Title: Cash Advance Procedures for Student Organizations, Departments and Employees
Effective Date: 11-09-2007
Issuing Authority: Controller
Contact: Tonya Malz at email@example.com or 507-786-3174
Last Updated: 09-12-2018
Purpose of Procedures
These procedures ensure compliance with IRS regulations, by requiring employees to adequately account for advances within 60 days of when the expenses were incurred.
Who needs to know these Procedures
These procedures apply to all St. Olaf faculty, staff, and student organizations.
Student Organization Cash Advances
All Student Organization Cash Advances must be filled out using the Student Organization Cash Advance Request Form. Student Organizations are not authorized to use a cash advance to buy things and submit receipts (they must use the student organization credit card or pay with their personal cash and be reimbursed). Student Organization cash advances are intended only to have cash on hand for an event. Full amounts must be returned to the Business Office with a deposit slip or advance return form.
Department Cash Advances
All Department cash advances (e.g. department cash on hand for events) must be filled out using the Department Event Cash Advance Request Form (paper forms available in Business Office).
Employee advances will only be issued to employees who are traveling with students or traveling internationally. Any cash received from your credit card will automatically be treated as a cash advance. Cash should not be used to pay for purchases from vendors who accept credit cards. All cash advances must be signed off on by the department head (or supervisor, if the person receiving the advance is the department head) and adequately accounted for within 60 days of when the expenses were incurred. Any advances not accounted for within 60 days of when they were incurred will result in a payroll deduction.
Employee Advances can be received the following 3 ways
- With the ATM advance function on the credit card (available only to those traveling with students).
- With the Employee Cash Advance Request Form (paper forms available in Business Office) to receive cash from the Business Office window.
- With the Employee Cash Advance Request Form (paper forms available in Business Office) to receive a check from the Accounts Payable Office.
The receipt of any cash advance must be coded to account 11650 until accounted for with proper documentation.
All Advances must be returned in one of the following ways
- With a Deposit Form, only if the full amount is being returned. Use your company, unit and account number 11650 (e.g. 10-_ _ _ _ _ -11650).
- With the Advance Return Form with detailed receipts attached and expenses broken down.
- Receipts must be itemized
- Receipts must list names of all participants (or attach a list)
- If no receipt available, must attach St. Olaf Receipt Template
- Any unused cash must be returned with this form
- International Studies and Center for Lifelong Learning also have the option of using the Approver Advance Return Form with approver vouching all receipts and attaching summary, but keeping detailed documentation.