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Business and Financial Policies and Procedures

10.5.4 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 Change Fund Custodians present. The current Change Fund Custodian remains responsible for the fund until verification is performed, and the new custodian assumes his or her duties.

Reason for the Policy

To keep Change Fund records accurate, verify the Change Fund amount agrees with the amount issued by University Bursar Cashier Operations at the time of a change of custodian. The new Change Fund Custodian must complete the mandatory trainings.

Applicability of the Policy

All approved Change Fund Custodians.

Procedure

To change the custodian of a Change Fund:

  1. The new Change Fund Custodian must complete Level I and Level II of the online Cash Handling Certificate training prior to assuming custodianship.
  2. The new Change Fund 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.
  3. 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 change of custodian will not be approved until a Change Fund Verification form is completed. Keep a copy of the Change Fund Verification form in unit files.

If the current Change Fund 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.

Forms Used in this Procedure

Change Custodian
Change Fund Verification

Additional Resources

University Bursar Change Funds
Change Fund Training
University Bursar office locations and hours:
   Urbana-Champaign
   Chicago
   Springfield

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023

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