Departments who regularly receive cash for sales of goods, fundraisers, events, etc. and need to make change for customers should hold a cash float. Cash float is the cash on hand amount maintained daily and represents the starting amount, excluding cash received from sales.
Cash float held by a department remains the property of the University, not the department. However, the department is responsible for adequate security and control of their cash float funds or amount.
Cash float is not for department spending. If cash float is spent, it will be recorded in the department’s account (see Petty Cash Reimbursements).