Finance Division

Cash and Treasury Services

CHANGE FUNDS POLICY
Effective:  December 1, 2011

Related Procedures

Policy

Clemson University makes change funds available as an advance to authorized cash handling units for the purpose of making change for currency sales and/or services. The change fund is only to be used for making change in cashiering operations.

Discussion

The Cash and Treasury Services Department must approve departmental change funds and custodians before they can be established. Each department is responsible for designating a custodian that is responsible for the safekeeping of the fund and for its proper usage. The Cash and Treasury Services Department must be notified and approve any time there is a change of custodian.

The change fund must be balanced on a daily basis. Any overages discovered during the balancing process must be deposited with the Cash and Treasury Services Office. Any shortages beyond the control of the custodian will be repaid by the department using available operating funds. Shortages must be fully documented in writing.  A monthly overages and shortages report signed by the custodian and department head must be sent to the Cash and Treasury Services Department.

The change fund must be reviewed annually.

Certain restrictions as to the use of change funds have been established by the University. Change funds are to be used solely for making change in cashiering operations. The change fund cannot be used for any other purpose, including advances or expenditures.  Mishandling of change funds will be addressed in accordance to the University discipline policy and any other applicable state and federal law enforcement.