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PETTY CASH FUNDS
The Board of Education authorizes establishment of petty cash accounts by resolution annually. Funds are to be used for emergencies and small purchases only and not to subvert the intent of the regular purchasing procedures or for routine expenditures. No single expenditure shall exceed the amount determined by the Board in its resolution, and all expenditures must be authorized by the designated individual. All disbursements from petty cash shall be reported at the next regular monthly meeting of the board. All petty cash funds shall be established by board-approved voucher and all unused cash is to be returned to the depository at the close of each fiscal year. Date: November 19, 2001 First Reading December 10, 2001 Approved Legal References: N.J.S.A. 18A:19-13 Petty cash funds N.J.S.A. 18A:23-2 Scope of audit N.J.A.C. 6:20-2A.8 Petty cash fund Cross References: 3320 Purchasing procedures 3326 Payment for goods and services 3571 Financial reports 3571.3 Annual financial statement Key Words Petty Cash |
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