Research Incentive Petty Cash Funds should be used solely for the payment of incentives or reimbursement of costs to participants in sponsored research programs conducted under the direction of the Health Sciences Center. The procedures below provide a uniform and systematic method in the establishment and maintenance of Research Incentive Petty Cash Funds administered through the sponsored programs (SPNSR) fund.
Establishment of Research Incentive Petty Cash Funds
A written request from the Principal Investigator for the establishment of a Research Incentive Petty Cash Fund must be submitted for prior approval. The request for the fund must contain the following information:
In addition to the written request, a voucher with GL code 113000 payable to the fund custodian must be created in the accounting system. The voucher along with a completed, signed Form 3 Claim made payable to the fund custodian must be forwarded with the written request. The referenced documents should be sent to General Accounting, Service Center Building, Room 224. All requests for establishment of Research Incentive Petty Cash Funds will be approved by Grants Accounting and the Controller’s Office prior to being established.
Maintenance of Petty Cash Funds
Initiation of fund maintenance will begin with the receipt of the Research Incentive Petty Cash Fund proceeds from Financial Services. Funds received should be kept in a secure location, i.e., safe, locked desk, etc. Evidence of disbursements should be retained and kept with the fund as expenditures are incurred for the approved purpose. The fund must be reconciled monthly to provide an accounting of the amount authorized versus the cash on hand and the amount outstanding not reimbursed to-date.
Reimbursement of expenditures of Research Incentive Petty Cash Funds should be made on a routine basis but no less frequently than monthly. Procedures to request reimbursement are as follows:
Changing Custodians of Research Incentive Petty Cash Funds
When a change of custodian on a Research Incentive Petty Cash Fund is required, a memorandum referencing the specific Research Incentive Petty Cash Fund should be sent to General Accounting, Service Center Building, SCB-224, stating the name, phone number, and departmental mailing address of the new custodian. The memorandum should be signed by the Principal Investigator and the individual assuming responsibility for the Research Incentive Petty Cash Fund. At the time the responsibility is assumed, the new custodian should count the Research Incentive Petty Cash Fund in the presence of the previous fund custodian or other appropriate departmental staff to insure the fund is intact.
Closing Petty Cash Funds
To close a Research Incentive Petty Cash Fund, first replenish the fund back to its approved amount if disbursements have been made since the previous replenishment. Then, process a deposit for the exact cash amount of the fund using GL revenue account 490900 on the deposit. A memorandum stating your intention to close the fund along with a copy of deposit documentation should be sent to General Accounting, Service Center Building, SCB-224.
Participant Payment Policy
Payments to research participants are subject to tax reporting. Please refer to the Participant Payment Policy for details.