Cash is defined as consisting of:

i. Paper currency;
ii. Checks;
iii. Coins;
iv. Money orders; and
v. Travelers Checks.

Campus departments should only accept and deposit payments for Mines’ Official University

Cash should be secured at all times. This would include the use of cash registers, safes, locked
file cabinets/drawers with key control, and locked boxes. Access to these devices must be
restricted and proper internal controls must be established. For example, restrict authority to
get into cash registers, limit the number of people who have access to the combination to the
safe, and limit the number of keys and their availability to locked cabinets, drawers, or boxes.

Funds received must be deposited with the Cashier within two business days of receipt. Daily
receipts must be deposited intact and must not be used to pay expenses or to create
unauthorized Petty Cash or Change Funds. Do not substitute checks for cash.

Al deposits of Colorado School of Mines cash must be made at the Cashier Office using
CASHNet. Maintenance of outside bank accounts is strictly prohibited.

6.3.1 Supporting Documentation

Organizational units are required to retain all supporting documents in the department.
These documents wil include pre-numbered receipts, check logs, cash register tapes, etc.
Attach these with one copy of the CASHNet Deposit Form and file the records by deposit
date. Attach receipt from Cashier to supporting documents. The Controller’s Office will
maintain the numerical filing of the posting copies of these documents.

Departmental deposit records are subject to review by the Controller’s Office, Internal
Auditors, and external auditors.

6.3.2 Deposit of Non-University Funds

If the department is involved in a non-University activity that generates funds, such as
soliciting contributions for a retirement function, instruct individuals or entities making

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payments that the checks should not be made payable to the Colorado School of Mines.
Colorado School of Mines cannot endorse these over to an individual or an organization, or
deposit them into a Mines’ bank account and withdraw the funds. When this situation
occurs, the department must return the check to the preparer with an explanation and a
request to re-issue the check with a corrected payee.


6.4.1 Creation, Approval, and Cancelation

May be established based upon written approval by the Controller’s Office. The request for a
Change Fund or Petty Cash Fund shal state the purpose of the fund and contain
justification for the amount requested. All Change Funds and all Petty Cash Funds shal be
recorded on the University’s financial system.

Violation of these policies and procedures wil be cause for discontinuance of the Change
Fund or Petty Cash Fund for that department.
6.4.2 Custodians

Only Employees of the University who hold a 100% appointment are authorized to be
Change Fund or Petty Cash Fund Custodians. The head of the fund custodian’s
department must approve the request. If a change/addition in custodian is required, the
new custodian must complete a New/Additional Custodian Form with authorized
departmental head signature and submit the original form to the Controller’s Office for
In the absence of the Petty Cash Custodian because of il ness, vacation, etc., it is
permissible for a back-up Petty Cash Custodian to make the Reimbursement request and
receive the Reimbursement check. The voucher must very clearly:
Indicate that the payment is a Petty Cash Reimbursement for “name of official
custodian” and
Include the reason the check is not made out to that custodian.
Reimbursements to a back-up custodian must be considered as “an exception rather than
the rule”. Contact the Controller’s Office if the need for a back-up custodian arises.
6.4.3 Appropriate Use of Change Funds

Change Funds shal only be used for making change when cash receipts are accepted from
the public, such as for fees and fines. The amount of a Change Fund is based on the
documented need of the department and shal be approved by the Controller’s Office. No
expenditures of any kind shal be authorized from a Change Fund. Change Funds may
either be permanently held at the department or they may be issued on a temporary basis
for a specific event or activity.

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A Change Fund must not be used for the following:
To cash personal checks;
To make loans to faculty, staff, Students, or others -I.O.Us are not permitted; or
To make purchases.
At all times, the Change Fund must consist of cash that equals the amount of the original
advance issued to the Change Fund custodian. Any shortages wil be charged to the
specified Departmental Index when the Change Fund is returned to the Cashier.
Appropriate use of Petty Cash Funds
Petty Cash Funds wil generally be limited to no more than $200.00 per department, but in
no case shal exceed $2,000.00. The actual authorized amount is dictated by business
needs of the department requesting the Petty Cash Fund.
Petty Cash Funds shal only be used for payment of incidental expenses, not to exceed $50,
for expenses such as postage, copy charges, or expenses not otherwise appropriately
purchased through the use of the University’s procurement card or other approved
purchasing method. Petty Cash expenditures shal be consistent with all applicable statutes,
rules, regulations, and these Financial Policies. The use of Petty Cash to make purchases
is an exception to the formal procurement methods. The Procurement Card is the preferred
method for making small dol ar purchases.
Petty Cash Funds must not be used for any of the fol owing items:
Payroll expenses;
Payments to other University departments -- this must be done by an Internal
Sales and Services Voucher (ISSV);
Payment of travel expenses (including mileage Reimbursements) -- this can only
be done with an approved Travel Advance and/or Travel Expense Report;
Cashing personal checks;
Making loans to Employees, Students or others -- no I.O.U.s;
Making purchases and sales -- i.e., the purchase and sale of stamps to
departmental personnel; or
vii .
Flower funds or coffee club funds.
Organizational Units shal comply with procedures developed by the Controller’s Office
regarding proper cash handling procedures.
If a theft occurs, the custodian must notify the Controller’s Office and Colorado School of Mines
Public Safety as soon as the theft is discovered. The custodian must then complete a Payment
Voucher, drawn against the departmental Index, using account 5549, for the amount of the theft.
The Payment Voucher, along with an explanation, is then submitted to the Controller’s Office. A
check wil be issued to reimburse the fund. If the theft or loss is determined to be due to

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negligence on the part of the custodian, the department may choose to require the custodian to
replace the funds.

The preferred method of accepting payment by credit card is online via CASHNet. The
Controller’s Office maintains the right to approve other methods of accepting credit cards.
Regardless of the method used, each Organization Unit is responsible for maintaining internal
controls that protect sensitive cardholder information. In accepting credit cards, departments
acknowledge they are responsible to ensure all Employees receive proper procedural training to
maintain data security. Any receipts, reports, etc. shal show only the last four digits of credit
card numbers when archived. At no time shal any Mines’ department electronically retain
cardholder data.

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