Policy 5406 – Temporary Cash Advance Policy and Procedures
Revision Date: 03/16/2022
Original Effective Date: 02/20/2004
Last Reviewed Date: 03/16/2022
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 Spend Authorization for proper approvals in Workday. The Spend Authorization should be submitted by the custodian of the advance and include attached documentation fully explaining the department’s need for a temporary cash advance. The Spend Authorization should be submitted no later than 10 days prior to the event or travel.
- The Office of the Comptroller will issue a check or direct deposit to the custodian of the temporary cash advance prior to the event or travel.
- 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.
- An expense report for reimbursement of expenses incurred should be submitted by the department in Workday in a timely manner. Workday will automatically calculate and apply the amount on the Expense Report against the outstanding Cash Advance balance.
- 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.