Departmental Change Funds Policy

Departmental Change Funds were designed to provide a way for departments to make change when collecting payments.

Uses and Restrictions for Departmental Change Funds:

1. Departmental Change Funds may not be used for cash advances, check cashing, personal loans, travel or personal expenses.
2. Departmental Change Funds must be maintained in a locked box secured in a safe location (locking file cabinet) when the custodian is not present. Departmental Change Funds may be kept in a safe or vault.
3. Departmental Change Funds are subject to audit by internal or external auditors. They must be maintained in the form of cash stored on University property at all times. Custodians may not, under any circumstances, deposit the funds into an account at any financial institution or remove the funds from the assigned University facility.
4. If the custodian will be away from campus for a prolonged period of time, the fund should be returned to the Cashier’s Office, 1148 Campbell, for safety purposes.

General:

The Custodian of a Departmental Change Fund must be a full-time employee of the University.

At all times, the sum of cash on hand in the fund must equal the amount advanced.

Departmental Change Funds may not be transferred between employees. If an employee leaves the University or declines to continue as the Custodian, the fund must be returned to the Cashier’s Office and closed.

Missing or stolen Departmental Change Funds must be reported to the Office of Business Operations and to Public Safety.

The Departmental Change Fund may be cancelled and the Custodian held responsible in the event of misused funds.

Establishing a Departmental Change Fund:

Departmental Change Funds are requested by using a Cash Advance Request form. The form must identify the name of the proposed Custodian, the Custodian’s University ID number, and the amount of the fund to be established. The department should justify the amount of the advance. It is suggested that the fund be sized to accommodate average daily cash handling. Do not request more cash on hand than you will need for any week’s business. Change can be made at the Cashier’s Office, 1148 Campbell.

The Office of Business Operations will review the Cash Advance Request form for the Departmental Change Fund. If the justification and the amount requested is reasonable, the Office of Business Operations will notify the department of acceptance, and will propose a date for training the Custodian and initiation of the fund. This form is found on the UNI Forms Repository: http://access.uni.edu/forms MEMFIS Cash Advance Request.

Cash will be issued in the name of the person responsible for the Departmental Change Fund to establish the fund. The Custodian must pick up the funds at the Cashier’s Office and immediately place the funds in a locked box/file cabinet or a safe (to be provided by the requesting department).

Monthly Verification of Funds:

A Monthly Verification Form must be completed each month, signed by both the Custodian and the Department Head and mailed to the Account Clerk, Financial Accounting & Reporting, 1148 Campbell (0009). This form is found on the UNI Forms Repository: http://access.uni.edu/forms MEMFIS Cash Advance Request. This form is required in order to keep the Departmental Change Fund in good standing.

Using the Fund:

The locked box/file cabinet will be used to store all cash in the fund. When an individual makes payment to the department and needs change, the cash box is utilized.

The total of the cash must always equal the amount authorized by the Office of Business Operations. The only allowable exception is when it is determined that there are insufficient denominations of bills and coin in the fund. At this time the Custodian will contact the Cashier’s Office at 319-273-2628 and order the needed change. The Custodian will then come to the Cashier’s Office and purchase the pre-ordered change. Those funds must then be placed in the locked box/file cabinet to return the Departmental Change Fund to the proper balance.

Closing the Fund:

If the employee responsible for the fund transfers out of a department, or leaves the University, the fund must be closed. This also applies if an employee chooses to decline to serve as Custodian of a fund.

Increasing or Decreasing the Fund:

An increase in the authorized amount of a Departmental Change Fund may be requested by submitting an additional Cash Advance Request form, which includes a justification of the increase. A decrease may be suggested if the amount advanced sits idle the majority of the time.

Questions:

Questions should be addressed to Diane Headington 3-2628 in the Office of Business Operations.

Departmental Change Fund Policy
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