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5.
Certificate and Receipt of Imprest Funds
.
Observation
Accounting Policies and Procedures Chapter 9.5
Change Funds
and Chapter 17.2
Petty Cash
states that the Sarasota County Certificate and Receipt of Imprest Funds will remain valid until
one of the following takes place:
a.
amount of the fund changes,
b.
purpose of the fund changes,
c.
location of the fund changes,
d.
custodian changes, or
e.
the fund closes.
Review of the Certificate and Receipt of Imprest Funds in the official retention database for the
twenty-four (24) imprest funds sampled, indicated three (3) instances of non-compliance. Of
the three (3) instances:
•
one (1) fund changed custodians and the certificate provided was not approved by the
Finance Director, nor was it available in the retention database,
•
one (1) fund changed locations, however, the certificate associated with the change
fund was never updated, and
•
one (1) funds’ certificate did not include the location of the fund.
Recommendation
Ensure that a Certificate and Receipt of Imprest Funds is approved and stored within the official
document retention database whenever a fund closes or has a change to the amount, purpose,
location, or custodian.
Management Response
Follow up discussions have occurred with the staff and management teams where current
adherence to policies and procedures were not followed. All three (3) Imprest Fund Certificates
have been updated and submitted to the Clerk Finance Director for approval.
Implemented May 5, 2017.
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U n a n n o u n c e d A u d i t o f P e t t y C a s h a n d C h a n g e F u n d s
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