FIN-039: Obtaining a Cash Advance

Date: 09/24/2011 Status: Final
Last Revised: 07/17/2017
Policy Type: University
Oversight Executive: Vice President for Finance
Applies To:

Academic Division and the College at Wise.

Table of Contents:

Policy Statement

Reason for Policy:

The University has set forth requirements for obtaining cash advances and providing for effective oversight and control of cash advances.

Definition of Terms in Statement:
  • Cash Advance:

    An advance of funds to an employee solely for the purpose of paying for official purchases.

    • Official Purchase:

      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.

Policy Statement:

The University provides cash advances to employees for expenses that cannot be readily or most economically processed through normal purchasing/accounts payable procedures.

Funds from a cash advance cannot be used to pay for any services performed by individuals, other than the following:

  1. Payments for services performed by foreign individuals conducting these services in a foreign country.
  2. 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

Related Information:

FIN-004: Travel, Meals, and Entertainment Expenses Incurred on Behalf of the University
FIN-005: Extension and Collection of Credit
FIN-020: Establishing and Managing Bank or Other Financial Institution Accounts for University Funds
FIN-030: Purchases of Goods and Services
FIN-042: Managing Change Funds
FIN-044: Use of the University Travel and Expense Card
IRM-003: Data Protection of University Information
IRM-017: Records Management

Major Category: Finance and Business Operations
Next Scheduled Review: 07/17/2020
Approved by, Date: Policy Review Committee, 09/24/2011
Revision History: Revised 7/17/17, updated 7/22/13. (Written version of policy that was practice.)