Temporary Cash Advance Policy and Procedures
Effective Date: 2/20/2004
Responsible Office: Office of the Comptroller
This policy outlines the University rules and procedures for the proper handling of temporary cash advances authorized to various University departments by the Office of the Comptroller.
- Temporary cash advances are used to provide cash to University departments for one-time, annual, or quarterly special events or group travel.
- Only University employees (full, part-time, and student) are permitted to handle the temporary cash advance funds.
- Access to the temporary cash advance should be restricted and a custodian should be assigned as the responsible party for the advance. The cash must be safeguarded at all times.
- If a department demonstrates a need for temporary cash funds, the department may request a temporary cash advance by submitting a written request or purchase requisition to the Office of the Comptroller. The request should fully explain the department’s need for a temporary cash advance, as well as designate an appropriate University employee as custodian of the advance. If the advance is required for travel, the dates of travel and a copy of an approved travel authorization must be included. The request must be approved by the department and appropriate dean or division head (if required).
- The written request or requisition should be submitted to the Office of the Comptroller no later than 10 days prior to the event or travel.
- The Office of the Comptroller will issue a check to the custodian of the temporary cash advance prior to the event or travel. A due date for repayment of the advance will be indicated on the paperwork accompanying the check.
- Within two working days of the event or travel, all remaining cash should be returned to the Cashiers’ Office as a partial repayment of the advance.
- A purchase requisition or travel expense account for reimbursement of expenses incurred should be submitted by the department to the Office of the Comptroller in a timely manner. A reimbursement check will be issued to the employee.
- When the reimbursement check is issued to the employee by the Office of the Comptroller, the remainder of the advance must be paid immediately at the Cashiers Office. The advance should be paid in full or a copy of the travel expense account/purchase requisition should be received by the Office of the Comptroller by the assigned due date. If a temporary cash advance is not repaid in a timely manner, subsequent requests for advances may be denied.
- A department should immediately contact the Comptroller, University Police, appropriate Dean or Division Head, and the Office of Internal Audit if temporary cash advance monies are found to be missing, or if there is suspicion of theft or diversion of funds.