10.5.5 Close a Change Fund

Policy Statement

If a unit's Change Fund is no longer needed and/or used, University Bursar may close the fund.

The Change Fund Custodian must return the full amount of the Change Fund to University Bursar Cashier Operations when closing the fund.

Reason for the Policy

There are risks with retaining a fund that is no longer needed/used.

Applicability of the Policy

All approved Change Fund Custodians.

Procedure

To close a Change Fund, the Change Fund Custodian must:

1. Count and verify the Change Fund.
2. Submit a Close Fund form. Submitting the form automatically generates an email to the unit head, supervisor, or delegate who must reply indicating whether they approve the Change Fund closure.
3. Bring University Bursar Cashier Operations the total amount of the Change Fund. The Change Fund Custodians should inform University Bursar Cashier Operations that they are the Change Fund Custodian and are closing the fund.
4. Retain the Close Fund form and cashier receipt for unit records.

Forms Used in this Procedure

Close Fund

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