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Business and Financial Policies and Procedures

10.6.5 Change the Custodian of a Change Fund

Policy Statement

Before changing the custodian of a Change Fund, confirm the fund by counting the cash and verifying it with both the current and new custodians present. The current custodian remains responsible for the fund until this counting/verification is performed, and the new custodian assumes his or her duties.

Procedure

To change the custodian of a Change Fund:
  1. The new custodian submits the Change Custodian form.
    • The submission of the form generates an automatic email to the unit head/supervisor or delegate who must reply indicating whether or not they approve the custodian change.
  2. After submitting the Change Custodian form, the current and new custodians complete the Change Fund Verification form together. This form is used to verify the amount of the Change Fund at the time a change of custodian occurs. A name change will not be authorized until a Change Fund Verification form is completed. Keep a copy of the Change Fund Verification form in your unit's files.
    • If the current custodian is unavailable due to an emergency, the new custodian must still count the money and verify the Change Fund, but must do so in the presence of the unit head/supervisor or delegate.
  3. The new custodian must complete Change Fund training.

Forms Used in this Procedure

Change Custodian
Change Fund Verification

Related Policies and Procedures

10.6.3 Reconcile Change Funds Daily

Additional Resources

USFSCO Petty Cash & Change Funds
Change Fund Training Campus USFSCO Office locations and hours:
   Urbana
   Chicago
   Springfield

Last Updated: February 22, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective February 2008

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