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 Banking & Merchant Services. 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
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
Any changes to a fund should be communicated to Banking & Merchant Services by completing a Change to Existing Fund Form. Changes include the following:
- Location of the fund
- Custodian 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
Cash Funds might occasionally need to be increased due to a change in business procedures or increased activity (e.g. expansion of operations requiring additional cash registers). In cases where an increase of funds is necessary, the custodian will complete the “Change to Existing Fund” form with the requested amount and the reason for the increase. If approved, an increase to an existing fund will be handled similarly to a new fund: Banking & Merchant Services will generate a check, made payable to the custodian, for the amount of the increase. The custodian will be asked to come in and pick up the check from Criser Hall.
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. The custodian will complete the “Change to Existing Fund” form with the requested amount and the reason for the decrease. Banking & Merchant Services will then create a deposit for that amount, and the department must deposit the money with the cashier’s office.
Transferring Ownership of the Fund
Whenever there is a change in custodianship, the department must notify Treasury Management of the change by completing and submitting a “Change to Existing Fund” form. In addition, a physical count of the fund should be completed performed to verify that the cash on hand, receipts, and money that has been checked out is equal to the original amount of the fund. The department must document both the change in custodianship and the physical count of the Cash Fund.
Last Reviewed
Last reviewed on 03/20/2024
Contacts
Cashier: (352) 392-0185
Banking & Merchant Services: (352) 392-9057