Petty Cash Funds

Board Approved 6.12.2013

POLICY RE ESTABLISHING AND MAINTAINING PETTY CASH FUNDS

As approved by the Church Board of Trustees, authorized Church programs, committees or task teams shall be permitted to establish and maintain petty cash funds when deemed essential to the performance and goals of such, and approved by the Church Treasurer and the Finance Committee.  Such funds shall have caps, be self-perpetuating, and be under the direct control of the leader or chair.  Petty cash funds shall be kept securely, preferably in lockboxes, in the Church office and signed out and back in by the responsible person and the Congregational Administrator.  Such funds shall be subject to at least an annual audit.

Background:  The need for this policy  has come from The Fundraising Committee

This committee is the first to request a petty cash fund, and justify its need for such. The Church Treasurer and the Finance Committee will agree to establish such fund under the following conditions, if the policy is approved by the Trustees.

Implementation:

1. An approved fixed, imprest petty cash fund amount will be established.
   1. The initial monies will be funded through the proceeds of a fundraising event.
   1. The Fundraising Imprest Petty Cash Fund will be stored in a locking cash-box that is to be secured in the Church safe between fundraising events.
   1. The Fundraising Chair or committee member will need to make arrangements to pick-up the cash-box from the Church Office prior to an event.  The cash-box is to be signed out.  Two people will count the monies at the time of pick-up to confirm the cash balance.
   1. Immediately following a fundraising event, the cash box will be returned to the Church Office to be secured in the safe, and will be signed in.  Two people will count the monies to confirm the cash balance when returning prior to being secured.  Only the Congregational Administrator can access and secure the Church safe itself.

• It is recommended that the petty cash fund that is in the box be in small denominations of $1.00 and $5.00 bills in order to make change at the next event.