|No. 5-11a||Rev. 10-02-12||Date 3-14-85|
I. DEFINITION: CHANGE FUNDS
A designated amount of monies, authorized by the controller to be used for receipting monies and making change.
A. Each change fund is to be authorized by the University controller before it is established. When the need no longer exists, it is to be redeposited promptly with the University cashier.
B. Each change fund is to be established by a purchase requisition and recorded on the accounting records in the Controller's Office.
C. Temporary change funds, or increases in an existing fund, must also be established by requisition. Temporary funds and existing fund increases must be redeposited as soon as the situation for which they are drawn has been satisfied.
D. If a change fund is authorized for a department, the department chair is the custodian of the change fund and is responsible for its proper use and accountability.
E. Change funds are not to be used for cash purchases nor for any other disbursements.
F. Each change fund should be balanced on a daily basis and maintained at the authorized amount recorded by the controller. All overages and shortages should be cleared from each change fund daily and recorded on the daily cash report sent to the Cashier's Office.
G. University departments must balance and deposit intact on a daily basis all monies received by the department. Cash receipts must never be withheld to establish or increase a change fund.
H. The cashing of checks in the change fund and the holding of employee's personal checks, IOU's, etc., is strictly prohibited.
I. Custodians of change funds are responsible to assure that adequate security is exercised at all times.
J. University departments are not authorized to disburse nor distribute any portion of their authorized change fund to another department, group or individual.
K. Violations of this policy may result in the closing of the established change fund.