3035 Petty Cash

30353 Petty Cash

The elementary school, middle school, high school, and school district office each may have a petty cash fund for the purchase of materials, supplies, services, or other school related goods and services in circumstances requiring immediate payment.

Fund Custodians.  The amount of each fund will not exceed $200.00.  The individuals holding the following employment positions shall be the custodians of each petty cash fund and shall administer and be responsible for them:
Building-level:              Head Principal
District Office:              Finance Director

Petty fund disbursements may only be made with the authorization of the petty cash fund custodian or the superintendent.    

Documentation.  All petty cash fund disbursements are to be supported by an itemized receipt or other sufficient evidence that documents the expenditure.  The itemized receipt or supporting documentation shall include the name of the business, contact information, the date, a description of each item sufficient to give the board reasonable notice of the item purchased, and the price.  Designated school personnel shall maintain the documentation for at least 10 years or as otherwise required by Schedule 24 – Local Agencies (General Records) maintained by the Nebraska Records Management Division.  Employees shall maintain copies of any documentation submitted to the school district.  Expenses will be assigned to the proper budget account.

Unauthorized Purchases.  In no event shall the petty cash fund be used for personal purchases, purchases that are not school related, alcohol purchases, or purchases that are not allowed by law.  Such unauthorized use shall result in discipline, up to and including termination of employment.  Individuals who make unauthorized purchases shall reimburse the district for the expense within ten days of the purchase or the discovery of the unauthorized purchase, whichever occurs first.

Purchase Review Procedures.  The superintendent, or his or her designee, and the school district treasurer shall conduct independent reviews of petty cash fund expenditures on a monthly basis.  Any unlawful or unauthorized expenditure or other discrepancy shall be brought to the attention of the offending employee, if any, and the board.  The superintendent or his or her designee shall provide the board at each regular meeting with petty cash fund documentation that includes a description of each item sufficient to give the board reasonable notice of the items purchased.  Any unlawful or unauthorized purchase shall be addressed as provided by board policy or as otherwise allowed by law.

Reconciliation and Closeout.  Each petty cash fund will be reconciled by the school district treasurer and closed out at the end of the fiscal year (August 31st).  The petty cash fund will be reestablished by the board of education at its July meeting or at such other meeting as determined by the board.

Adopted on: July 13, 2015
Revised on: _______________
Reviewed on: ______________