Change funds are authorized for projects that need to collect cash and give change to clients. All change funds must be approved by the University Accountant. It is not appropriate to withhold collections for use as change funds.
- The form provided as ATTACHMENT IV-5 is used to request approval for the use of change fund and assign responsibility for its use and safe keeping.
- Once approved, the change fund should remain at a constant amount and reconciled daily.
- Change funds should be controlled at all times and, when not in use, stored in a safe or locked drawer and in an area accessible by designated personnel only.
- Any difference in change fund balances should be reported to the Accounting and Internal Audit offices immediately for review.