Hubbell Policies

PETTY CASH POLICY

English

Owner : Vice President, Controller

Last Review: 2014.06.20

FIN – 33

Department: Finance

POLICY

Petty cash funds are not permitted without written approval from the Vice President, Controller.

SCOPE

This policy applies to all Hubbell locations.

PURPOSE

The objective of the policy is to reduce the risk of theft, fraud and misappropriation of Company assets by eliminating (or substantially reducing) the amounts of petty cash held at Hubbell locations. Business units should consider alternative uses to petty cash funds - for example, PCards or employee reimbursement of cash expenses via employee expense reports.

PROCEDURE Petty cash funds are not permitted without written approval from the Vice President, Controller.

ADMINISTRATION

Roles and Responsibilities. Business unit controllers have responsibility in overseeing compliance with this policy.

Monitoring, Evaluation and Review. Exceptions granted by the Vice President, Controller must be retained by the business unit as supporting documentation.

Exceptions. In order to obtain a written exception to this policy, a written request must be submitted to the Vice President, Controller that contains the following:

- Compelling business reason why a petty cash fund is necessary for the location requesting the exception; and the amount of petty cash fund being requested.

ACCOUNTING AND DISCLOSURE

None

REPORTING

None

DEFINITIONS Petty cash shall mean minimal amount of money kept on hand by a business unit to meet small expenditures (e.g. postage, taxi fare)

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