Cash Funds

There are three types of Cash Funds: Research Stipends, Change and Petty Cash. This section provides information on how to open, maintain and eventually close a cash fund.

Research Stipend (used to pay research participants) and Petty Cash (used to complete minor business transactions) funds are meant to be spent and replenished as needed.  Change funds are only to make change and therefore should always have the same balance.

There are several steps in the life cycle of a fund:

Some points to remember regarding change funds…

  • Applications for new funds are processed by Treasury Management and approved by the Controller’s Office
  • Additional approval is needed for funds charging Contract and Grant projects
  • 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
  • It is the Custodian’s responsibility to secure the funds.  For more information see the Cash, Collections, Receivables and Investments section of the Directives and Procedures.
  • Nonresident aliens that are research participants must be paid through the payroll system (due to tax issues)