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|School District of Philadelphia|
|Policy and Procedures|
|Subject||Imprest Funds (Petty Cash)|
|Classification||Fund Integrity and Safekeeping|
|Date Issued||September 1978|
|Issued by||Division of Administrative Services|
|Supersedes||Memos: File #500, 6/12/74, 6/5/75, 6/4/76|
|Review Before||To be determined|
A. IMPREST BASIS
Each fund is to be maintained on an imprest basis, wherein the combined total of cash on hand and in the bank, plus un-reimbursed expenditures, as evidenced by receipt vouchers, at all times equal the total amount of the fund advanced to the fund custodian. Due care must be exercised in the handling of transactions to maintain the integrity of the total fund. Operational shortages or overages may arise occasionally through clerical error.
1. Minor difference of balance (under $5.00) may be carried during the normal course of the year without specific action.
2. Net overage: An unresolved overage in excess of $5.00, occurring during the normal course of the year, is to be deposited with the Office of the Treasury Supervisor.
3. Net shortage: An unresolved shortage in excess of $5.00, occurring during the course of the year, is to be reported immediately by letter to the Director of Accounting, with a copy to the Internal Controller. The letter is to contain details and known facts about the shortage. Upon appropriate investigation and follow-up by the Internal Controller, the Director of Accounting may authorize the replacement of the shortage.
4. Unwarranted, repetitive claims of shortages may become a basis for disallowance.
B. PHYSICAL SAFEKEEPING PROVISIONS
1. Cash on hand and unreimbursed documents must be kept in a locked cash box. Custodians are not to keep these funds among personal possessions. To minimize losses through theft, actual cash carried on hand is to be kept to the lowest practicable minimum.
2. If a safe is available, the locked cash box is to be stored there. If a safe is not available, the cash box is to be kept under lock and key.
3. Thefts are to be reported immediately to
the Office of Internal Security and a serious incident report filed. Please
see section #111.1. The Office of the Internal Controller and the Office
of the Director of Accounting are to be notified by the responsible custodian.