Petty Cash or Change Fund

This guideline will address the establishment, increase, decrease and closure of Petty Cash and Change Funds, as well as the rules and regulations in the Integrated CSU State Administrative Manual (ICSUAM) regarding accountability, authorized amounts and audits.

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List of Guidelines Below

Authorization

Per ICSUAM Section 6320.00, the campus CFO or his/her delegate may establish Petty Cash and Change Funds (PCC) at approved locations. Each PCC Fund shall be used strictly in accordance with the purpose for which it was authorized.

Requests and authorization of PCC Funds must be documented in writing. Please contact asfr@fullerton.edu to request petty cash or change fund.

Custodianship

Custodianship of a given fund should be assigned to a single individual. The custodian will be personally responsible for the amount of the fund. When not in use, a petty cash/change fund's cash shall be placed in a safe or locked receptacle in a properly secured area with access by only authorized personnel. A newly appointed custodian will be assigned cash handling training by Student Business Services (SBS).

Petty cash and change funds shall be separately maintained and not commingled. The integrity of a petty cash/change fund shall be maintained at all times. When a petty cash/change fund is no longer needed or when the petty cash/change fund custodian is separating or transferring, the petty cash/change fund shall be closed out and reconciled, and its cash will be re-deposited at the cashiering office. Transfer of a petty cash/change fund to another person is not authorized. A new documented request is required to re-establish a closed petty cash/change fund.

Decreasing or Closing a Petty Cash or Change Fund

If it has been determined to decrease or to close a change fund or petty cash fund, notify Accounting Services & Financial Reporting (ASFR). An unannounced final cash count will be done as soon as ASFR is notified. After the final audit, the ASFR auditor will take the cash equal to the desired decrease or the full amount of the fund to the University Cashiers Office (GH-180) for deposit.

ASFR will issue a memo to the department once the petty cash/change fund is officially closed.

Audit Requirements

All change funds and petty cash funds must undergo an independent surprise audit in accordance with the following schedule:

Change Fund and Petty Cash Fund Audit Schedule
Size of Fund	Frequency of Count
$200.00 or less	Annually
$200.01 to $500.00	Quarterly
$500.01 and up	Monthly

These audits will be performed by Accounting Services and Financial Reporting, in the presence of the custodian of the fund. The Petty Cash Fund Audit and Change Fund Audit Forms will be completed at the time of the audit by the auditor of the funds and will be signed by the custodian and the auditor. A copy of this form will be given to the custodian at the conclusion of the audit. Any irregularities will be discussed and noted. A copy of the audit results will be submitted to the Accounting Officer for review and will be retained.