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  5. Annual Confirmation of Petty Cash and Change Funds

Annual Confirmation of Petty Cash and Change Funds

Directive Statement

Departments with a Petty Cash Fund or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise) will complete and return a balance confirmation to Banking & Merchant Services annually.

Reason for Directive

Banking & Merchant Services is responsible for the stewardship of the University’s cash and investments, including Cash Funds.  This directive provides assurance that Cash Funds will be authorized, well-safeguarded, and appropriately used.

Who Must Comply?

All University departments.

Procedures

Banking & Merchant Services will send out an annual balance confirmation to be completed by the custodian and signed off by the dean, director, or department head by March 31stDepartments with Cash Fund(s) will complete and return a balance confirmation annually. It will confirm the balance of the fund, whether the fund is still necessary and being used for the same purpose it was initially opened for, the name of the custodian responsible for the fund, and the location of the fund. Completed and signed Cash Fund balance confirmation form should be returned to Banking & Merchant Services at TMhelp@admin.ufl.edu.

Definitions

Change Fund

A Change Fund is used solely to make change for customers purchasing goods or services from the University.  No purchases or disbursements can be made from a Change Fund.  The balance of the Change Fund must remain the same at all times. [Back to Top]

Petty Cash Fund

A Petty Cash Fund provides a convenient way to pay for minor allowable business purchases.  Departments should limit their Petty Cash Fund to the lowest amount that will meet their needs.  Petty Cash Funds should not be used for payments to research participants. [Back to Top]

Last Reviewed

07/31/2021: reviewed content

Contacts

Cashier’s Office: (352) 392-0185

Banking & Merchant Services: (352) 392-9057

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