POLICIES AND REGULATIONS                                                                  Policy #29

PETTY CASH FUND

Statement of Policy

The Peel District School Board approves of the establishment of Petty Cash Funds.  These funds are replenished on a regular basis to the predetermined amount, in accordance with the regulations.

Administrative Regulations

1.       General

          1.1     Only goods and services with a small dollar value or required to meet emergency needs can be purchased from a local retailer and paid from Petty Cash Funds.

          1.2     Travel expenses for less than $100.00 must be paid from Petty Cash Funds.

          1.3     The Petty Cash Fund expenses will be charged against the operating budget of the school, field office, or department, as the case may be.

          1.4     Schools, field offices and departments must restrict expenditures to their budget limitations and Petty Cash Funds cannot be used to by-pass budget limitations.

          1.5     The maximum amount purchased from Petty Cash Funds cannot exceed the authorized total of the fund; i.e. supplementing the Board funds would be prohibited.

          1.6     The allowance shall be paid to the Senior Supervisor "In Trust".

          1.7     The Senior Supervisor shall submit to the Accounting Department, as frequently as necessary, a statement of expenditures from the Petty Cash Fund along with related receipts in order to obtain reimbursement.

          1.8     All claims for reimbursement must be signed by the Senior Supervisor.

          1.9     Reimbursement will be made to the identified Senior Supervisor "In Trust".  The person so identified is accountable for the fund.

          1.10   All purchases must meet the Canadian Standards Act requirements for safety.

          1.11   These funds are subject to audit by the internal and external auditors at any time.

2.       Allocations

          2.1     All amounts allocated for Petty Cash will be in accordance with Operating Procedure - Financial Services 7.

          2.2     The process required to acquire petty cash funds or to change amounts is included in Operating Procedure - Financial Services 7 and all changes will be included from time to time in published revisions of Operating Procedure - Financial Services 7.

(Bold print and underline signifies new language)

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Revised March 15, 1971
Revised December 1974
Revised January 1975
Revised January 1976
Revised February 1977
Revised August 1979
Revised March 1980
Revised February 1981
Revised February 1984
Revised June 1986
Revised September 8, 1987
Revised April 9, 1991
Revised August 26, 1997
Revised January 1, 1998 (to reflect change in Board name)
Revised April 11, 2000
Reviewed February 25, 2003
Reviewed December 2005