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Business and Financial Policies and Procedures

10.6.2 Serve as a Change Fund Custodian

Policy Statement

The custodian of the Change Fund is responsible for the fund's safekeeping and proper use. The custodian is personally liable for cash losses and discrepancies in the Change Fund. Funds lost due to circumstances beyond the control of the custodian must be repaid from the unit's budget or other available operating funds.

If the custodian will be absent for a short period of time, the custodian may delegate authority to disburse funds to another staff member. However, the custodian remains responsible for the fund.

If the custodian will be absent for an extended period of time, a new custodian must be appointed using the Change Custodian and Change Fund Verification forms.

Change Funds are to be kept separate and should not be co-mingled with any other funds.

The custodian must notify University Student Financial Services and Cashier Operations (USFSCO) Cashier Office immediately when rescinding custodian responsibilities or when the custodian's office address changes.

Procedure

To serve as a Change Fund custodian:

  • Complete the online Change Fund training each fiscal year.
  • Exercise caution in the administration and protection of the fund in your possession.
    • Do not permit anyone, other than your designated backup, to access the cash in the Change Fund.
    • Keep the Change Fund locked at all times, with the key kept separate from the fund, and its location known only to the custodian and backup.
  • Do not mix personal funds with the Change Fund.
  • Do not place personal funds in the same safe or locked container in which the Change Fund is stored.
  • Deposit overages with the USFSCO Cashier Office. Personally repay any shortages if you were negligent in safeguarding the fund, or allowed it to be improperly used.
  • Do not use the Change Fund to resolve overages and/or shortages in cash sales or money received. Balance the fund every day.
  • Renew the fund every year by July 1. You will receive a reminder email in June. Follow the instructions in the email.
  • Delegate authority to disburse funds to another staff member if you are going to be absent for a short period of time.
  • Use the Change Custodian and Change Fund Verification forms to appoint a new custodian if you are going to be absent for a long period of time.
  • Notify the USFSCO Cashier Office immediately when you are no longer the custodian or change your office address.

Forms Used in this Procedure

Annual Renewal
Change Custodian
Change Fund Verification
Close Fund

Related Policies and Procedures

10.6.1 Establish a Change Fund
10.6.4 Change the Amount of a Change Fund
10.6.6 Close a Change Fund

Additional Resources

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

Last Updated: February 22, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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