J5:
CHANGE FUND
5/14/02
Fiscal
Agent Handbook Index | Cashier
Index
Change
funds are established to provide cash for change making functions. These
accounts should always maintain the same cash level. Expenditures
of any kind are not allowed from change funds.
Requests
to establish a change fund must be submitted on an Application For Account
Number (1026). The application
must contain the name of the fund custodian, be accompanied with completed
signature cards and approved by the Vice President of Finance and Administration. Changes
in the change fund custodians will be submitted to the Director of Financial
Affairs/Controller by letter instructions from the fiscal agent. Accompanying
the letter will be updated signature cards.
Stewardship
of the various change funds is vested with the individual fund custodian. Custodians
will insure that the funds are operated within parameters established in
the application for account number and the policies and procedures of the
University. Further, custodians
assume personal liability for the amount of such funds.
Twice
a year each change fund custodian is required to certify the amounts at
each location. All funds are
also subject to review by the Internal Auditor and/or the external audit
firm.
Some
change funds are used one time only and then closed.
Inquiries
concerning establishment and stewardship of a change fund should be directed
to the Controller's Office, extension 5143.
For more
information contact
Controller's
Office