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Petty Cash Funds

CASH FUNDS:

 AUTHORITY TO ESTABLISH OR INCREASE A CASH FUND:

ST. LOUIS CAMPUS VICE CHANCELLOR FOR MANAGERIAL AND TECHNOLOGICAL SERVICES-Subject to compliance with University of Missouri-St. Louis standards, the St. Louis campus Vice Chancellor for Managerial and Technological Services has the authority to establish, increase or authorize the use of cash funds for the purpose of:

Making change in normal sales transactions including change-making services incidental to vending machine operations.

Cashing checks in accordance with specified standards. (REFERENCE - COM 305.2 Check Cashing)

Making cash purchases in accordance with specified standards. (REFERENCE - BPM 306 - Purchasing - Special Purchases - Petty Cash)

Making purchases of books for resale in accordance with specified standards.

OFFICE OF THE ASSISTANT VICE PRESIDENT FOR INVESTMENT AND BANKING - Only the Office of the Assistant Vice President for Investment and Banking has the authority to establish, increase or authorize use of cash funds for the purposes of:

Providing generalized banking services to include all authorized purposes for cash funds.

Making generalized banking services to include all authorized purposes for cash funds.

Make emergency payroll payments that can not be handled through an emergency hand drawn check in accordance with specified standards. This is not a special cash fund.

LIMITATION ON CASH FUND AMOUNTS:

PERIOD OF TIME FOR WHICH CASH FUNDS ARE AUTHORIZED:

RESPONSIBILITY FOR A CASH FUND:

SUBMITTING REQUESTS FOR CASH FUNDS:

Name of department.

Amount required.

Name of person to be designated as custodian.

Reason for request (i.e., new fund, increase to existing fund, or expanded authorization for an existing fund).

Purpose(s) for which fund is to be established, increased or authorized (e.g., making petty cash purchases, making change, etc.)

Anticipated period of time fund will be needed.

Building and room number in which fund will be kept.

Description of security to be provided fund (e.g., locked file drawer, combination safe, etc.)

RECORDING CUSTODIANSHIP OF CASH FUNDS:

DETERMINING RISK CLASSIFICATIONS:

Amount of money accumulated.

Environmental factors.

Hours of operation.

Past loss experience.

Number of employees.

HIGH RISK - Any operation which consistently accumulates over $25,000 in cash and other securities daily or, regardless of the amount, is considered subject to a high incidence of loss based on environmental factors, loss experience or operating hours.

MEDIUM-HIGH RISK - Any operation which consistently accumulates over $10,000 but not more than $25,000 in cash and other securities daily or, regardless of the amount, is considered subject to more than a medium incidence of loss based on environmental factors, loss experience or operating hours.

MEDIUM RISK - Any operation which consistently accumulates over $1,000 but not more than $10,000 in cash and securities daily or, regardless of the amount, is subject to more than a minimum incidence of loss based on environmental factors.

LOW RISK - Any operation where cash and other securities of not more $1,000 are stored, including small petty cash or change funds.

MINIMUM SECURITY AND SAFEKEEPING STANDARDS:

Safes protected with capacitance burglar alarms connected with the University Police Department.

Area alarms to protect all doors, windows and other entrances.

A Class ER or TL-30 burglary proof safe.

A hold-up alarm system that can be activated at the counter and a supervisor's desk.

Other deterrents required by the St. Louis campus Vice Chancellor for Managerial and Technological Services, such as camera surveillance equipment.

Cashier cages which meet the construction standards required or determined appropriate by the St. Louis campus Vice Chancellor for Managerial and Technological Services for high risk cash handling locations. After review of the location, the need for bullet-proof cages should be determined by the St. Louis campus Vice Chancellor for Managerial and Technological Services.

A Class ER or TL-15 burglary proof safe.

Adequate construction standards as established for medium-high risk cash handling locations.

A manual hold-up panic alarm system with buttons for activating the system located at the counter and at a supervisor's desk. NOTE - Employees should be carefully instructed on the use of these alarms.

An alarm system to protect all door, windows and other entrances against burglary.

A locking safe, chest or cabinet rated fire resistive and equipped with at least one combination lock.

A storage container equipped with at least one locking device which cannot be easily removed from the premises or which can be secured in a larger, locking device (desk, vault, etc.).

TERMINATION OF A CASH FUND:

CHANGES IN FUND CUSTODIANSHIP:

MUST BE APPROVED IN WRITING - Any change in custodianship of a cash fund must be approved in writing by the level of authority required to establish the fund in question. Any change which is not approved does not relieve the custodian of record of responsibility and accountability for the fund.

TRANSFERS NOT REQUIRING APPROVAL - A change in custodianship does not occur when a custodian transfers funds to subordinates within the same department for operations consistent with the authorized use of the fund; therefore, approval is not required. Approval is required however for transfers to employees in other departments.

REQUEST TO CHANGE CUSTODIANSHIP:

MUST BE MADE IN WRITING - All requests to change custodianship of a cash fund must be made in writing to the level of authority required to establish the fund in question and must include:

Names of both the current and proposed custodians.

A complete accounting of the funds on hand itemizing cash, checks and paid-out receipts (if applicable).

Amount for which the cash fund is currently authorized

Explanation of any difference between amount for which the fund is currently authorized and amount currently on hand.

Signatures of both the current and proposed custodians certifying the accounting of funds on hand.

 

RECORDING CHANGES IN CUSTODIANSHIP: