Section 10 - Cash Handling
Section 10.5 - Change Funds
Date: 9/25/06 — Approved: Finance Board
The A.S. Controller makes available, as necessary, cash advances in reasonable amounts to divisions for making change for cash sales. The A.S. Controller develops and disseminates the criteria for establishing change funds and any rules and procedures necessary for their use, safety, and control.
Change funds are normally advanced from the A.S. Change Fund available to the campus. However, with the approval of the A.S. Controller, cash from a division may be used when extensive change funds are needed.
Divisions receiving change funds delegate one employee as custodian of the fund. The custodian is responsible for safekeeping, proper accountability, and usage of the fund.
Loss of funds
The custodian is responsible for and must repay any money lost if the custodian was negligent in safeguarding the fund, or allowed it to be improperly used. Money lost because of circumstances beyond the control of the custodian are repaid from the divisions's budget or other available operating funds.
Overages and shortages
Overages in the fund must be deposited the A.S. Cashiers office. Shortages are personally repaid by the custodian, subject to the conditions outlined in "Loss of funds" in this section.
Reconciliation
The custodian must insure that the fund is reconciled and a file of all reconciliations is maintained.
EXPENDITURES FROM FUNDS
No expenditures may be made from change funds.
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