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  5. Changes to a Petty Cash or Change Fund

Changes to a Petty Cash or Change Fund

Directive Statement

Any changes to a Petty Cash Fund or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise) must be communicated to Treasury Management.  This includes changes to the location of the fund, custodian of the fund, ChartField information, people with access to the fund and an increase or decrease to the fund.

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.

Procedures

For any changes to a Cash Fund, the Change to Existing Fund Form must be completed.  This includes changes such as:

  • Location of the fund
  • ChartField information
  • People with access to the fund

There are specific changes, detailed below, where additional steps are necessary.

Increasing the Cash Fund

In certain cases, the Cash Fund might need to be increased due to a change in business procedures or increased activity (such as expansion of operations requiring additional cash registers).

  1. Complete the Change to Existing Fund Form
  2. Include the requested amount and reason for the increase
  3. Treasury Management will review the request and, if approved, the increase to the existing Cash Fund will be handled in the same way as Obtaining a New Cash Fund

Decreasing the Cash Fund

Cash Funds might occasionally need to be decreased due to decreased operations.  This is accomplished by a partial closure of the fund.

  1. Complete the Change to Existing Fund Form
  2. Include the requested amount and reason for the decrease
  3. Treasury Management will create a deposit in myUFL for the amount of decrease and notify the department of the deposit number
  4. The department’s fiscal office will proceed with the remaining steps of the deposit, including remitting the funds to the University Cashier and preparing a Deposit Transmittal (signed)

Transferring Ownership of the Fund

When a department is transferring ownership of a Cash Fund from one custodian to another, the department must document the change.

  1. Complete the Change to Existing Fund Form
  2. Perform a physical count of the Cash Fund to verify the cash on hand, receipts, and money that has been checked out is equal to the original amount of the Cash Fund
  3. Document the transfer of the custodian and the physical count of the amount of the Cash Fund

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; therefore, Change Funds do not require replenishment.  No documentation is necessary when providing change for customers. [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

05/01/2020: reviewed content

Contacts

Cashier: (352) 392-0185

Treasury Management: (352) 392-9057

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