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  5. Closing Petty Cash and Change Funds

Closing Petty Cash and Change Funds

Directive Statement

It is the custodian’s responsibility to immediately close a Petty Cash Fund or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise) once the purpose for which it was initially established for has ended or has changed significantly.  All Cash Funds should be active, and any inactive Cash Funds should be closed.  Cash Funds are considered inactive if they have no activity during a fiscal year.

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

To close a Cash Fund:

  1. Perform a physical count of the Cash Fund
  2. Reconcile the Cash Fund balance by comparing the amount of authorized Cash Fund balance to actual cash and receipt totals
  3. Replenish the Cash Fund to its original balance by creating a check request for an unencumbered payment
  4. Contact Treasury Management at tmhelp@admin.ufl.edu to set up an appointment to return the funds
  5. Treasury Management will create a deposit in myUFL and will notify the department of the deposit number
  6. 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)

If the custodian ends employment with the University, either close the Cash Fund using the steps above or Transfer Ownership of the 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

Toolkits

UF HR Toolkit – Deposit Transmittal

UF HR Toolkit – Deposits

Contacts

Cashier: (352) 392-0185

Treasury Management: (352) 392-9057

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