Petty Cash Custodian Agreement


Petty Cash Custodian Agreement
Each petty cash fund established on the UNO Campus is entrusted to a custodian who is responsible for
enforcing the following policies and procedures.
Petty cash may be expended only for essential University business.
A detailed itemized receipt must be received for all cash expenditures.
Petty cash funds must be kept under lock and key in a secure location.
The total cash on hand and receipts for purchases must at all time equal the amount authorized
for the fund. If funds are extended to an employee to make a purchase, a temporary petty cash
receipt must be signed by the employee and must be cleared within 72 hours of its issuance.
No loans, travel expense, membership or entertainment reimbursements of any kind may be
made from petty cash funds. Reimbursements are not allowed through the petty cash fund for
items which should be processed on travel vouchers, check requests or through contractual
services. Direct Order and Purchase Order procedures must be observed at all times to control
pricing and obtain benefit of the university’s sales tax exemption status.
Petty cash funds may not be used to purchase items costing over $500.00 in accordance with
purchasing regulations, and at no time may exceed your Petty Cash fund total.
transactions must be handled through the Purchasing Department.
Under no circumstances are checks, money orders, drafts, or other financial instruments from
any source to be cashed out of or used as part of the petty cash funds.
In order to replenish the petty cash fund, the custodian must complete a petty cash
reimbursement form. This form along with all of the receipts for the expenditures should be
presented to the Purchasing Department for approval as well as the Assistant Bursar or Bursar.
Following those two approvals, the reimbursement form can be brought to the Vault Accountant
for the cash exchange. The expenses will then be charged to the departmental budget and the
cash for the fund will be replenished. It is expected that receipts be cleared at least quarterly.
The custodian is responsible for the safekeeping of the fund. The fund should be counted on a
regular basis to ensure that the cash and/or receipts equal the amount authorized for the fund.
If a discrepancy is discovered, the Bursar and Director of Accounting Services should be notified
The petty cash fund must be made available to authorized University Bursar staff, Internal Audit
staff and the State Legislative Auditor for purposes of verification.
Petty cash funds may not be physically maintained at any location not on the University’s
premises without specific written authorization from the Director of Accounting Services, a copy
of which must be on file with the Bursar.
Bursar’s Office, Lakefront, New Orleans, LA 70148 504.280.6489


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