Change Fund Petty Cash Guidelines

Offices which have a change fund account also called petty cash, must follow these basic guidelines.

1. All change fund accounts must be approved and set up initially by the Accounting Office. Funds must come from an Income Fund Reimbursable (IFR) account with a positive balance. A check will be drawn against the department account and delivered to the department.
2. All cash must be held in a secure location, such as a safe.
3. At any point, the cash amount held by an office should balance to the amount first granted by the Accounting Office. In this sense, it should be operated similarly to a cash register and be balanced by the department on a daily basis.
4. All transactions should be traceable. Departments must keep a central record of all transactions (receipts, invoices, deposits, etc.).
5. Any balance above the original amount should be deposited in the appropriate IFR account following the cash receipting guidelines in campus policy 208.
6. Any department wishing to increase or decrease their change fund amount must have approval and work with the Accounting Office.
7. All change fund accounts are subject to audit and/or confirmation at the discretion of the Accounting Office. Departments must respond to any audit requests and be able to explain any variances. Failure to do so may result in termination of the account.
   
   Form to add a change fund account or request a change to an existing account