Establishing a Petty Cash Fund

The petty cash fund must be requested by the individual, known as a custodian. The custodian is the individual responsible for safeguarding, disbursing from, and requesting replenishment of a petty cash fund. The custodian must be a university employee with a 50% or greater appointment or affiliate fiscal staff and must be authorized by his or her department head and by CCO.

To establish a petty cash fund, complete a Petty Cash/Change Fund Request (PCCF) form. In addition, complete a Payment Authorization (PA) form for the amount requested for the fund. Refer to the for more information and links to both forms.

On the Payment Authorization (PA):

  • Select Petty Cash establishment/replenishment from the Payment Type dropdown
  • Make payable to the custodian (e.g. John Doe, Petty Cash Custodian)
  • Use your departmental address (campus box)
  • Enter “to establish new petty cash fund” in the Description field
  • Use Account 000200 (Petty Cash)
  • Include the reason for opening the fund in the Business Purpose section—the same explanation used on the PCCF form.

Submit both PCCF and PA forms to CCO at pettycash@colorado.edu or via DocuSign. CCO will return an approved copy of the PCCF form to the custodian, and submit the original PCCF and PA to the PSC for processing. The PSC then sends a check to the custodian at the departmental address listed on the Payment Authorization. The custodian may cash the check at the Office of Cash Management (OCM) cashier’s window in Regent Hall.

 

Check Cashing Tips from OCM

Petty cash and change fund checks can be cashed at the Office of Cash Management (OCM) but keep the following in mind: If you require multiple denominations and rolled coins, please call OCM in advance, to make sure the funds are on hand before you go. For checks over $300, call in advance especially if small denominations are needed. Plan to arrive before the last hour of business (i.e. before 4:00 pm spring/fall or 3:30 pm summer). Bring a government issued photo ID or Buff One card (and properly executed letter of authorization if used**). Bring checks over in a locked bag in which to place the cash for transport. Contact OCM with questions at cashmgmt@colorado.edu.

**A letter of authorization can be used if the petty cash custodian is not the person coming to cash the check. The letter should be on letterhead and identify the person coming to cash the check on behalf of the custodian. The custodian needs to endorse the check and put his/her employee ID number in the endorsement area. OCM verifies the government issued ID card of the runner and keeps the authorization letter.