Review and Unannounced Counts of Petty Cash and Change Funds
Directive Statement
Banking & Merchant Services will regularly review all Petty Cash Funds or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise) to confirm whether the Cash Fund is being used for the purpose it was initially set up for and to ensure the controls surrounding the Cash Fund are in place and operating effectively. All Cash Funds are subject to periodic unannounced counts and reviews.
Reason for Directive
Banking & Merchant Services is responsible for the sound stewardship of the University’s cash and investments. This includes Change Funds and Petty Cash Funds. Banking & Merchant Services is responsible for regularly reviewing all Cash Funds to confirm whether the fund is being used for the purpose it was initially set up for, and to ensure the controls surrounding the funds are in place and operating effectively. Departments will complete and return cash fund balance confirmations annually. Petty Cash funds should be active. Inactive funds should be closed out by contacting Banking & Merchant Services. Funds are considered inactive if they have no activity during a fiscal year.
Who Must Comply?
All University departments.
Overview
All Cash Funds are subject to periodic, unannounced counts and reviews. The count and review will consist of counting the fund’s cash on hand along with reviewing any unreimbursed receipts for proper documentation. The amount of cash on hand along with un–replenished receipts and money that has been checked out should always equal the total amount of the authorized fund balance. Any discrepancies between cash, receipts, and the Cash Fund Activity Log will be investigated further. It will also consist of assessing the controls around the Cash Fund to confirm that the fund is being used for its intended purpose and whether it is still necessary. The custodian is responsible for maintaining the Cash Fund and having it available, via backup custodian, for Banking & Merchant Services review even when they are not available. The custodian should witness the count and review, as well as provide explanation for any variances. The custodian will be provided a copy of the Cash Count Sheet for retention purposes. At the completion of the Cash Fund review process the reviewers will provide the custodian the results of the review. The “Cash Fund Checklist” form should be reviewed, signed, and returned to Banking & Merchant Services at TMhelp@admin.ufl.edu.
Last Reviewed
Last reviewed on 03/20/2024
Resources
Contacts
Cashier’s Office: (352) 392-0185
Banking & Merchant Services: (352) 392-9057