Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 48 - Federal Acquisition Regulations System |
Chapter 1 - Federal Acquisition Regulation |
SubChapter C - Contracting Methods and Contract Types |
Part 13 - Simplified Acquisition Procedures |
Subpart 13.3 - Simplified Acquisition Methods |
§ 13.305-2 - Agency responsibilities.
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13.305-2 Agency responsibilities.
Each agency using imprest funds and third party drafts shall -
(a) Periodically review and determine whether there is a continuing need for each fund or third party draft account established, and that amounts of those funds or accounts are not in excess of actual needs;
(b) Take prompt action to have imprest funds or third party draft accounts adjusted to a level commensurate with demonstrated needs whenever circumstances warrant such action; and
(c) Develop and issue appropriate implementing regulations. These regulations shall include (but are not limited to) procedures covering -
(1) Designation of personnel authorized to make purchases using imprest funds or third party drafts; and
(2) Documentation of purchases using imprest funds or third party drafts, including documentation of -
(i) Receipt and acceptance of supplies and services by the Government;
(ii) Receipt of cash or third party draft payments by the suppliers; and
(iii) Cash advances and reimbursements.