Crest for Policies 

Policy G8
Policy Name: Petty Cash
Responsibility for Maintenance: Financial Services

I. Policy Statement  

The Board of Trustees shall approve, and the Senior Vice President and Chief Financial Officer shall administer, petty cash funds of the College in accordance with the terms of this policy.

II. Reason for Policy  

The New York State Education Law authorizes community colleges to establish and maintain petty cash funds, subject to certain limitations and requirements regarding internal control. This policy is designed to ensure that Onondaga Community College complies with these limitations and requirements.

III. Applicability of the Policy  

This policy applies to the establishment and monitoring of petty cash funds. Separate polices, as described more fully in the Employee and Faculty Handbooks, apply to requests for disbursements from petty cash. All College staff responsible for accounting for petty cash, as well as the heads of departments for which petty cash funds are from time to time authorized, should be familiar with this policy.

IV. Related Documents  

  • New York State Education Law Section 6304(6)

V. Contacts  

Subject

Office Name

Title or Position

Telephone Number

Email/URL

Requests for Authorization
of Petty Cash Funds

Financial Services

Senior Vice President and Chief Financial Officer

(315) 498-2268

m.r.manning@sunyocc.edu  

Questions Regarding Administration
of Petty Cash Funds

Financial Services

Senior Vice President and Chief Financial Officer

(315) 498-2268

m.r.manning@sunyocc.edu  

VI. Procedures  

Establishment and Increase. Requests for the establishment or increase of petty cash funds shall be submitted by the appropriate department to the Senior Vice President and Chief Financial Officer, who shall review each request and make recommendations to the College's Board of Trustees. The College's Board of Trustees shall authorize the creation or increase of petty cash funds, not to exceed $200 total authorized amount for any particular fund.

Disbursements. Payments may be made from petty cash funds, in advance of audit, for properly itemized and verified or certified bills for materials, supplies or services furnished to the College for the conduct of its affairs and upon terms calling for the payment of cash to the vendor upon the delivery of the materials or supplies or the rendering of the services.

Audit of Disbursements. Lists of all expenditures made from petty cash funds shall be presented to the College's Board of Trustees at each regular meeting for audit, together with the bills supporting such expenditures, and the College's Board of Trustees shall direct reimbursement of petty cash funds from the appropriate budgetary item(s) in an amount equal to the total of those bills which it allows. Any portion of such bills as shall be disallowed upon audit shall be the personal responsibility of the Senior Vice President and Chief Financial Officer, who shall forthwith reimburse the applicable petty cash fund(s) in the amount of such disallowances.


 

Approved by OCC Board of Trustees April 3, 2006