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