A petty cash fund is a small amount of company cash, often kept on hand in a locked drawer or box, to pay for minor or incidental expenses such as office supplies, flowers, or paying for a catered lunch for a small group of employees. Petty cash provides convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund. Petty cash funds are intended for small, incidental purchases that generally do not exceed $25.00, such as taxi fares, postage, and office supplies. Petty cash funds are subject to strict internal controls to manage the fund, and often, a few individuals are authorized to approve disbursements and can only do so for expenses related to legitimate company activities or operations. Petty cash custodians are responsible for safeguarding petty cash funds and maintaining receipts and detailed records to support all transactions. Petty cash funds should be properly secured at all times, and access to the funds should be restricted to one person, such as the petty cash custodian or a specified cashier. Petty cash funds are subject to unannounced verifications by management of the responsible department, the office of the Utah State Auditor, the Internal Audit Department, and/or the Controller’s Office.