9.41 Change Funds


To provide guidance for the use of change funds on campus.

Policy Statement

Change funds may be established for general or special uses by university departments with the permission of the Director of Business Operations or designee. The primary use of these funds is limited to making change for sales.


An individual employee will be identified as official custodian of the fund. Such funds will be supplied through the Cashiers in the Office of Business Operations on submission of an approved Interdepartmental Requisition form. The custodian will ensure that proper Cash Handling guidelines are followed.

A custodian of a change fund is responsible for the full amount of such fund until it has been returned to the Cashiers. The fund must be returned to the Cashiers at the end of the period for which it was granted. In each case, it must be returned no later than the end of a custodian's period of employment within the custodial department or at the end of an academic year, unless permission is given for retention for a longer period of time (e.g., operations that are year round).

Each custodian of a change fund must verify to the Cashiers at the end of each month their fund balance. This is done by completing the form "Monthly Reconciliations and Verification of Change Funds”. This form is available online in the forms repository.

The following practices must be observed in caring for change funds. Failure to follow these guidelines may cause the suspension or revocation of a fund:

  1. No "IOU" slips will be allowed.
  2. No personal checks may be cashed.
  3. The completeness of the Change Fund should be verified at least once each working day. Change Fund custodians should be prepared to account for the balance of the fund by internal or external audit at any time.

Office of Business Operations, approved January 18, 2018
University Council, approved April 23, 2018
President and Executive Management Team, approved April 30, 2018