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Petty Cash Procedure - 62.07.05

College Policy Number/Title:

The Howard Community College finance office assists in determining the need for and of approving cash funds held outside of the finance office. The amount of each fund is determined by the frequency of use and need to replenish.

Each fund requires a custodian to be responsible for the security of the cash and receipts, the appropriate distribution of cash, the reconciliation, and timely replenishment of the fund. All cash funds, including receipts, must be maintained in a secure space, e.g., a stationary safe or a secured locked cabinet or drawer.

A log, with the cash amount will be maintained with the fund and must be available for audit at all times during the year. Twice a year, all cash funds will be audited by finance office personnel. If it is determined that disbursements were made that were not in accordance with college procedures during the replenishment by the finance office or during a periodic audit , the individual who received the reimbursement or the individual responsible for the fund will be responsible for reimbursing the college for the inappropriate disbursement.

The fund should be replenished at year-end to ensure that expenses are in the appropriate year for the annual close out on June 30.

Effective Date: 03/12/21

President's Office Use:  VPAF

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