• Controller’s Office Home

• Accounts Payable Home
• Business Meals and Hospitality, Alcoholic Beverages
• Business Meals
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• Alcohol
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• Gifts
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• Moving Expense Reimbursements
• Payments to Foreign Visitors/Nonresident Aliens
• Petty Cash
• Requesting and Replenishing a Petty Cash Fund
• Petty Cash Voucher
• Purchasing Card
• Sales Tax Exemption
• Travel Management

• Office of the Controller

Petty Cash Overview & Policies

• The purpose of a petty cash fund is to expedite disbursements for petty expenditures (purchases), not to exceed $50 for each expenditure.
• The petty cash fund must be in the custody of one person who will assume the operating responsibilities of the fund.
• The custodian is responsible for safeguarding the petty cash fund, i.e., at all times keeping it locked and stored in a secure location and ensuring that cash and outstanding vouchers and receipts equal the fund's total balance.
• The custodian should count petty cash funds at least monthly so that shortages or other discrepancies can be noticed, reported, and corrected on a timely basis. The Petty Cash Count Form should be used to document these counts. All funds must be accounted for and replenished at year-end (June 30).
• Petty cash funds are not to be used for cashing checks or funding short-term borrowings (I.O.U.'s).
• University funds are not to be disbursed on goods or services for personal consumption or use.
• The University qualifies for exemption on payment of sales tax; therefore, the exemption should be requested when purchasing goods for University use from petty cash funds. The University's Certificate of Exemption number from the State of Rhode Island is #41. Misuse of the University's exemption number by an employee constitutes gross misconduct.
• The petty cash fund may be counted at unannounced intervals by the "Responsible Person" or the University's internal or external auditors. These cash counts should take place only in the presence of a second person: the custodian or, if necessary, another department representative designated by the custodian's supervisor.
• Completed Petty Cash Count Forms should be maintained for the most recent twelve month period.
• Theft or suspected irregularities involving petty cash should be reported directly and immediately to the University Auditor.
• Petty cash funds may be closed out by the department at any time upon notification to the Controller's office and return of outstanding cash and receipts. Any remaining cash must be deposited at the Cashier's Office directly to the petty cash account (0-12xxx-1120). Receipts should be attached to the memo sent to the Controller's Office, which includes the departmental account(s) to be charged.
• The Controller may require the closing of a petty cash account if proper operating procedures are not followed.