Change Funds

Policy
Purpose: 

Provide the University community with direction on how to create change funds that are used for making change in receiving amounts due to the university.

Applies to: 

All University departments and offices.

Campus: 
Lawrence
Edwards
Parsons
Juniper Gardens
Yoder
Topeka
Policy Statement: 

Change funds are to be used exclusively for making change in receiving amounts due to the university. They are authorized for official purposes only and may not be used for check cashing, loan purposes nor petty cash fund uses. University departments must deposit all receipts, in total, with Student Account Services on a routine basis. Monies may not be withheld from deposits for use as change fund, petty cash funds nor to cash checks. Change funds are authorized by K.S.A 75-3078 and are approved by the Director of Accounts and Reports, State of Kansas.

Temporary Change Funds

Departments may request the establishment of a temporary change fund for a short-term event. The department is to make the request to Student Account Services in writing on departmental letterhead or an email from an authorized person in the department. The request should include the activity for which the cash box is needed, the dates of the activity, the dates to be pick up and returned, and the amount of money in the desired denominations. The department will be contacted when the cash box is ready to be picked up. The cash box must be returned in tact with the same amount of money being returned as was received. Shortages must be made up by the department.

Permanent Change Funds

Departments who routinely process cash transactions may request the establishment of a permanent change fund. The change fund monies will come out of the University’s Imprest fund. This cash is not to be commingled with funds of any employee, but is to be maintained in a businesslike manner in an approved location with adequate security.

To request a change fund, the department must fill out form DA-74: Change Fund Maintenance. Check “Establish new fund”. For agency name write KU, followed by the department’s name. List the amount requested, proposed location, source and amount of revenue, security provided and the designated employees. Do not sign in the “Agency Authorized Signature” area. Forward this form to Payables, (Carruth O’Leary Hall, Room 20) for processing to the state. When approved, Payables will issue a check payable to the change fund custodian.

This same form is to be submitted to request a change in amount and each time there is a change in custodian, alternate custodian or supervising employee.

Daily, the change fund must be counted and a daily record maintained of cash “long” or “short on the form DA-76: Record of Cash “Long” or “Short”.

Prepare form DA-75: Reconciliation of Change Fund when:

  • Any shortage approaches $100; or
  • At the end of each month; or
  • As of June 30 of each year, regardless of “long” or “short” condition

This form is to be submitted to Payables.

If the change fund is short, the department is to prepare a check request in KU Procure-to-Pay System (KUPPS) payable to “Custodian of Change Fund No. _____” to replenish the fund.

Overages should be deposited into the department’s revenue fund.

Contact: 

Office of the Comptroller
comptroller@ku.edu
Ph: 785-864-3066
Fax: 785-864-5829

Procurement Services, Payables
payables@ku.edu
Ph: 785-864-3790
Fax: 785-864-3454

Approved by: 
Comptroller, University of Kansas; Authorized by K.S.A 75-3078 and are approved by the Director of Accounts and Reports, State of Kansas
Approved on: 
Saturday, September 1, 1973
Effective on: 
Saturday, September 1, 1973
Review Cycle: 
Annual (As Needed)
Keywords: 
Change Fund, shortage, short, long, Temporary Change Fund, Permanent Change Fund
Review, Approval & Change History: 

03/23/2015: Updated to reflect current nomenclature for Student Account Services.

10/03/2013: Updated to reflect change from Central Accounting Services to Payables and KU Procure-to-Pay System (KUPPS).

11/01/2010: Reviewed by KU.

11/06/1998: Reviewed by the State of Kansas.

09/1973: Approved.

Financial Categories: 
Accounting
Cash Management & Investments
Financial Oversight

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