1 CCR 101-1-6-2 - CHANGE FUNDS AND PETTY CASH FUNDS
1.
AUTHORITY
§24-36-103(2), C.R.S. (Moneys Transmitted to State Treasury)
§24-30-202 (20.1), C.R.S. (State Controller Authority)
2.
DEFINITIONS
2.1. Change Fund - A fund established at a State Agency or Institution of Higher Education that receives cash to allow for making change.
2.2. Commercial Card - See Fiscal Rule 2-7 (State Commercial Cards).
2.3. Petty Cash Fund - A fund established at a State Agency or Institution of Higher Education to allow cash payment for small, incidental expenses.
3.
RULE
3.1. Change Funds and Petty Cash Funds may be established based upon a written request from the Chief Fiscal Officer of a State Agency or Institution of Higher Education and approval of the State Controller, or the Controller's delegate. The request for approval shall state the purpose of the fund and contain justification for the amount requested.
3.2. Change Funds shall only be used for making change when cash receipts are accepted from the public, such as for fees and fines. No expenditures of any kind shall be authorized from a Change Fund.
3.3. Petty Cash Funds shall only be used for payment of incidental expenses of a nominal amount such as postage, parking or expenses not otherwise paid by Commercial Card or warrant. Petty cash expenditures shall be consistent with all applicable statutes, rules, regulations, and executive orders. There is a statutory limit of $2,500 per Petty Cash Fund.
3.4. All Petty Cash Funds and all change funds shall be recorded on the State Financial System or on an approved State Agency or Institution of Higher Education Financial System.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
1. AUTHORITY
§24-36-103(2), C.R.S. (Moneys Transmitted to State Treasury)
§24-30-202 (20.1), C.R.S. (State Controller Authority)
2. DEFINITIONS
2.1. Change Fund - A fund established at a State Agency or Institution of Higher Education that receives cash to allow for making change.
2.2. Commercial Card - See Fiscal Rule 2-7 (State Commercial Cards).
2.3. Petty Cash Fund - A fund established at a State Agency or Institution of Higher Education to allow cash payment for small, incidental expenses.
3. RULE
3.1. Change Funds and Petty Cash Funds may be established based upon a written request from the Chief Fiscal Officer of a State Agency or Institution of Higher Education and approval of the State Controller, or the Controller's delegate. The request for approval shall state the purpose of the fund and contain justification for the amount requested.
3.2. Change Funds shall only be used for making change when cash receipts are accepted from the public, such as for fees and fines. No expenditures of any kind shall be authorized from a Change Fund.
3.3. Petty Cash Funds shall only be used for payment of incidental expenses of a nominal amount such as postage, parking or expenses not otherwise paid by Commercial Card or warrant. Petty cash expenditures shall be consistent with all applicable statutes, rules, regulations, and executive orders. There is a statutory limit of $2,500 per Petty Cash Fund.
3.4. All Petty Cash Funds and all change funds shall be recorded on the State Financial System or on an approved State Agency or Institution of Higher Education Financial System.