Petty Cash Do's and Don'ts
Teachers College provides petty cash as a vehicle for quick reimbursement for minor incidental and emergency business expenses which are less than $100. The guidelines identified in the College鈥檚 are also applicable to petty cash. The following are some do鈥檚 and don鈥檛s related to petty cash:
顿翱鈥檚
- Include the business purpose of the expense on your petty cash submission. For example, the description of 鈥渃ab fare鈥� is not adequate to substantiate the business purpose of an expense but rather 鈥淐ab fare to 120th and Broadway to discuss progress on grant XXX鈥� provides sufficient information to establish the business purpose.
- Include the attendees who are present at a meal which was conducted for a business purpose. A list of attendees is required per IRS standards.
- Ensure that the petty cash request is approved by an authorized signor on the index.
- Seek reimbursement in a timely manner. All reimbursements should be presented within 90 days of when the expense was incurred.
顿翱狈鈥橳厂
- Break a payment down into multiple pieces in order to be below the $100 petty cash limit.
- Seek reimbursement for gifts cards, movie tickets, etc. provided as a gift, token of appreciation or compensation. These expenses are not allowable per College policy.
- Submit personal expenses for reimbursement. This includes but is not limited to costs for your normal commute to work such as metro cards, parking, etc.
- Seek reimbursement for cell phone bills, home internet connection or data plans. Teachers College will provide a non-taxable stipend for cell phone equipment and usage provided there is a substantial business reason requiring a cell phone for the individual to meet their job requirements. See the full policy at
See the full petty cash policy at . If you have any questions related to the policy please feel free to contact the Controller鈥檚 Office at ext 3016 or the Office of the Bursar at ext 3056.
08/25/2016