Each approved petty cash fund has a custodian who is responsible for reconciling the fund on a regular basis (at least monthly), providing adequate controls, management of expense reimbursements and Fund replenishments, recordkeeping and general fund administration. The custodian must be a full-time salaried officer or staff employee. All reimbursements to a fund's custodian must be signed off by a senior DAF within the department or school.
Petty Cash Fund Custodians are responsible for:
- Adherence to University policy for all reimbursements and payments made from the fund, as well as safekeeping;
- Performing regular (at least monthly) reconciliations of the fund and maintaining adequate control over the funds (see below);
- Maintaining required records regarding disbursements that have been made from the fund;
- Replenishing the fund within the approved level for the fund;
- Closing the fund immediately if the purpose for which it was established ends or changes significantly; and
- Providing updated custodian information to the Office of the Controller (send address changes to firstname.lastname@example.org).
New petty cash custodians must take the required online Petty Cash Custodian training before a fund will be set up. Send an email to email@example.com for information about this training.