For agencies that have, or nearly have, eliminated their imprest funds, what “best practices” have they implemented?
8. Several agencies with diverse missions have eliminated or nearly eliminated their use of imprest funds. For example, a large benefit agency has eliminated most of its imprest funds by using a combination of EFT payments and third-party draft payments. This agency uses third-party drafts to make most emergency and administrative payments that cannot be effectively made by EFT. The agency has guaranteed the acceptance of its third-party drafts by making agreements with financial institutions near each of the agency’s offices. Another agency has nearly eliminated its imprest funds by using a combination of EFT and convenience checks.
