Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-3-3 - Establishment of Imprest Funds3.1. Any state agency that desires an imprest fund shall apply to the Treasurer for the establishment of the imprest fund. The application shall be made on forms prescribed by the Treasurer's office. The agency shall include on the forms the name of the state agency, the name and purpose of the imprest fund, the desired balance of the imprest fund, the physical location of the imprest fund and the name of the person responsible for the imprest fund. The Treasurer shall determine whether the application is complete and whether the need for the imprest fund is valid and notify the agency of his or her decision.3.2. Any state college or university may apply to the Treasurer for the establishment of an imprest fund for the purpose of providing check-cashing services at that institution. If the Treasurer grants the request for an imprest fund, the state college or university may charge fees for the service for each check cashed and for each check returned for insufficient funds. Each institution shall designate certain employees to provide the service and have charge of the imprest fund. Any check determined by the Treasurer's Office to be uncollectible shall be charged against the check-cashing imprest fund.3.3. Any agency may apply to the Treasurer for the establishment of an imprest fund for the purpose of providing automated teller machine (ATM) services at any state agency location. If the Treasurer grants the request for an imprest fund, the agency may charge fees for the ATM services. Each agency shall designate certain employees to provide the service and have charge of the imprest fund.3.4. The agency shall deposit the fees received for check-cashing or automated teller machine (ATM) services into the imprest fund established by the agency for that service. The agency shall maintain an itemized account of the receipts generated from all fees. If the amount of cash in the imprest fund (after charges for uncollectible checks) exceeds the amount approved by the Treasurer at the conclusion of any audit, then the agency shall deposit the excess to the account from which the imprest fund was established.3.5. If, at any time, an agency discovers a shortage in a check-cashing or ATM imprest fund that is attributed to human error, it may correct the shortage by charging the shortage against fees received for the services. If the agency suspects or discovers a shortage in an imprest fund due to theft, the agency shall notify the Treasurer immediately.