Annual Confirmation of Petty Cash and Change Funds
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 Treasury Management annually.
Reason for Directive
Treasury Management 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.
Treasury Management will send out the Cash Fund Balance Confirmation by March 1st each year to be completed by the custodian and signed by the Dean, Director, or Department Head by March 31st each year.
The Cash Fund Balance Confirmation will verify:
- Balance of the Cash Fund
- Whether the Cash Fund is still necessary
- If the Cash Fund is still being used for the same purpose for which it was originally opened
- Name of the custodian responsible for the Cash Fund
- Location of the Cash Fund
The completed Cash Fund Balance Confirmation should be e-mailed to Treasury Management at firstname.lastname@example.org.
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]
01/31/2021: reviewed content
Cashier’s Office: (352) 392-0185
Treasury Management: (352) 392-9057