Effective Date: January 1, 2013
This PSC Procedural Statement sets forth the rules and requirements under which employees may obtain cash advances to support University travel or funds to support extended stays in remote locations.
Non-employees (including affiliate fiscal staff, associates, and students) are not eligible to receive advanced funds.
Terms Used in This Statement
- Cash Advance – an amount of money approved by the organizational unit and the PSC, and given to an employee to cover incidental out-of-pocket expenses related to official university business travel.
- Group Travel – travel to the same location for the same business purpose by three or more employees or non-employees.
- Extended Stay in Remote Location – official university business stays in excess of 14 days and in remote locations where access to banking institutions and/or automatic teller machines is not readily available.
- Remote Stay Fund – an imprest cash fund established by the PSC to cover official university business expenses related to extended stays in remote locations.
There are two reasons to request a cash advance: (A) advanced monies are needed for a trip (travel advance) and (B) advanced monies are needed for an extended stay in a remote location (remote stay funds).
A. Travel Advances
Under certain circumstances, employee travelers may need and receive travel advances to support expenses associated with official University travel. Study subject payments that are associated exclusively with a specific trip are among the expenses that may be considered as part of the need for an advance.
B. Remote Stay Funds
The University provides an option to support extended stays in remote locations. The remote stay fund is an imprest cash fund, established by the PSC and used to procure goods and services when normal procurement methods are not viable (as determined by the PSC, see University of Colorado Procurement Rules). The fund is for guides, translators, study subjects, security, transportation, communication (no pre-paid cards), non-traditional lodging, supplies, or similar items.
C. Obtaining Cash Advances (Travel Advances or Remote Stay Funds)
Cash advances are requested and reconciled through the Concur Travel & Expense System. In order to receive a cash advance, the employee must first be set up as eligible for cash advance processing in Concur.
- To be set up as eligible to request cash advances in Concur, the employee must complete and submit the Cash Advance Setup form, including complying with any training requirements identified on the form. This step is done only once.
- To request a specific cash advance, the employee must log in to Concur and request the advance amount according to the instructions found in the Step-by-Step Guide Requesting Cash Advances. The advance request must then be approved by the employee’s HR supervisor prior to approval and processing by the PSC. Approved advances are direct deposited to the employee’s bank account. (This is the same account as used for direct deposit of the employee’s reimbursements; the bank account used for direct deposit of the employee’s paychecks may be a separate account.) This step is repeated whenever a cash advance is needed.
- Additional limits and requirements are listed below:
For all Cash Advances:
- The minimum advance amount that may be requested is $500.
- An advance request of $10,000 or more requires approval by the campus controller: this approval is accomplished within Concur. The employee must attach any supporting information, as required by the controller, to the cash advance request.
For Travel Advances:
- For individual employee travel, the advance is limited to $1,500.
- For group travel, the advance is limited to $1,500 times the total number of travelers in the group. The group must contain at least one employee and the advance must be issued to the most senior employee member of the group. An employee receiving a group advance has the same responsibilities as if that advance had been received for individual University travel.
For Remote Stay Funds:
- The employee must attach a supporting budget to the cash advance request.
D. Reconciling Cash Advances
When the employee returns from the trip and submits his or her expense report, the advanced funds are reconciled along with the expenses. If, upon final reconciliation, the employee owes money to CU, the employee must reimburse the University and attach the validated Cash Receipt form to the expense report. Note: The calculation of money owed to the University and the preparation of the deposit should not be done until the expense report has been fully prepared and all out-of-pocket expenses and Travel Card transactions have been reconciled.
The employee must finalize the expense report and reconciliation/reimbursement to CU according to the following timeframes:
- within 60 days of trip end for all cash advances, and for group travel advances of $10,000 or less; and,
- within 30 days of trip end for group travel advances over $10,000 and for remote stay funds in any dollar amount.
If necessary, the advance amount may be deducted from the advance recipient’s paycheck.
Unless approved by the Associate Vice President/Chief Procurement Officer, there are no exceptions to this procedural statement.
Related Forms and Systems
• Cash Advance Setup form
• Concur Travel & Expense System