707P - Petty Cash Funds
The school board may, by resolution, establish petty cash funds for the payment of properly itemized bills for materials, services, or supplies furnished to the school division under conditions calling for immediate payment to the vendor upon delivery. Such funds shall not exceed $2,000 each.
If it establishes any petty cash funds, the school board shall appoint an agent or other person who shall be authorized only to approve payment of claims arising from commitments made pursuant to provisions of law from such petty cash funds. Any agent or person into whose hands any such funds are placed may pay such claims therefrom without necessity of prior receipt and audit of the claims by the school board and without approval and issuance of the warrant of the school board.
The clerk of the school board shall report payments from petty cash funds to the school board or to any appointed agent of the school board for approval and reimbursement promptly after any claim has been paid.
A bond in the amount of $4,000 will be required for each person distributing petty cash funds, but no additional bond shall be required of any person already bonded in the required amount.
Code of Virginia, 1950, as amended, Section(s) 22.1-123
Policy 720P, Operations and Finance- Purchasing
Regulation 720R-A, Operations and Finance- Purchasing
Regulation 720R-B, Operations and Finance-Procurement and Credit Card Management
Adopted: June 17, 2008