4:95 - Petty Cash

Policy 4:95

Business and Non-Instructional Operations

Petty Cash

The Board of Education authorizes the Superintendent or designee to establish a petty cash fund which shall be used to purchase minor items for school use provided such funds are maintained in accordance with the provisions below and remain in the custody of an employee who is properly bonded according to State law.

Petty cash will be used for supplies which are more efficiently purchased by an individual staff member on an immediate need basis.

The Superintendent shall:  (1) designate a custodian for the petty cash fund; (2) obtain a bond for the custodian; (3) maintain the funds in compliance with this policy, State law, and Illinois State Board of Education rules. A check for the petty cash fund may be drawn payable to the designated petty cash custodian. All expenditures from the petty cash fund must be supported with documentation, including signed invoices or receipts. All deposits into the petty cash fund must be accompanied by clear descriptions of their intended purposes. Petty cash expenditures will be charged, by item, to the appropriate line item account for each school or department.

Replenishment of petty cash funds are to be approved by the Board each month as part of the list of bills.  All petty cash expenditures will be audited by an independent auditor annually.

Adopted: September 8, 1997
Revised: October 24, 2011

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