PETTY CASH/CHANGE FUNDS

Petty cash funds are issued to departments to expedite incidental minor purchases needed by the department. Such purchases are subject to all NMSU purchasing regulations. Departments may wish to consider obtaining a Procurement Card from NMSU CPO, rather than maintaining a Petty Cash Fund.

Petty Cash Fund Request

Petty cash funds are normally limited to $50 per department. Requests are submitted to UAR by completing a Request for Cash Fund Form and must provide the following information:

• Amount requested
• Justification of need
• Name of the individual who will serve as petty cash fund custodian
• The department head who oversees the custodian.

If a Petty Cash fund greater than $50 is needed, a request with additional written justification must be submitted to the Controller for approval.

8.20.10

Change Funds, Permanent

Permanent change funds are cash funds issued to departments to provide change for daily operations where fees or other payments are collected on an ongoing regular basis. Permanent change funds exist within the department to expedite the handling of NMSU business and have no set return date.

If such a fund is required, the following steps must be taken:

• Obtain a Request for Cash Fund form
• Complete all information and return the form to the Cashier Supervisor for approval.
• Pick up the permanent cash fund from the Cashier during the hours of 8:00 a.m. - 5:00 p.m.

The responsible person must maintain the permanent cash fund in a businesslike manner so that it may be audited at any time. No check cashing services or I.O.U. substitutions are permitted.

Returning Permanent Cash Funds
When the fund is returned, make the deposit to the Index (FOPAL) number listed on the original request form.

8.20.15

Change Funds, Temporary

Temporary change funds are cash funds issued to departments from time to time to provide change for an occasional event.

To receive such a fund, a department should follow these steps:

• Obtain a Request for Cash Fund form
  
• Complete all information and return the form to the Cashier Supervisor for approval. If the requested amount is over $300 please request two days in advance.
  
• Pick up the temporary cash fund from any cashier during the hours of 8:00 a.m. - 5:00 p.m.
  
• Return fund by the due date, making the deposit to the Index (FOPAL) number listed on the original request.

If the fund cannot be returned by the due date or if you have any questions, please contact the Cashier Supervisor at (505) 646-2046.

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8.20.20

Petty Cash Replenishment

NMSU is not subject to gross receipts tax on material purchased in New Mexico; therefore, any tax paid will not be reimbursed unless assessed for labor or services.

Reimbursement for all employee expenditures for gasoline, parking, meals, lodging, and colloquium/seminar registration fees must be directed to Travel (Chapter 5C). Medicine or medical supplies must be processed on a Reimbursement Voucher to Accounts Payable (Chapter 5A). A list of purchases that cannot be made from NMSU funds is available in the Central Purchasing Office (Chapter 4) of the BPM.

Petty Cash Vouchers must be supported by receipts supplied by the vendor. The receipts must be original and legible.

• Date of purchase
• Vendor name
• Complete description of items purchased
• Signature and printed name of the employee being reimbursed.

Receipts designated as "Customer Copy" are acceptable. Duplicated receipts (photocopies) will be accepted only if accompanied by a memo of explanation from the Department Head. Altered receipts will not be accepted. A petty cash custodian within the College or Department must sign all Petty Cash Refund Requests verifying that all requirements have been met and they accept full responsibility for any discrepancies discovered in an audit.

Petty cash transactions are processed at the cashier stations located in the Educational Services Building. The individual presenting the petty cash transaction must have photo ID and sign for all cash received. Cashiers will issue a transaction record receipt for all petty cash refunds processed.

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Petty cash funds are subject to audit at any time by the Audit Services Department or external auditors for NMSU, but custodian should require proper identification before turning the fund over to an individual. Upon demand, the custodian is required to produce the cash, paid receipts, properly completed forms and the last 24 months of historical fund reconciliations. The funds should not be removed from the sight of the custodian until the funds have been counted and a receipt given to the custodian for the funds and records.

Petty Cash Voucher Forms, Petty Cash Replenishment Summary Forms, Petty Cash Fund Reconciliation Worksheet and Change of Cash Fund Custodian Forms are available at http://www.nmsu.edu/~boffice/forms/.

If any of above requirements cannot be met, the Department Head should submit a memo to the Cashier Supervisor authorizing a change in responsible person. In this same memo, the new responsible person must sign a verification of funds received from prior responsible person.

8.25

STUDENT ACCOUNTS RECEIVABLE

The Student Accounts Receivable Section maintains records of all student financial transactions and amounts due to New Mexico State University from students.

Requests To Bill Students
Requests to bill students for NMSU-related charges incurred should be in memo format. Departments, which have reoccurring charges due from students, may wish to contact the UAR Director (505-646-4911) to develop an established procedure and/or electronic process.

Charges over sixty days old and less than $5.00 are not accepted.

Past Due Amounts Owed Greater Than $100.00
Transcripts and diplomas will be withheld and students will not be permitted to re-enroll if past due amounts owed to NMSU are greater than $100.00.

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8.30

SPONSORED STUDENTS/THIRD PARTY BILLING

The Sponsored Students Section is responsible for billing non-NMSU third parties for amounts they agree to pay on behalf of a student attending NMSU, based on an authorization memo received from the third party.

An NMSU department wishing to cover a student's charges, should submit a scholarship authorization form through the NMSU Office of Student Financial Assistance.

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