Petty Cash / Start-Up Cash
Description
Kentucky State University uses petty cash funds to facilitate immediate incidental purchases of small dollar amounts. Kentucky State University's Petty Cash Policy provides guidance on establishment, usage, replenishment, and reporting of the accounts.
| Self-Assessment |
| Standard | Yes | No | N/A |
|---|
| 1 | Are there documented policies and procedures for petty cash activity? | | | |
| 2 | Was the Petty Cash account authorized by Finance and Business Affairs in accordance with policy, to include identification of the petty cash custodian? | | | |
| 3 | Is there a list of petty cash custodians maintained in Finance and Business Affairs to include the custodian's name and petty cash amount? | | | |
| 4 | Is access to funds and records secured and restricted to the responsible petty cash custodian? | | | |
| 5 | Are petty cash funds used to make immediate incidental purchases in small amounts not to exceed a certain dollar amount (e.g., $25) and of the type allowed by policy? | | | |
| 6 | Do both the fund custodian and individuals receiving reimbursements from petty cash sign an internal receipt noting the purpose of the expenditure? | | | |
| 7 | Does the fund custodian record the proper Banner financial coding (i.e., FOAPAL) on the receipt and attach the supplier / store receipt? | | | |
| 8 | Are petty cash accounts replenished as needed to ensure funds are available and activity is reported in a timely manner? | | | |
| 9 | Are petty cash accounts reconciled as required by policy (at least twice annually at calendar year-end and fiscal year-end)? | | | |
| 10 | Are unannounced counts and receipt verification conducted by personnel other than the custodian in order to verify petty cash activity, including compliance with policy? | | | |
| 11 | Are petty cash account shortages / overages reported following established departmental policies and procedures? | | | |
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