Establishment of Account
An imprest account shall be established in an amount not to exceed $15,000. At no time shall the total amount of checks drawn against such imprest account exceed this amount.
Payments from Imprest Account
Payments of financial obligations of the college which are of an incidental or emergency nature may be made from the imprest account of the college using a check written against the imprest account signed by two of the following college administrators:
President
Vice President of Business Affairs
Vice President of Academic Affairs
Vice President of Student Affairs
Director of Financial Affairs
No single payment from the imprest account may exceed $750. All payments made from the imprest account must be subsequently approved by the Board of Trustees at their next regular meeting.
Payments from Petty Cash
A petty cash fund shall be established in an amount not to exceed $800. Payments for items of an incidental or emergency nature may be made from the petty cash account with the approval of the appropriate supervisor. Reimbursement requests cannot exceed $25.00 without the approval of the Vice President of Business Affairs and must be accompanied by a receipt.