A Change Fund is a cash fund established to make change in a cash receipting retail operation. An example of a Change Fund is a cash register till. The amount of the fund is established based on the needs of the operation. The need for a Change Fund should be discussed with the Bursar’s Office. We will assist you in determining amounts, processes, and controls.
Cash cannot be withheld from a deposit for the purpose of adding to or creating a Change Fund. Change Funds are obtained, increased or decreased only by approval of the Assistant Vice Chancellor for Financial Services through the Bursar’s Office.
Change Fund Custodian - A Change Fund is consigned to an individual, the Change Fund Custodian, within the department of the retail operation. The Change Fund Custodian is responsible for maintaining the Change Fund. If a change in staff or some other change occurs regarding this fund assignment, the Bursar's Office must be notified immediately. The Change Fund is consigned to the new Change Fund Custodian by completing the appropriate forms at the Bursar's Office.
The above procedures and restrictions are not subject to waiver or change by the department. Need for interpretation should be discussed with the Bursar.
REVISED: March, 2016