Business Policies

Policy 1-6: Change Funds

Issued: 10-3-90
Revised: 3-03


Change funds will only be issued for the purpose of making change when cash receipts are accepted from customers during the course of College business. Temporary change funds will be issued for the purpose of making change when cash receipts are collected at specific College events. Change funds will not be used to cash personal checks, make temporary loans, purchases or refunds. Exceptions allow the Cashier’s Office to cash personal checks for students of up to $50 per day, faculty and staff up to $100 per day and to disburse approved short-term loans and make refunds of up to $500 to students.


Program and Department Directors who are responsible for collecting cash receipts may request a change fund. Directors are responsible for appointing a fund custodian who is responsible for safeguarding the fund while it is outstanding. The Controller will approve and issue change funds to fund custodians in denominations necessary to meet operating needs.


Permanent change fund amounts should be adequate to allow a sufficient combination of denominations to make change for daily transactions. Temporary change fund amounts should be sufficient to be able to make change for a particular event. The Controller will not approve requests for excessive amounts.


The change fund custodian is responsible for ensuring that the fund is physically secure at all times. The fund must be locked in a secure place when not in use and must be personally attended to when in use.


If Program and Department Directors determine that an increase in an existing change fund is necessary, they may request an increase from the Controller. Change funds may also be decreased or closed by depositing funds with the Cashier. Directors may also change custodianship of change funds by notifying the Controller. The new custodian will verify that the fund is intact and will then become responsible for proper use and security of the change fund. The Controller will adjust change fund records to reflect any modifications.


The Assistant Controller will perform surprise reviews periodically of change funds on campus in order to determine that the fund is intact and is being properly used. Review records will be maintained by the Assistant Controller and will be made available to any administrative official who is responsible for the fund.


At the end of each fiscal year, all change funds will be verified by the custodian. Any excess cash on hand must be deposited with the College Cashier and will be credited to the Department as a cash overage. If there is a deficit, it will be replenished by the College Cashier and charged to the Department as a cash short. The Assistant Controller will maintain year-end cash verification records and will reconcile change funds to the accounting records.


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