose it was initially set up for, and to ensure the controls surrounding the funds are in place and operating effectively. Departments will complete and return cash fund balance confirmations annually. Petty Cash funds should be active. Inactive funds should be closed out by contacting Banking & Merchant Services. Funds are considered inactive if they have no activity during a fiscal year.
All University departments.