Controller's Office
Petty Cash Policy:
Definition:
Petty cash refers to a fund of fixed amounts used for making small, emergency expenditures. A request for petty cash will only be approved in situations where time and convenience do not allow for the normal purchasing process. Approved petty cash purchases may be make with an advance from the petty cash fund with a $100.00 limit.
Such transaction, however, must be handled in accordance with established purchasing procedures. Failure to comply could result in expenditures, which are deemed unacceptable. Unacceptable expenditures will not be honored by Lincoln University and in such cases, the individual will be held solely responsible and will not receive reimbursement.
Petty Cash Purchases:
Petty cash funds may be used for tems which costs $29.99 or less each and the total expenditure will be less than $100.00 and are available from local vendors and are not available from Lincoln University sources.
Items Not To Be Purchased or Paid For With Petty Cash Funds:
1. Postage stamps and postcards.
2. Items from University departments or units.
3. Personal services or personal items, such as flowers, candy foods, beverages, etc.
4. Long distance telephone calls.
5. Services rendered by an employee.
6. Items regarded as travel expenses.
7. Sales tax. (Obtain tax-exempt letter prior to purchase.)
8. Contractual services.
9. Liquor, fines, penalties.
Advances from Petty Cash Fund:
Purchases made with cash received from the Petty Cash Fund require:
1. A petty cash voucher, completed in ink and signed by the person receiving the funds, must be completed.
2. A sales receipt signed by the approving authority verifying the items purchased, must be returned to the Controller's office along with any unused funds. The item(s) purchased should be circled on the receipt.
3. All petty cash receipts must be returned within five working days from the date of issuance of cash.
4. Individuals will be limited to only one outstanding petty cash voucher at a time.
All Purchases Will Be Reviewed:
Use of petty cash funds is a privilege extended by the University and should be viewed as such. Abuse and failure to comply with established procedures will result in the revocation of this privilege for the individual and/or department.
All purchases made with petty cash funds are subject to review by the Controllers Office. Petty cash request form. | 
