CASH POLICY

Schools can opt to open a cash box to receive cash/checks and make change during fundraising activities.

Yes. As needed, cash boxes may be signed out to staff and student organizations as long as a cash box log is completed each time the cash box is signed out.

Yes, depending on the amount.

• When $10 or more is collected from an individual, a pre-printed carbon receipt must be issued to that individual. Carbon copies of receipts should be submitted to the school leader along with collected cash/checks within 24 hours of receipt. In cases of a large number of transactions in a short period of time, the receipt log should be used to provide a record of individual transactions and be submitted to the school leader along with collected cash/checks within 24 hours of receipt.
• When less than $10 is collected from an individual, a receipt does not need to be issued. Rather, the person handling the cash box needs to record the collected funds on the receipt log. The receipt log should be submitted to the school leader with the collected cash/checks within 24 hours of receipt.

The cash box must be reconciled on a daily basis.

• Two individual must be present when cash/checks are counted.
• Once cash is counted, each individual should initial the cash box reconciliation form.

Collected cash/checks totaling under $1,500 must be deposited at Citizens within a week of receipt.

Total collected cash/checks exceeding $1,500 must be deposited at Citzens within 72 hours of receipt.

Cash boxes should NEVER be used as a petty cash account.