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.
All University departments and offices.
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 Accounting 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.
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 Accounting Services, firstname.lastname@example.org, 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.
The change fund must be counted daily, and recorded on the DA-76 form (Record of Cash "Long" or "Short").
Monthly, prepare the DA-75 form (Reconciliation of Change Fund), and 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 Accounting Services.
If the change fund is short, the department is to prepare a check request in FITC payable to “Custodian of Change Fund No. _____” to replenish the fund.
Overages should be deposited into the department’s revenue fund.
Financial Services - Accounting Services
02/17/2023: Updated contact section.
05/04/2021: Policy reviewed and updated.
04/14/2021: Updated Contact, Approver, and owning unit from Comptroller to Financial Services.
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.