FIN-039: Obtaining a Cash AdvanceDate: 09/24/2011 Status: Final
The University has set forth requirements for obtaining cash advances and providing for effective oversight and control of cash advances.
An advance of funds to an employee solely for the purpose of paying for official purchases.
All purchases of goods, services, and travel expenses made with University funds which are necessary, reasonable, and directly related to the goals and mission of the University.
Funds from a cash advance cannot be used to pay for any services performed by individuals, other than the following:
- Payments for services performed by foreign individuals conducting these services in a foreign country.
- Payments to research participants when approved by the Institutional Review Board (IRB) and the IRB approval number is supplied on the cash advance request form.
Settlement of the cash advance must be completed within 30 days from, depending on the reason for the cash advance, the last day of employee travel or the last date of the last transaction conducted for the purpose of the advance.
An employee may sign for an advance on behalf of a non-employee; however, the employee, in doing so, guarantees and becomes fully responsible for the guarantee and settlement of the advance.
Compliance with Policy:
Failure to repay the debt will result in collection activities as required by University policy (FIN-005: Extension and Collection of Credit). Collection of outstanding balances may be referred to collection agencies and credit bureaus and may be included as taxable income for the employee. Collection efforts, including payroll deduction, to obtain repayment from the employee should begin thirty five (35) days after the due date.
Failure to comply with requirements of this policy may result in disciplinary action up to and including termination or expulsion in accordance with relevant University policies.
Questions about this policy should be directed to Procurement and Supplier Diversity Services.
Obtaining a Cash Advance [link to be added]
Compensation to Research Trial Participants