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Business and Financial Policies and Procedures

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.

If your unit needs extensive Change Funds (for example, large operations such as Housing or student centers/unions), your unit may use its own cash, with the approval of your campus OBFS Chief Business Officer. Otherwise, all Change Funds are authorized and issued by University Student Financial Services and Cashier Operations (USFSCO).

Change Funds are subject to an audit by University Audits and/or by a representative of USFSCO 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 online training. Training is done when the fund is established and then annually thereafter.
  3. The custodian completes a Request New Fund form. Clearly state:
    1. The reason your unit needs a Change Fund,
    2. The amount needed for daily activities.
  4. Follow the instructions on the Request New Fund form to approve and submit the new fund request.
  5. 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

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

Last Updated: February 19, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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