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Petty cash funds or change funds are used by the departments for cash payment of minor items or to make change to customers. This policy provides guidance for the authorization, establishment and maintenance of petty cash funds, including appropriate uses, safekeeping, audit and annual confirmation.

This procedure addresses how to request a cash advance, guidelines for maintaining supporting documentation at the department level, and procedures for reconciling and settling cash advance.

To establish a petty cash fund, the dean, director or department chair should submit a letter to the University Controller justifying the need, the types of expenses to be paid, the method of safekeeping, the source of funds, the amount needed and the individual responsible for the administration of the petty cash fund (petty cash custodian).

It is the policy of the State of North Carolina that all agencies, institutions, departments, bureaus, boards, commissions and officers of the State, whether or not subject to the Executive Budget Act, Chapter 143, Article 1 of the General Statutes, shall devise techniques and procedures for the receipt, deposit, and disbursement of moneys coming into their control and custody which are designed to maximize interest-bearing investment of cash, and to minimize idle and nonproductive cash balances

Cash advances are necessary for efficiency or because they are the only means acceptable to the payment requirements of the service rendered. This policy explains how to obtain the necessary funds to meet payment requirements, appropriate use and settlement of such cash advance funds.

This procedure details the steps to request and reconcile a Cash Advance related to a sponsored project. The UNC Finance Division’s Policies and Procedures Manual should be followed for requesting and reconciling cash advances for non-sponsored activities.

The Office of State Controller's cash management policy requires that each agency of the state operate within a fiscally responsible cash management policy. Discount terms offered by suppliers for prompt payment are considered when awarding purchase orders because such terms can result in substantial savings for the University.

Cash Advances are required to allow business to be conducted in specific situations. It is necessary to determine the acceptable circumstances to use this process and the methods by which they must be managed.

The University is required to report to the Internal Revenue Service (IRS) the receipt of cash in excess of $10,000 in a single transaction or two or more related transactions that are received in the course of the University's trade or business.

Review outstanding deposits (those for which a deposit transmittal has been created, but the University Cashier has not yet processed) on a regular basis.

The Daily Deposit Act, North Carolina General Statute 147-77, requires daily deposit of funds received by the University. In addition, a consistent process of documenting receipts and deposits is an important internal control practice to ensure the security of assets and the accuracy of revenues.

The purpose of mandatory direct deposit is to benefit both the employee and the University. The employee benefits by having the assurance that their payments will be automatically deposited regardless of family emergency or natural disaster.

The purpose of mandatory direct deposit is to benefit both the employee and the University. The employee benefits by having the assurance that their payments will be automatically deposited regardless of family emergency or natural disaster.

Check items received by the University must be endorsed with the following restriction either in writing or by stamp: For Deposit Only, To the Account of, The University of North Carolina at Chapel Hill.

The University seeks to maximize income and minimize risks for its investments while complying with State and Federal laws related to investments, adhering to the Board of Trustee's investment guidelines, meeting donor restrictions, and maintaining liquid assets.