Suggestions for Change Funds
Change Funds are revolving funds used to make change, or used as a basic bank for a cash register or income station
- The fund should be the responsibility of one individual, with a designated back-up person in the event of their absence. When there is a change in the custodian or account director, the fund should be turned in and a new change fund established when a new custodian or account director is in place.
- Funds should be periodically verified by someone other than the fund custodian.
- Funds must remain intact and not be used for purposes other than for which they are authorized.
- Funds should not be intermingled with other receipts.
- Funds are not to be loaned, used for personal business, used for cashing checks or used for reimbursement for meals or travel.
- Invoices or receipts should be marked so they cannot be reused.
- At all times, cash on hand plus receipts/vouchers should equal the authorized amount of the fund.
- Funds should be kept in a physically secure location.
- Funds may be recalled periodically for audit purposes.
- Funds should be returned to Receivable Accounting when the need for the fund ceases for more than two months or when the university is not in session.
Departments with minicomputers or networks should identify a system administrator to coordinate these security considerations.
Decisions about the level of security should consider the value of the data being processed, the expense related to securing it, and the potential loss (both effort and dollars) if a security measure is not implemented.