Cash Receipt Deposits
Cash Advance / Change Fund / Petty Cash Fund
Cash can be obtained through the Financial Services office for departments when warranted, for example: tipping bus drivers, establishing a change fund for ticket sales or admissions to events, meals for sports team trips, or incidental expenditures. There are three different ways cash may be obtained, based on the specific need of the department requesting the cash.
- Cash Advance
- Change Fund
- Petty Cash Fund
Cash may only be obtained after the department’s request has been approved by the Director of Financial Services (or, in the Director’s absence, by the Controller). Please allow 1-2 business days for the approval process. All expenditures must follow the established guidelines. For details regarding spending, please refer to the Business Expense Policy and the Travel Policy set by the Controller’s Office.
Cash Advance. Used for expenses while travelling on official university business. When a cash advance is obtained, the money will not be returned to the Bursar’s Office. After the cash is spent on business-related expenses, an expense report is submitted following the established guidelines. Any unused advance can be returned with a personal check made payable to WPI and submitted with the expense report. There is a $500 limit for a cash advance.
Change Fund. Used to make change when departments have events where cash payments are accepted. The change fund will be returned to the Cashier in the Bursar’s Office after the conclusion of the event. There is a $500 limit for a change fund.
Petty Cash Fund. Used for incidental business-related expenditures when it is infeasible or impractical to use normal purchasing means. It is used in place of the university purchasing process where appropriate. The petty cash fund works as a revolving fund within the department and is replenished at least monthly, or as needed when the funds are depleted. There is a $300 limit for a petty cash fund.
Please Note: All cash transactions must be handled by WPI employees.