On February 9, 2010, the Board of Trustees approved one revision to existing policy and one new policy. We encourage departments to review these new policies, and share among your colleagues:
Policy 3-011 (Revision) Petty Cash Funds
This revision of Petty Cash Policy is in part, designed to add flexibility to alleviate pressure felt by those who used the Limited Purchase Checks for small dollar transactions. The dollar threshold has been increased from $50 to $100.
Policy 3-043 (New) Accountability for Intangible Assets
This new policy is designed to communicate guidance regarding accounting and reporting of intangible assets. The policy was deemed necessary due to new standards promulgated by the Governmental Accounting Standards Board in its Statement No. 51, Accounting and Financial Reporting for Intangible Assets. The University has not previously had any policy statements regarding this type of asset.