LAUREL SPRINGS SCHOOL DISTRICT

Petty Cash Funds         Policy #3451

The board of education authorizes establishment of imprest petty cash accounts by resolution annually.

Funds are to be used for emergencies and small purchases only and not to subvert the intent of the regular purchasing procedures or for routine expenditures. No single expenditure shall exceed the amount determined by the board in its resolution, and all expenditures must be authorized by the designated individual.

All disbursements from petty cash shall be reported at the next regular monthly meeting of the board. All petty cash funds shall be established by board-approved voucher and all unused cash is to be returned to the depository at the close of each fiscal year.

First Reading: November 15, 2006

Adopted: December 13, 2006

Legal References: N.J.S.A 18A:1913       Petty cash funds

                            N.J.S.A 18A:232         Scope of audit

                            N.J.A.C 6:202A.8        Petty cash fund