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Petty Cash Fund

1. The petty cash fund is replenished or supplemented from:
(a) Staff contributing cash and submitting an expense reimbursement claim for the
          contribution.
(b) Cash proceeds from small dollar revenue/recovery collections or departmental deposits
          (e.g. key deposits, recovery of duplicating costs or long distance telephone costs, sale
          of course notes, etc.).
(c) Cash overages from cash register floats.
(d) None of the above.

2. The petty cash fund is replenished:
(a) When cash on hand is depleted.
(b) Immediately following the applicable research grant or University fiscal year end.
(c) When cash on hand is low and prior to any fiscal year end cut-offs.
(d) At the end of a research grant period before the research grant account is closed.

3. When requesting a petty cash fund reimbursement:
(a) The reimbursement request form, including the original receipts, is reviewed and
          approved at least one level up from the custodian.
(b) The reimbursement request form and original receipts are submitted to Accounts
          Payable for review and processing.
(c) The original receipts and a copy of the reimbursement request form are maintained in
          the department.
(d) Both (a) and (c).

4. The petty cash dollar limit for a single purchase is:
(a) $100
(b) $200
(c) $500
(d) No established limit, however, petty cash is used for small cash purchases for which it
          is more efficient than payment via a purchasing card or invoice.

5. The petty cash fund is used for:
(a) Payments for personal services including honoraria/guest lecture fees.
(b) Payments for personal services which are very small, non-routine and non-recurring
          (e.g. paying a student a nominal amount for a delivery) when the department is
          reasonably certain that the individual will not receive more than $500 from the
          University in the calendar year.
(c) Loans, advances and personal expenses.
(d) None of the above.

6. Each petty cash disbursement is supported by:
(a) A voucher(s).
(b) An original receipt(s).
(c) An original receipt(s); however, a photocopy is acceptable where the original is
          required by claimant for an expense reimbursement claim or accountable advance
          settlement.
(d) An original receipt(s); however, a written agreement is required for the payment of an
          honoraria (guest lecture fee).

7. The petty cash fund is used for:
(a) Cashing personal cheques.
(b) Cashing cheques from an imprest bank account.
(c) Short-term emergency loans to staff, students or others.
(d) None of the above.

8. The procedure to reconcile petty cash fund activity includes:
(a) The fund records are reconciled monthly to the Statement of Accounts.
(b) The reconciliation is reviewed and approved by the custodian.
(c) The custodian investigates and resolves any significant discrepancies.
(d) All of the above.

9. Staff with access to the petty cash fund include:
(a) Administrative staff and department head.
(b) Custodian(s) and designated back-up.
(c) Business Officer.
(d) Department head.

10. For a petty cash fund established for a research grant account, at the end of the research grant period:
(a) The fund is closed and the remaining balance is returned to the research grant
          account.
(b) No action is required because the research grant account was charged at the time the
          petty cash fund was established.
(c) The remaining balance is spent on eligible University business expenses.
(d) The remaining balance is spent on eligible expenditures relating to other research grant
          accounts.

      

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