10.5.1 Establish a Change Fund

Policy Statement

Change Funds are issued only to approved cash handling units and can only be used for making change for cash sales.

All Change Funds are approved and issued by University Bursar. Change Funds may not exceed $1,000 without prior approval from the Assistant Vice President of Business Services. Units that need extensive Change Funds, may use their own cash, with the approval of the Assistant Vice President of Business Services.

Change Funds are subject to an audit by University Audits and/or University Bursar at any time.

Reason for the Policy

To provide guidance on establishing a Change Fund and clarify proper usage of Change Funds.

Applicability of the Policy

All approved Cash Handling Units that have a Change Fund.

Procedure

To establish a Change Fund:

1. The unit head, supervisor, or delegate designates one employee as custodian of the Change Fund.
2. The custodian successfully completes Cash Handling Level I—Cash Handling Fundamentals course and Cash Handling Level II—Managing Change Funds Compliance course. Training is completed when the fund is established and then Level II training is completed every year thereafter.
3. The custodian completes a Request New Fund form. Follow the instructions on the Request New Fund form to approve and submit the new fund request.
   1. State the reasons your unit needs a Change Fund.
   2. Identify the amount needed for daily activities.
   3. For Change Fund requests exceeding $1000, the requesting department should explain the justification for the large request and submit the request via email for approval from the Assistant Vice President of Business Services.
4. Submitting the Request New Fund form automatically generates an email to the unit head, supervisor, or delegate who must respond to the email, either rejecting or approving establishment of the fund.

Forms Used in this Procedure

Request New Fund

Related Policies and Procedures

10.5.2 Serve as a Change Fund Custodian

Additional Resources

University Bursar Change Funds
Change Fund Training
Training Center

Campus University Bursar Office locations and hours:
   Urbana-Champaign
   Chicago
   Springfield

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