Michelle Rees, 37, of Butts Field, Hailsham, was on duty with another PCSO when they were handed a lost bag containing an old black purse containing £480 but no ID.
They took the purse back to Hailsham police station where it was booked in as lost property.
Rees, who was still training as a PCSO, and who has now left the force, then contacted a friend and arranged to meet her that evening, where she persuaded her to claim she was the owner of the bag.
Together they discussed a cover story and planned to split the money.
The next day Rees's friend went to the police station to claim the purse by describing its contents. She signed for the bag and left an address for the money to be sent to.
But when the rightful owner came in the day after to claim the purse an investigation was launched by the police.
Rees became aware of the investigation and met with her friend and told her not to mention her involvement. Both were later arrested.
At Lewes Crown Court Judge Richard Brown told Rees, "This was a very serious offence given the nature of your role in a position of trust.
"You had the good sense to plead guilty for which you get full credit.
"But the seriousness of the offence means it has to be dealt with by way of a prison sentence which will be suspended with some period of supervision."
Rees, who pleaded guilty to conspiracy to commit fraud, was given a six month prison sentence suspended for two years and a supervision order for six months.