Cash Funds

There are two types of Cash Funds: Petty Cash and Change Funds. This section provides information on how to open, maintain, and eventually close a Cash Fund.

A Petty Cash Fund provides a convenient way to pay for minor allowable business purchases, and a Change Fund is used solely to make change for customers purchasing goods and services from the University. No purchases or disbursements can be made from a Change Fund.

Learn more about the several steps in the life cycle of a fund (below) on the Cash, Collections, Receivables and Investments page:

  • Opening a Fund
  • Documenting Expenditures from a Fund
  • Replenishing a Fund
  • Closing a Fund
  • Changes to an Existing Fund
  • Review of Funds (Counts and Confirmations)
  • In Case of Loss

Some points to remember regarding change funds:

  • Applications for new funds are processed by Treasury Management and approved by the Controller’s Office
  • It can take up to two weeks to process a request – please allow enough time to meet your need
  • One person takes responsibility as the custodian although more people may be allowed access
  • The Custodian must be a UF employee
  • See Petty Cash / Change Fund section of directives and procedures