1 Policy Statement

The University shall hold a number of Cash Floats to facilitate the giving of change when receipting University cash payments.

A Cash Float will be issued to an individual staff member (Custodian) and shall be kept in a secure location at all times.

Under no circumstances shall Cash Float monies ever be intermingled with personal monies of staff or applied for private purposes even on a temporary basis.

2 Principles

A Custodian is personally responsible for the safeguarding of the Cash Float and therefore will not share the Cash Float with another staff member.

Managers of each section are responsible for developing effective controls and procedures over the usage of the Cash Float and for the provision of a secure location for the storage of the Cash Float, in line with these specific procedures.

Cash Floats will be reconciled daily.

Cash Floats will not be used as a source of Petty Cash or be replenished with funds from another source.

3 Procedures

3.1 Establishing or Increasing a Cash Float

To establish or increase a Cash Float a Financial Delegate of the department will apply in writing to the Chief Financial Officer.

The application will contain the following information:

• the Custodian’s name, position title and Employee ID;

• the intended purpose and location of the Cash Float; and

• the amount of the Cash Float (must be commensurate with the required usage).

In approving a Cash Float, the Chief Financial Officer shall evaluate the ability of the section (and Custodian) to manage a Cash Float and to:-

• institute the required controls to safeguard the University’s monies;

• develop procedures for the holding, usage and storage of the Cash Float;

• train Custodians in the correct procedures to follow;

• ensure Custodians are advised of their responsibilities in handling Cash Floats and the importance of complying with established procedures;

• ensure the Custodian possesses the skills and personal integrity required for handling cash so as to minimise the possibilities for fraud and/or error to occur.

• periodically count the float by the Custodian’s supervisor (or nominated person, other than an employee under the control of the Custodian); and

• identify, investigate and report all Cash Float deficiencies.(Refer Section 3.6 Cash Float Shortages)

3.2 Issuing a Cash Float

The Financial Delegate will forward the approved written application to the Finance and Payables Supervisor, Financial and Business Services.

Staff in Accounts Payable, Financial and Business Services will advise the Custodian when and how the Cash Float is to be collected.

For Custodians at the Toowoomba Campus, they will be required to provide proof of identity (100 identification points) to the University’s nominated service provider, currently MECU Toowoomba Campus, to collect the cash.

For Custodians at other campuses/locations, Financial and Business Services staff will arrange specific one-off collections, including a signature acknowledging receipt of the cash.

3.3 Safe Storage of Cash Floats

A Cash Float will be kept in a locked tin, locked cash draw or till during working hours. After hours Cash Floats will be locked in a University safe.

Only the Custodian will have access to the Cash Float during working hours.

If spare keys are required to access locked tins, draws or tills, these will be kept in a sealed envelope in the safe and only accessed in an emergency, and then only in accordance with the procedures in Section 3.4 Change of Cash Float Custodian.

3.4 Change of Cash Float Custodians

The process to change the Custodian of a Cash Float must include, as a minimum:

• the Custodian and the new custodian shall count the Cash Float together and ‘signing-off’ the value of the Cash Float, using the Hand Over/Take Over Reconciliation Form.

• where the Custodian is not available (for example, unplanned absence due to illness), the Custodian’s supervisor and the new Custodian shall count the Cash Float and ‘sign-off’ the value of the Cash Float, using the Hand Over/Take Over Reconciliation Form.

• where the Cash Float is for a cash register till, the form may be replaced by similar documented cash register operator cash handling procedure relevant to that section.

Where a Cash Float is reassigned permanently, the section manager must promptly advise the Manager, Financial Reporting (Financial and Business Services) of the name, position title and Employee ID of the new Custodian.

3.5 Annual Cash Float Declaration

Annually and/or as required by audit, each Custodian will be required to complete a Cash on Hand Declaration certifying the value of their Cash Float, and submit this declaration to the Manager, Financial Reporting (Financial and Business Services).

3.6 Cash Float Shortages

The Chief Financial Officer is required to investigate all material cash shortages (losses) in accordance with Sections 21 and 22 of the Financial and Performance Management Standard 2009. A written record of the loss will be retained including details of the following:

• The amount of cash (or other monies) missing;

• The reason for the loss (shortage); and

• The action taken about the loss, including but not limited to, review of faculty/department processes/procedures, security of monies, action taken to recover the loss (if applicable).

Where the shortage is a result of Official Misconduct under the Crime and Misconduct Act 2001 the Chief Financial Officer will report the matter to the Chief Operating Officer for action under the University’s Fraud Corruption and Control Management Policy.

3.7 Closing a Cash Float

The Custodian of the Cash Float will deliver the balance of their cash to the Cashier, Financial and Business Services. The Cashier, Financial and Business Services will issue them with a receipt.

The Custodian will also complete a Cash on Hand Declaration, attach the receipt and deliver ALL documents to the Manager, Financial Reporting (Financial and Business Services).

4 References

Crime and Misconduct Act 2001(Section 15)

Financial Accountability Act 2009

Financial and Performance Management Standard 2009

Queensland Government Financial Accountability Handbook

5 Definitions

6 Other Policy Information