Petty Cash Fund - Self Assessment

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* 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.).

(d) None of the above.

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* 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.

(d) At the end of a research grant period before the research grant account is closed.

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* 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.

(d) Both (a) and (c).

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* 4. The petty cash dollar limit for a single purchase is:

(a) $100

(b) $200

(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.

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* 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.

(d) None of the above.

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* 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).

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* 7. The petty cash fund is used for:

(a) Cashing personal cheques.

(b) Cashing cheques from an imprest bank account.

(d) None of the above.

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* 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.

(d) All of the above.

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* 9. Staff with access to the petty cash fund include:

(a) Administrative staff and department head.

(b) Custodian(s) and designated back-up.

(d) Department head.

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* 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.

(d) The remaining balance is spent on eligible expenditures relating to other research grant accounts.