Thursday, November 7, 2013

Gloucester, VA Schools, Petty Cash Funds, (Part 6 of 10)

Armand A. Fusco, Ed.D.

About the Yankee Institute for Public Policy

The Yankee Institute for Public Policy, Inc. is a nonpartisan educational and research organization
founded more than two decades ago. Today, the Yankee Institute’s mission is to “promote
economic opportunity through lower taxes and new ideas for better government in Connecticut.”

Question 6: Petty Cash Funds:
Who has control of each petty cash fund, in what amounts, and how are the 
funds monitored? 
Background: Such cash funds are usually distributed to managers, 
administrators, and sometimes teachers to take care of incidental expenses. 
Because they are cash funds, it is easy to misuse and misappropriate the 
Proposed Solution: Receipts must be submitted with an explanation 
when replacement dollars are requested. It is up to the finance officer to 
monitor the petty cash funds. A monthly accounting should also be submitted 
to the superintendent, and board chairman or board finance committee. 

Send this information to the school board and demand answers.  It's the only way to ensure your money is not being wasted.
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