Petty Cash Fund

Purpose: To establish a uniform method of accounting for Petty Cash Funds.

Procedure: The Board of Education recognizes the convenience of establishing cash funding for a school district’s day-to-day operations, but the Board is also aware of the abuses that can result from establishing such funds unless proper controls exist.

1. The Board authorizes the establishment of petty $2,200 cash with the following sub-accounts and the remaining in the Business Office:
   1. Transportation Office $100
   2. Morris Knolls High School $100
   3. Morris Hills High School $100
   4. MHRD Adult High School $100
   5. Superintendent’s Office $100
   6. Supervisor FCS $250

2. The Business Administrator/Board Secretary shall ensure 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 more than $200 checks.

3. To request a purchase using petty cash, prior approval from the Administrator in charge of the fund is required before any such purchase may occur.

4. All petty cash funds will be closed out on June 30. To accomplish this, the final reimbursement will be sent to the Business Office for payment at the final Board Meeting in June. This will allow 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.