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Business and Financial Policies and Procedures

10.5.7 Change the Custodian of a Petty Cash Fund

Policy Statement

Before changing the custodian of a Petty Cash 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 Petty Cash Fund:

  1. The new custodian submits the Change Custodian form, which is located online at the USFSCO Petty Cash & Change Funds website.
    • The submission of the form generates an automatic email to the unit head/supervisor/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 Petty Cash Fund Verification form together. This form is used to verify the amount of the Petty Cash Fund at the time a change of custodian occurs. A name change will not be authorized until a Petty Cash Fund Verification form is completed. Keep a copy of the Petty Cash 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 Petty Cash Fund, but must do so in the presence of the unit head/supervisor/delegate.
  3. The new custodian must complete Petty Cash Fund training.

Forms Used in this Procedure

Change Custodian
Petty Cash Fund Verification

Related Policies and Procedures

10.5.4 Verify Petty Cash Funds Monthly
10.5.5 Reconcile Petty Cash Funds Quarterly

Additional Resources

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

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

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