PETTY CASH PURCHASE REIMBURSEMENT POLICY

Below please find the current institutional policy on Petty Cash Purchase Reimbursement. The Bursar Office has a responsibility to process only those reimbursement requests that contain the proper signatures and documentation. As such, the bursar office authority to deny or approve petty cash reimbursements based on adherence to the below policy supercedes that of all other university administrators.

Please be sure to peruse the revised petty cash policy below.

Petty Cash Purchase Reimbursement Policy

1. To expedite the purchase of small items and provide for purchases of small items needed immediately, department heads may authorize purchases of such items with personal cash. Whenever possible, the purchaser should provide the vendor with a copy of the IIT sales tax exemption letter which can be obtained from the Purchasing Director upon request.

2. To receive reimbursement after the purchase, the petty cash disbursement voucher form must be completed and attached to the purchase receipt. By signing the petty cash form, the appropriate department head must authorize the disbursement prior to reimbursement by the Bursar Office.

3. In general, petty cash purchases are not encouraged and the system should not be abused. Reimbursement for expenses from the petty cash fund is limited to $150.00. Purchases over this amount or recurring purchases must be made through purchase requisitions and purchase orders routed through regular purchasing channels.

4. Any petty or other cash needs outside of the above stated parameters are not authorized except by special consideration. In special consideration cases, department heads must contact the Bursar, Associate Bursar, Associate Bursar of Downtown Campus or the Deputy Controller in ample advance time as to allow for procurement of funds and arrangement of a special disbursement. Please be aware, cash supply is limited and special requests may not be authorized.

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