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  5. Obtaining a Petty Cash or Change Fund

Obtaining a Petty Cash or Change Fund

Directive Statement

Treasury Management processes and approves all requests for a new Petty Cash Fund or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise).  The establishment of a fund requires approval from the Dean, Director or Department Head responsible for the ChartField and purpose of the fund.  The fund must have one person designated as a custodian, although more than one person may have access 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

Prior to establishing a new Cash Fund, please note that the establishment of a Cash Fund requires approval from the Dean, Director or Department Head responsible for the ChartField and the purpose of the Cash Fund.

The Cash Fund must have one person designated as the custodian, although more than one person may have access to the fund.  The custodian must be an employee of the University of Florida, and is responsible for establishing, securing, maintaining, and closing the fund.

  1. To establish a new Cash Fund (either Petty Cash Fund or Change Fund), departments must submit the Request for New Fund Form that includes the following:
    • Department information
    • Type of Cash Fund
    • ChartField information
    • Custodian information
    • Department/College authorizing signatures
  2. Departments will complete the appropriate form below for the type of Cash Fund:
  3. Once both forms are fully completed, the original forms or an image of the signed forms must be sent to Treasury Management via:
    • Email: tmhelp@admin.ufl.edu
    • Fax: 352-846-3576
    • Mail: S-113 Criser Hall, PO Box 112008, Gainesville, FL 32611-2008
  4. Once the approved request is submitted to Treasury Management, a check will be issued to the assigned custodian
  5. The custodian will be contacted to arrange an appointment to come to Treasury Management (Criser Hall, Room S-113) to pick up the check
  6. Upon receipt of the check, the custodian must sign the Custodian Receipt and Responsibility Statement
  7. The custodian has the option to cash the check with the University Cashier or at any bank
    Please note, the University Cashier will need to be notified two days in advance with the specific denominations the custodian requests to ensure the amount needed is available.

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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