10.6.1 Establish a Change Fund

Policy Statement

Change Funds are issued only to authorized cash handling units and can only be used for making change for cash sales. Change Funds should not be used for purchases, travel advances, or check cashing.

All Change Funds are authorized and issued by University Bursar. Units that need extensive Change Funds (for example, large operations such as Housing or student centers/unions), may use its own cash, with the approval of the Senior Director of University Bursar.

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

Procedure

To establish a Change Fund:

1. The unit head designates one employee as custodian of the Change Fund.
2. The custodian 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 other 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.
4. Submitting the 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

10.6.2 Serve as a Change Fund Custodian

Additional Resources

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

Last Updated: April 29, 2022 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008