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Petty cash or cash funds are small amounts of cash held by a department to pay for low dollar, incidental expenses when another form of payment (procurement card, purchase order, check) is not appropriate or expedient, or to give change to customers when they are paying for goods or services.
The amount of a petty cash fund should be limited to the smallest possible amount necessary that permits efficient used of the cash fund, normally $50 to $100. The petty cash fund should be kept to a minimum, as excessive balances lead to unnecessary risks of loss. Each petty cash fund is kept by a fund custodian who has sole responsibility for the security of the cash and related documents.
Petty cash funds are established by completing the Application for Petty Cash Fund – State & Local Area Orgs. Be sure to read policy FIN 403: Petty Cash Funds for State and Local Accounts for complete information.