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Imprest Cash Funds

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Imprest Cash Funds may be advanced to departments for change funds. It is the fund custodian’s responsibility to safeguard Imprest Cash in a securely locked compartment, only accessible by the custodian. Imprest Cash Funds cannot be loaned or used to cash personal checks. In addition, Imprest Cash Funds cannot be used to pay subject fees or reimburse employees for travel and hosting expenses. Please review the current SPG 507.02 to ensure a proper understanding of U-M Imprest Cash policies. To request and maintain an imprest cash fund, the below steps should be followed:

 

To request a new imprest cash fund, please follow the steps outlined below:

  1. Complete and sign the “Imprest Cash Fund Request/Change Agreement” form:
    • The custodian completes and signs the “Imprest Cash Fund Request/Change Agreement” form, providing accurate and relevant information regarding the fund.
  2. Obtain approval from Higher Administrative Authority (HAA) and Unit Financial contact:
    • The unit must obtain signed approval from an HAA  and a unit financial contact, ensuring that the establishment of the imprest cash fund is authorized and aligns with university policies and procedures.
  3. Submission of the Form to SSC Accounting Customer Service:
    • After obtaining the necessary approvals, submit the completed and signed form to [email protected] for further review and final approval.
    • This step ensures that the form is complete and accurate prior to setting up the imprest cash fund. 

To renew an imprest cash fund, please follow the steps outlined below:

  1. Complete  “Imprest Cash Fund Request/Change Agreement” form:
    • The custodian responsible for the fund should complete a new “Imprest Cash Fund Request/Change Agreement” form.
    • Ensure that all required fields are accurately filled out with updated information.
  2. Obtain approval from Higher Administrative Authority (HAA) and a Unit Financial contact:
    • The unit must obtain signed approval from a HAA and a unit financial contact, ensuring that the establishment of the imprest cash fund is authorized and aligns with university policies and procedures.
  3. Submission of the Form to SSC Accounting Customer Service:
    • After obtaining the necessary approvals, submit the completed and signed form to [email protected].
    • Accounting Customer Service will review the request, process the renewal, and set up the renewed imprest cash fund.

Please note that all existing funds expire on June 30 of each year. Therefore, it is crucial to initiate the renewal process before the expiration date.

To replenish an imprest cash fund, please follow the steps outlined below:

  1. Complete a Payment Request form:
    • The unit responsible for the imprest cash fund should complete a payment request form.
    • Ensure that all required fields are accurately filled out with relevant information.
  2. Obtain Approval from Higher Administrative Authority (HAA) and a unit financial contact:
    • The unit must obtain signed approval from a Higher Administrative Authority (HAA) and a unit financial contact, to ensure the imprest cash fund continues to be authorized and aligns with university policies and procedures.
  3. Provide the required information in the Payment Request:
    • Supplier’s Name and Address
    • Documentation/Proof of Payment
    • Description of Payment
    • Total Payment Amount
    • Valid ShortCode
    • Account Number
    • Supplier ID
    • Imprest Cash Number
  4. Submit the Request:
    • Submit the completed payment request form, along with the necessary supporting documentation to [email protected].

To request an increase or decrease in the amount of the imprest cash fund, please follow the steps outlined below:

  1. Complete the “Imprest Cash Fund Request/Change Agreement” form:
    • The unit responsible for the Imprest cash fund should complete the “Imprest Cash Fund Request/Change Agreement” form.
    • Ensure that all required fields are accurately filled out with updated information.
  2. Obtain approval from Higher Administrative Authority (HAA) and the unit financial contact:
    • The unit must obtain signed approval from a Higher Administrative Authority (HAA) and a unit financial contact, to ensure that the fund is still required and the revised amount of the fund is appropriate..
  3. Submit the Form to SSC Accounting Customer Service:
    • After obtaining the necessary unit approvals, submit the completed and signed form to [email protected] for further review and approval.
    • The Accounting Customer Service team will review and approve the request and will process the change to the fund balance to the requested amount.

For a Balance Increase:

  • Indicate the desired new balance amount on the “Imprest Cash Fund Request/Change Agreement” form.
  • This information will enable Accounting Customer Service to adjust the balance of the imprest cash fund accordingly.

For a Balance Decrease:

  • Prepare a Cash Receipt Ticket (CRT) in the amount of the decrease.
  • Deposit the amount directly to the imprest cash chartfield.
  • Complete the deposit at the designated university deposit location following the standard deposit procedures.

To properly close out an imprest cash fund account, please follow the steps outlined below:

  1. Complete an  “Imprest Cash Fund Request/Change Agreement” form:
    • The fund custodian should submit the “Imprest Cash Fund Request/Change Agreement” form to close the fund.
    • Ensure that the form is signed and approved by the Higher Administrative Authority (HAA) and a unit financial contact.
    • This step authorizes the Accounting Customer Service team to close the imprest cash fund account.
  2. Obtain approval from Higher Administrative Authority (HAA) and a unit financial contact:
    • The unit must obtain signed approval from a Higher Administrative Authority (HAA) and a unit financial contact..
  3. Prepare a Cash Receipt Ticket (CRT) for the Imprest Cash Fund Balance:
    • Prepare a Cash Receipt Ticket (CRT) for the remaining balance in the imprest cash fund account.
    • Deposit the amount directly to the imprest cash chartfield.
    • Complete the deposit at the designated university deposit location following the standard deposit procedures.

 

By following these steps and providing the necessary documentation, you can successfully create and manage your imprest cash fund account.