Purpose: To establish a uniform method of accounting for Petty Cash Funds.
Procedure: The Board of Education recognizes the convenience of impress cash funding 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 there are proper controls.
1. The Board authorizes the establishment of petty cash in the amount of 2,200 with the following sub accounts and the remaining in the Business Office:
a. Transportation Office $100
b. Morris Knolls High School $100
c. Morris Hills High School $100
d. MHRD Adult High School $100
e. Superintendent’s Office $100
f. Supervisor FCS $250
2. The Business Administrator/Board Secretary shall insure that petty cash funds are spent only for small miscellaneous purchases. Funds shall not be used to subvert the regular purchasing procedure. Individual charges from petty cash cannot exceed $25.00. The Business Office revolving fund cannot issue checks for more than $200.
3. To request a purchase using petty cash, prior approval Administrator in charge of the fund is required before any such purchase may occur.
4. All petty cash funds are to be closed out on June 30. To accomplish this, final reimbursement will be into the Business Office for payment at the final Board Meeting in June. This will allow for turning in the local amount of the authorized fund in cash to the Business Administrator/Board Secretary for deposit back into the General Account of the Board. All Board approved funds will be reestablished on July 1 of each school year.