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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, verify the fund by counting the cash and confirming the balance with both the current and new custodians present. The current custodian remains responsible for the fund until 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. Submitting the form generates an automatic email to the unit head, supervisor, or delegate who must reply indicating whether they approve the change of custodian.
  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 change of custodian 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, or 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

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

Last Updated: June 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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