Petty Cash and Cash Floats Procedures – October 1, 1985
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PETTY CASH AND CASH FLOATS
PROCEDURES
Procedure
Type:
Management
Initially
Approved:
October 1,
1985
Procedure
Sponsor:
VP, Finance &
Administration
Last
Revised:
October 1,
1985
Administrative
Responsibility:
AVP, Finance &
Commercial
Operations
Review
Scheduled:
May 2025
Approver:
Executive Leadership Team
A.
PROCEDURES
1.
PETTY CASH
1.1
The purpose of a petty cash fund is to reimburse properly-documented expenditures
up to a maximum value determined by the Department of Finance and Commercial
Operations and based upon the requirements of the requesting department.
1.2
For each petty cash fund established, a specific individual shall be designated as
responsible for that fund.
2.
CASH FLOATS
2.1
The purpose of a cash float is to allow departments collecting cash to be able to
make change for their customers or clients. The maximum value of each cash float
shall be determined by the Department of Finance and Commercial Operations,
based upon the requirements of the requesting department.
2.2
For each cash float established, a specific individual shall be designated as
responsible for that float.
B.
DEFINITIONS
(1)
Cash:
refers to all authorized methods of payment acceptable to
Mount Royal. This includes cash (bank notes and coin),
electronic transfers, personal cheques, traveler's cheques,
bank drafts, money orders, gift certificates and credit and debit
cards.
(2)
Organizational Unit: a department, faculty, institute, or centre of ongoing
operational activity generally involving both staff and
budgetary resources, with an Associate Vice-President, Dean,
Director, Manager, Coordinator or Supervisor responsible for
that unit
(3)
Policy:
means the Cash and Payments Handling Policy
(4)
University:
means Mount Royal University
