Petty Cash

From time to time, cash purchases or payments are more expedient than payments by check from the library account. The Library Director may authorize payment from petty cash within specified limits.

1. Cash monies collected from any source and accumulated for deposit into the Library Special Account are petty cash.  The petty cash should not exceed $100.00.

2. The types of items purchased with petty cash may include books, prizes for contests, food items for special events, postage, materials and other minor out of pocket expenses incurred on behalf of the Library or for Library use.

3. Petty cash reimbursements will not be issued, under any circumstances, for:

travel (except for tolls, mileage or occasional public transport fare under $10)

business meals

cell phone reimbursements

internet/cable modem charges

personal loans or purposes

any event or expense not directly related to conducting Library business

4. The Library Director may authorize purchases under $100.00 with petty cash.  The Library Board may authorize purchases of over $100.00, not to exceed $200.00, with approval of 3 board members.

5. Procedures

a. Petty cash will be accounted for with a running ledger or spreadsheet of deposits and expenditures.

b. The Library Director will authorize the expenditure, assign a control number and enter it in the petty cash ledger.

c. The item will be purchased.

d. The receipt for the item purchased will be noted with the corresponding control number and filed by month.

e. The Library Board may be polled in person or by telephone for approval of disbursements over $100.00.

f. Sources of deposits will be noted.

Adopted 2009; reviewed 12/2015

This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.