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11. Business and Financial Operations

11.1. Financial Operations

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11.1.7. Imprest Cash Funds

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Effective Date: 1-21-76

Revision Date: 4-22-81

Imprest cash funds are issued in instances where the volume of transactions is sufficient to justify such a fund. 

Imprest cash funds are to be used only for University business normally of a minor nature and will exclude such activities as personal business, payment of personal services, check cashing, loans and also reimbursement for travel or restaurant expenditures.  Any exception must be approved by the vice president for business and finance. 

A department head makes the request for an imprest cash fund, although actual custody for operations purposes may be delegated.  Propriety of use of the fund remains with the department head.  The custodian of the fund is held accountable for its security, and will be required to personally make up any shortage due to negligence, as determined from a policy report and internal audit report. 

 

Imprest Cash Funds are of two types: 

  1. A petty cash fund is a cash fund issued for the purpose of paying small expenditures and reimbursements.  This type of fund always must contain either cash or receipts totaling the amount of the fund.
  2. A change fund is a cash fund issued only for the purpose of making change.  This type of fund always must contain currency or coin totaling the amount of the fund.

 

The internal auditor will perform the following audits of imprest cash: 

  1. When notified of a theft of imprest cash funds as provided by the University's Procedures Manual.
  2. Cashier's office -physical cash count at June 30 for the fisca1 year-end closing at the request of our external auditors
  3. University Bookstore -used book imprest cash (this directly involves the physical inventory audit).

 

In addition, the Budget Office shall be designated the responsible area for performing cash counts on a surprise basis, at least once annually, for all imprest cash funds of $100 or more.

Authority for Creation and Revision

Minutes of the Board of Regents, January 21, 1976, para. .1604M.
Minutes of the Board of Regents, April 22, 1981, para. .2392M.