Cash

Cash advances

A new petty cash fund will not be issued until the fund custodian has completed the Online Petty Cash Training, and Student Business Services agrees that all necessary procedures have been implemented to prevent further thefts.

*Fingerprinting should be done on anyone handling cash or checks

Petty cash and cash advances can be used for such things as purchasing gift cards to pay research participants. Limit the petty cash or advance to the smallest amount necessary. Petty cash cannot be used for:

• Purchasing an item exceeding $100.
• Compensation for services rendered.
• Business meals or food if petty cash is drawn off a State account.
• Capital equipment.
• Travel.
• Personal loans or check cashing.
• Prohibited transactions per FIN 401-03.
• See University Policy FIN 403: Petty Cash Funds for further information.

Petty cash funds are subject to periodic audits. The custodian is responsible for ensuring the cash on hand and receipts equal the authorized amount of the funds at all times. Petty cash funds must not be commingled with personal funds, cash drawers, or any other collected revenues.

Petty cash funds are to be reconciled each time there is a disbursement or monthly if no disbursement has occurred in the last 30 days. Overages, small shortages, or theft are handled on an individual basis. Contact Student Business Services for instructions regarding overages and small shortages. Contact Student Business Services, after contacting ASU PD, regarding theft.

Obtaining a petty cash or cash advance:

• Select a petty cash custodian (must be the PI if using a grant account).
• Complete the Application for Petty Cash Fund – State/Local Agency/Orgs or Application for Sponsored Project Cash Advance Fund
• Send the completed form to Student Business Services, MC 0303.
• Student Business Services will notify the petty cash custodian when the check is available to pick up from the Tempe Campus Cashiering Office (ASU ID will be required).
• Tempe Cashiering may cash small petty cash checks, otherwise take to your personal bank branch for cashing.
• Petty cash must be kept in a safe or in a secure lockable cash box kept inside a lockable desk or cabinet.
• Lost or stolen petty cash must be reported to the ASU Police and is the custodian’s responsibility.

Closing out a petty cash or cash advance:

• Submit any remaining cash along with the original receipts showing each purchase and/or distribution/recipient logs and the public purpose for the purchase or payment; deposit?

Depositing cash

1. Funds received for the benefit of, or on behalf of, ASU must be deposited with ASU
2. Funds received for the Foundation cannot be deposited with ASU, send the check to Foundation for depositing.
3. University funds must be deposited as soon as possible – in most cases, on the day received at Cashiering Services.
4. All checks payable to ASU must be stamped with a restrictive endorsement stamp for deposit to ASU. An endorsement stamp can be obtained from Cashiering Services.
5. Prepare a deposit slip to match the total checks received
6. Secure checks in a lock bag to transport to Cashiering.
7. Cashiering will issue a deposit receipt for each transaction. The receipt will need to be scanned as backup to the electronic copy of the deposit on the departments drive.