Petty Cash Fund
Petty cash funds are maintained by the organization. The funds are to be used for miscellaneous or unexpected purchases and the same approval procedures apply as mentioned in the cash disbursement section.
1.
The petty cash fund will
not exceed $250 and is kept in a locked file cabinet at all times.
2.
The Owner/President
oversees the petty cash fund. The Owner/President may delegate this
responsibility to the Bookkeeper.
3.
All disbursements made
from petty cash are acknowledged in writing by the receiving party.
4.
All money returned to
the petty cash fund is counted and verified by the Operations Manager and
another staff member. Receipts for items purchased with petty cash must be
included with the return and should include appropriate account allocations as
well as supervisor approval.
5.
The Owner/President and
the Bookkeeper together will periodically count the cash in the petty cash
fund.
6.
No checks will be cashed
by the petty cash fund.
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