Reminder: Cash Count Audits for Petty Cash and Change Funds

It is the responsibility of all fund custodians and department managers to take all reasonable precautions to safeguard the assets under their care. All departments, units, and other entities engaged in any form of petty cash, change funds or special cash funds are responsible for complying with Campus Administrative Policy 300-44. This includes the requirement that department managers perform a cash count audit of their petty cash funds at the following regular intervals:

Non-research petty cash, cash equivalents, and change funds counts are mandatory for each fund based on amounts as follows:

  1. Less than $200: Annually
  2. $201 - $2,000: Semi-Annually
  3. Greater than $2,001: Quarterly

Research petty cash funds counts are mandatory for each fund based on amounts as follows:

  1. Less than $500: Annually
  2. $501 - $2,000: Semi-Annually
  3. Greater than $2,001: Quarterly

Department managers may reassign the audit responsibility to another qualified individual who has completed the required petty cash and cash handling training courses and a background check.

A Cash Count Audit Form is now available for download from the Controller's Office website to document the audit process and cash count results. Recordkeeping for the audit process is maintained at the department level; do not send the completed form to the Cash and Controls Team unless requested. The Controller’s Office may perform random audits to ensure compliance. If your department has been selected, we will notify the department manager beforehand.

Contact the Cash and Controls Team at [email protected] with any questions.