Petty Cash Fund Policy

The Board of Trustees of the Otto Bruyns Public Library of Northfield establishes a petty cash fund for the purpose of paying small cash amounts to be spent on the incidental needs of the library or to make change for large bills in the cash register.

If applicable, items purchased will then be charged back to an appropriate account. Appropriate items not provided for by an established account, may be paid for using money from the petty cash fund.

• The amount of $100.00 shall be maintained for petty cash.
• This amount is to be reconciled each calendar month prior to the monthly Board of Trustees meeting.
• The petty cash fund will be replenished when there is approximately $30.00 balance.
• The amount of petty cash funds used annually shall not exceed $500.00.
• Petty cash funds and expenditures shall be reported on a quarterly basis as part of the Director’s Report.

Procedures:

• Use of petty cash must be pre-approved by the Library Director, Board President, or Board Treasurer.
• A receipt for cash must be provided stating the date, name, amount and purpose for the money.

Adopted: August 10, 2023