SB1614 amends the State Finance Act to regulate petty cash funds and purchasing cards for Illinois state agencies.
SB1614 amends the State Finance Act to establish rules for petty cash funds and purchasing cards used by Illinois state agencies. State agencies can establish petty cash funds for small purchases, with a maximum limit of $1,000, except for the Department of Revenue and the Secretary of State, which can maintain higher limits for specific purposes. The Comptroller sets standards for purchasing cards, including procedures for recording transactions, auditing, and charging expenditures. An internal audit is required for funds receiving over $5,000 in reimbursements annually.
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- Legal Framework
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