Administrative Procedure 509: Petty Cash (Schools)
Legal References
Education Act: Education Act: Section 265 Duties of Principal: Care of Property; Education Act: Section 286 Duties of Supervisory Officers: Supervise Business
Related References
Administrative Procedure (AP) 513 School Generated Funds – Accounting Procedures; AP 515 Travel and Expense Reimbursement; Form 509 Petty Cash Reimbursement Form; Form 513F Change in Principal and/or School Secretary
1.0 Petty Cash Purpose
1.1 From time to time, it is necessary to make minor purchases in order to ensure that the day-to-day business of the district and school continues without interruption.
2.0 Expected Procedures
2.1 Each school may choose to have a petty cash allotment, which is designated to be in the care and custody of the principal.
2.2 The use of the school’s petty cash fund shall be limited to those purchases of a minor and unexpected nature, which cannot be handled by purchase order or statement of expense. In no case shall an individual purchase amount exceed $50.
2.3 The standard maximum allowed for a petty cash fund is $500 for elementary schools (K-6 and K-8) and $750 for secondary schools (7-12 and 9-12). Any request to change the existing amount should be sent to the Financial Services Department.
2.4 The petty cash fund is an imprest fund whereby the total of cash and receipts on hand must equal the total of the fund.
2.5 It is Avon Maitland District School Board’s (the “Board”) intent to reimburse employees for 100% of their out-of-pocket, allowable expenditures. Petty cash reimbursement of credit/debit/cheque transactions, or cash transactions where the rounded amount is not noted on the receipt by the vendor, will be rounded up to the nearest $0.05. The actual amount reimbursed to the employee must be noted on the original, detailed receipt and then recorded in the petty cash reimbursement form.
2.6 Receipts shall be coded, summarized and reconciled on a petty cash claim form. Regular monthly reconciliation of the petty cash account shall be completed by the school secretary. The principal is responsible for reviewing the petty cash statement and authorizing the expenditure prior to submission to Financial Services for reimbursement.
2.7 When a principal or secretary change takes place, the outgoing principal/secretary will give to the incoming principal/secretary a statement (Form 513F Change in Principal and/or School Secretary) indicating the current amount of the petty cash on hand and the total invoices on hand, noting the total allotment for the school.
2.8 All petty cash on hand must be deposited prior to the summer break. It is the expectation of Financial Services that as of July 31st, the value of this deposit plus the value of the final petty cash reimbursement submission shall equal the total allotment for the school.
2.2 The use of the school’s petty cash fund shall be limited to those purchases of a minor and unexpected nature, which cannot be handled by purchase order or statement of expense. In no case shall an individual purchase amount exceed $50.
2.3 The standard maximum allowed for a petty cash fund is $500 for elementary schools (K-6 and K-8) and $750 for secondary schools (7-12 and 9-12). Any request to change the existing amount should be sent to the Financial Services Department.
2.4 The petty cash fund is an imprest fund whereby the total of cash and receipts on hand must equal the total of the fund.
2.5 It is Avon Maitland District School Board’s (the “Board”) intent to reimburse employees for 100% of their out-of-pocket, allowable expenditures. Petty cash reimbursement of credit/debit/cheque transactions, or cash transactions where the rounded amount is not noted on the receipt by the vendor, will be rounded up to the nearest $0.05. The actual amount reimbursed to the employee must be noted on the original, detailed receipt and then recorded in the petty cash reimbursement form.
2.6 Receipts shall be coded, summarized and reconciled on a petty cash claim form. Regular monthly reconciliation of the petty cash account shall be completed by the school secretary. The principal is responsible for reviewing the petty cash statement and authorizing the expenditure prior to submission to Financial Services for reimbursement.
2.7 When a principal or secretary change takes place, the outgoing principal/secretary will give to the incoming principal/secretary a statement (Form 513F Change in Principal and/or School Secretary) indicating the current amount of the petty cash on hand and the total invoices on hand, noting the total allotment for the school.
2.8 All petty cash on hand must be deposited prior to the summer break. It is the expectation of Financial Services that as of July 31st, the value of this deposit plus the value of the final petty cash reimbursement submission shall equal the total allotment for the school.
Revised March 2023