5. Petty Cash Purchases
D.5.01 Petty Cash Purchases:
Petty Cash Funds are intended to handle small, "out of pocket" expenditures by the employees of the System. Each Petty Cash Fund must have a custodian of record who is responsible and accountable for managing the fund. Petty cash audits are to be performed by an administrative business officer or designee, other than the fund’s custodian, as part of routine oversight of business procedures.
There is a limitation of $75 for any one transaction. Purchases may not be subdivided to fall under this $75 limit.
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008