4000-1-1Petty Cash

Issue Date:
October 16, 1981
Supersedes Date:
September 01, 1977

Upon request, the college will provide a copy of this policy in an alternate format.

Policy

It is the policy of Lambton College to set up Petty Cash Funds under the jurisdiction of certain Administrative Personnel. In most cases a Petty Cash Fund will be issued in a round amount, i.e. $50, $75 to, for example, a Chair, the Registrar, etc. The purpose of the Petty Cash Fund is to accommodate staff members who might need to make small purchases. Normally, such purchases would not exceed $10. It should be noted that in no way should the fund be used as an alternative to the normal method of purchasing supplies and equipment in the College via a requisition and Purchase Order.

Initially the Petty Cash Fund will be set up by the issue of a cheque in favor of an Administrative member of the staff. For example a cheque would be issued to "John Doe Petty Cash". The person responsible for the Petty Cash Fund may find it convenient to requisition a petty cash box for the purpose of controlling the money.

When payments are made out of the Petty Cash Fund, they should be recorded on a Petty Cash Voucher. A sample of this form is attached and additional supplies are available from the Office. From time-to-time, the custodian of the Petty Cash Fund will wish to have the fund reimbursed. This can be done by submitting the Petty Cash Vouchers that have been paid to the Office along with a tape showing the total amount that is being requested and supporting receipts where possible. It should be noted that at all times the paid vouchers plus the cash on hand should equal the amount of the Petty Cash Fund.

LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY

PETTY CASH VOUCHER

ACCOUNT NO.

AMOUNT FOR

APPROVED BY____________________________

SIGNATURE____________________________

DATE____________________________

-Please attach any Supporting Receipts-


For questions or concerns regarding policies, please contact:

Jim Elliott
Director, Quality Assurance & Institutional Research
519-542-7751 x 3489
jim.elliott@lambtoncollege.ca

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