| Policy The Texas A&M Research Foundation provides the following cash
services:
1. Cash reimbursement for out-of-pocket expenses of
members of the project staff for purchases relevant to the research.
2. Cash advances in the form of a petty cash
account to the Principal Investigator of qualifying projects.
Purpose
The purpose of these services is to provide a
convenient alternative to credit as a means of making minor local purchases. Cost
principles of allowability and allocability will not be compromised.
Scope
1. Cash reimbursement of out-of-pocket expenses is
available on all research projects for allowable costs incurred during the term of the
project.
2. Cash advances for petty cash accounts are
subject to review and approval by the Foundation. Criteria for approval includes duration
of the project and the amount in the project budget for supplies, communication and
reproduction. The amount of petty cash advanced to a project is limited to an amount
approximating six weeks of expenditures in the specified cost classes.
Responsibility
The Principal Investigator of the research project
is responsible for:
1. Certifying that cash purchases for which
reimbursement is claimed are relevant to the research or administration of the project.
2. The physical security of petty cash funds
advanced in his custody.
3. The proper disbursement of petty cash funds for
minor and allowable purchases. Minor purchases are those less than the level requiring a
purchase order. Allowable purchases are for items relevant to the research and in the
following cost categories:
a. Supplies
b. Postage and shipping charges
c. Reproduction
4. A full accounting of expenditures and funds,
complete with detailed sales receipts, is needed when requesting reimbursement of expenses
or replenishment of cash advances, and when clearing the petty cash account at the end of
the project.
Tax Exempt Status
Articles purchased for the exclusive use of the
Texas A&M Research Foundation research projects are exempt from taxes. A Texas A&M
University identification card and Foundation project number should suffice as
verification to the vendor, otherwise, call the Research Administrator. Fraudulent use of
this exemption to purchase articles tax-free for other use or resale is a violation of
State law.
Procedures for Cash Reimbursement for
Out-of-Pocket Expenses
* Complete the reimbursement request.
1. Request reimbursement for out-of-pocket expenses
for Foundation Reimbursement Requests. Submit a separate voucher for each project for
which expenses are claimed.
2. Claimant may be any member of the project staff
incurring the expense.
3. Attach sales receipts to the voucher for all
expenses for which reimbursement is claimed.
a. Sales receipts must have vendor name, itemized
list of purchases with the price and date of purchase. Missing elements must be filled in
and initialed by the claimant or Principal Investigator.
b. Visa, Mastercard, etc. receipts are not
acceptable for reimbursement purposes. A sales receipt from the vendor is required.
c. Items on the sales receipt not relevant to the
project must be lined through and a new total derived for reimbursable expenses. If an
expense on a receipt is to be divided between two or more projects, reproduce the receipt
and line through items as appropriate on each copy and attach to the appropriate project
vouchers.
4. List each receipt by vendor name and amount
claimed in the area provided on the Reimbursement Voucher.
5. The Reimbursement Request must be signed by the
claimant and by the Principal Investigator, or delegated authority.
6. Reimbursement for out-of-pocket expenses
connected with travel may be claimed on the Travel Expense Account in the "Other
Expenses" block.
* Deliver the Reimbursement Request to the Research
Administrator for Review and Approval.
1. The Research Administrator will review sales
receipts for allowability of charges and availability of funds within the project.
2. Disallowed charges will be deducted from the
amount of reimbursement.
3. Following approval by the Research
Administrator, deliver the Reimbursement Voucher to the Foundation cashier for payment.
* Receive cash reimbursement from the cashier.
1. The claimant must present the approved
Reimbursement Voucher to the cashier to receive payment. The maximum cash reimbursement is
$200.
2. The claimant must sign the voucher to signify
receipt of payment.
3. The cashier's office is open from 8:00 a.m. to
5:00 p.m. during normal workdays.
Procedures for Petty Cash Advance
To request an advance to establish a petty cash
account:
1. Complete the Request for Petty Cash form.
a. Only the Principal Investigator may sign the
request for a Petty Cash Advance.
b. The maximum amount of the advance will be the
nearest $50 increment to the original budget amount for supplies, communications, shipping
and reproduction, divided by the project duration in months times 1.5. For example, a
twelve month project with $1,500 in the budget classes could receive a $200 advance.
Lesser amounts may be requested.
2. Forward the Request for Petty Cash to the
Research Administrator for review and approval. Petty cash Advances will be administered
by the Foundation in the same manner as Travel Advances, except that the original advance
will be continued for the life of the project, subject to periodic replenishments in
exchange for expense receipts.
3. Receive the petty cash funds in the form of a
check payable to the Principal Investigator.
To request replenishment of the petty cash fund:
1. Complete the Foundation Reimbursement Voucher.
a. Procedures for attaching and listing sales
receipts are the same as cash reimbursements for out-of-pocket expenses.
b. The Principal Investigator will be the claimant.
c. Complete the computations for Petty Cash Advance
Reconciliation. The purpose of the computation is to confirm the advance outstanding after
the current transaction. For example, the amount of the Petty Cash Advance will remain the
same if reimbursement equals expenses or can be decreased by reducing the amount claimed
for reimbursement.
d. The Reimbursement Voucher must be signed by the
Principal Investigator.
2. Forward the Reimbursement Voucher to the
Research Administrator for review and approval.
a. The Research Administrator will review the
receipts for allowability.
b. Disallowed expenses will be deducted from the
amount claimed for replenishment.
c. The Research Administrator will periodically
review the history of cash replenishments to the project petty cash fund. If the record of
prior replenishments indicates an excess amount advanced to the project, the Principal
Investigator will be contacted to arrange for a reduction.
3. Receive replenishment for the petty cash fund:
By Check
a. Allow five working days for the replenishment
check processing.
b. A copy of the paid voucher will accompany the
check.
By Cash
a. Procedures for receiving cash replenishment are
the same as cash reimbursements from the Foundation cashier.
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