Board of Education Petty Cash Funds
The Board of Education recognizes the convenience a petty
cash fund affords in the day-to-day operation of a school district, but the
Board is also aware of the abuses that can result from the establishment of
such funds unless proper controls are promulgated.
The Board authorizes the establishment of the following
petty cash funds in the amounts and responsible parties indicated below:
School Amount Responsible Party
Dickerson 250 Principal
Bragg
250 Principal
BRMS
250 Principal
Athletics 1250 Athletic
Director
Board
Office 750 Board
Secretary
Each responsible person shall insure that:
a.
Petty cash funds are spent only for budgeted items.
b.
No single purchase for petty cash may exceed $75 for
the school accounts, except that Board office may not exceed: $250 and
Athletics: $100.
c.
Funds are not used to subvert the regular purchasing
procedures
d.
The checking accounts are to be reconciled on a
monthly basis and reported to the Board.
e.
Petty cash is distributed in check form on the
signature of Responsible party.
All disbursements for petty cash shall be reported at the
next regular meeting of the Board as it is reimbursed. 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
Revised:
Date
Adopted:
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.
6A:23-2.9 Petty cash fund
Cross References: 3320 Purchasing
procedures
3326
Payment for goods and
services
3571
Financial reports
3571.1
Treasurer’s reports
3571.2
Budget and expense reports
3571.3
Annual financial statement
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