Board of Education Policy 5530: Petty Cash Funds and Cash in the School Buildings

Petty Cash Funds

A petty cash fund of not more than one hundred dollars ($100) shall be maintained in the District Office and in designated offices in a secure location. Payments from petty cash funds may be made for materials, supplies or services only when payment is required upon delivery. At the time of reimbursement, an itemized statement of expenditures, together with substantiating receipts, shall be submitted. Such accounts shall be authorized by Board resolution at their annual meeting.

Requests for petty cash purchases are to be approved by the Building Principal, manager or designee prior to incurring an obligation to a vendor.

Cash in School Buildings

Monies should be deposited in the bank as soon as possible. It is recommended that no money other than petty cash shall be kept in any school building overnight. When necessary, funds shall be held in the vault in the Main Office of each District school building. Under no circumstances shall cash be left in classroom areas or desks. The District will not be responsible for funds left unprotected.

All funds, whether District or extraclassroom funds, shall be deposited prior to close of school each week. Only authorized personnel designated by the building administrator shall be allowed in the Main Office vault.

Education Law Sections 1604(26), 1709(29) and 2503(1)
8 NYCRR Section 170.4

Adopted February 26, 2019